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<Research>CITIC Securities: LI NING (02331.HK) Makes Progress w/ Slowing Growth Rate, Seeks Change While Stabilizing
Recommend 22 Positive 23 Negative 13 |
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LI NING (02331.HK) makes progress with a slowing growth rate and seeks changes while stabilizing, CITIC Securities issued a research report saying. 1Q24 sell-through recorded a low single-digit growth, in line with the Company's expectations. By channel, offline sell-through slightly missed the Company's expectations, while online sales slightly beat, with discount and inventory indicators improving slightly YoY. Against the backdrop of a higher sales base and a slower consumption environment, the Company will gradually improve its business indicators, and maintain its full-year pragmatic growth guidance. The report believed that the current valuation of LI NING has a better rate of risked return, and entered the gradual allocation zone for long-term capital. With reference to Nike (NKE.US) and the Company's historical valuation level, the report kept rating at Buy on the basis of a projected 2024 PE ratio of 17x, corresponding to a target price of $25. AAStocks Financial News |
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