Morgan Stanley issued a report saying that Li Ning's (02331.HK) sales growth led to improved earnings, and its net profit margin is expected to reach 18% by 2023. The company's single-brand strategy is a major factor in its strong operating leverage. Under the high sales base, it is believed that the earnings will still improve in 2022-2023, with a 30% growth, with an overweight rating and a target price increase from 71 yuan to 99 yuan. The bank estimates that LI-NING revenue and retail sales increased by 71% and 80% respectively in the first half, and its gross profit is expected to increase by 3.2 percentage points to 52.7% in the first half, due to reduced discounts and concessions given to distributors....
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Morgan Stanley: Upgraded Li Ning Price Target to HK$99 Rating Overweight
金十数据2021-06-28
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