李宁25Q2流水增速放缓，盈利能力承压

招商证券2025-07-16

25Q2李宁终端流水低单位数增长，折扣承压；考虑到当前市场消费需求疲软&市场竞争加剧，管理层保持2025年收入持平指引，但预计盈利能力会下降；预计2025-2027年净利润规模分别为23.8亿元、25.3亿元、27.2亿元，同比增速为-21%、7%、7%，当前股价对应25PE15.5X，维持强烈推荐评级。流水增速放缓：25Q2李宁整体流水增长低单位数，线下低单位数下滑，其中直营中单位下滑，批发低...

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