20230421-招银国际-李宁-02331.HK-A_strong_comeback_in_all_channels_since_Mar_9页_1mb

Since Li Ning's sales improved significantly since the March event—retail sales grew YoY in Q1 2023, beating estimates due to robust offline growth (25%-30%) and e-commerce recovery—CMB Global Markets maintains a BUY recommendation with a revised 12-month target price of HK$667, up from HK$664.4. Key drivers include better inventory management, higher retail discount rates starting April 2023 (LSD improved), and stronger e-commerce contributions. No change to FY23E financial guidance (mid-teen revenue growth, mid-10%–20% net profit margin expansion), but upside expected from wholesale acceleration, trade fair orders, and sub-brands like Li Ning Young and China Li Ning. Valuation based on 33x FY23E P/E, supporting a 162% upside from current price.