CMB International Securities: Raised target price for Li Ning (02331.HK) to HK$25, maintaining "buy" rating.

According to the Wisdom Financial APP, CMB International Securities released a research report stating that the target price of Li Ning (02331.HK) has been raised from 17 Hong Kong dollars to 25 Hong Kong dollars, an increase of 47%. The increase in valuation multiples reflects that the turning point of growth is gradually being realized, and the cost control performance in the first half of the year is stable, further strengthening this trend. The rating of "hold" is maintained. The bank slightly raised sales and net profit forecasts for 2025-26, by 1-3% and 1-6% respectively, to reflect the actual performance in the first half of the year. It is expected that the net profit margin in 2025 will be 9.9%, which is basically consistent with the high single-digit guidance from management.