Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2024 was generally in line with expectations, with revenue of 14.35 billion HKD, a year-on-year increase of 2.3%, and a net profit of 1.95 billion HKD, a year-on-year decrease of 8.0% [1] - The decline in net profit was primarily due to an increase in expense ratios exceeding the growth in gross profit margins, with operating profit margin decreasing by 1.0 percentage points to 16.7% and net profit margin decreasing by 1.5 percentage points to 13.6% [1] - The company adjusted its revenue guidance for 2024 to low single-digit growth, previously expecting mid-single-digit growth, while maintaining a low double-digit net profit margin guidance [4] Summary by Sections Financial Performance - For the first half of 2024, the company reported a revenue of 14.35 billion HKD, with a year-on-year growth of 2.3% and a net profit of 1.95 billion HKD, reflecting an 8.0% decline [1] - Earnings per share (EPS) for the period was 0.76 HKD, with a proposed interim cash dividend of 0.378 HKD per share, resulting in a payout ratio of 50% [1] - The gross profit margin improved by 1.6 percentage points to 50.4%, mainly due to better product discount management and an increase in the proportion of high-margin direct sales [1][3] Revenue Breakdown - Revenue by category for the first half of 2024 was distributed as follows: footwear (54.7%), apparel (37.5%), and equipment and accessories (7.8%), with respective year-on-year growth rates of 4.4%, -4.7%, and 30.3% [1] - Revenue by channel showed a decline in distribution and retail store sales by 2.0% and an increase in e-commerce sales by 11.4% [1] Market Strategy - The company is focusing on enhancing market efficiency in high-tier markets and expanding into emerging markets, while also strengthening its product offerings in categories such as outdoor and youth apparel [4] - The company plans to manage inventory effectively and improve its flexible response capabilities to market changes [4] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 downwards by 8%, 6%, and 5% respectively, with expected EPS of 1.25, 1.45, and 1.63 HKD for the respective years [4][5] - The price-to-earnings (P/E) ratios are projected to be 10, 8, and 7 for 2024, 2025, and 2026 respectively [5]

Financial Performance - Revenue increased by 2.3% to RMB 14.345 billion, with a gross margin rise of 1.6 percentage points to 50.4%[2] - Net profit attributable to equity holders was RMB 1.952 billion, with a net profit margin of 13.6%[6] - Total comprehensive income for the period was RMB 1.965 billion, down from RMB 2.125 billion in the previous year[7] - Basic earnings per share decreased to RMB 75.80 from RMB 80.63 year-on-year[6] - The company's revenue for the six months ended June 30, 2024, was RMB 14,345,288 thousand, an increase from RMB 14,018,947 thousand in the same period of 2023, representing a growth of 2.3%[41] - The group's profit attributable to equity holders for the six months ended June 30, 2024, was RMB 1,952,032,000, a decrease from RMB 2,121,231,000 in 2023, resulting in a profit margin of 13.6% compared to 15.1% in the previous year[54] Cash Flow and Assets - Operating cash inflow rose by 40.6% to RMB 2.730 billion, indicating improved cash flow management[2] - Total assets increased to RMB 35.536 billion from RMB 34.208 billion as of December 31, 2023[5] - The total cash and cash equivalents as of June 30, 2024, amounted to RMB 6,146,726,000, an increase of RMB 702,843,000 from December 31, 2023[57] - The company's debt-to-equity ratio improved to 37.2% from 40.2% as of December 31, 2023[38] Inventory and Receivables Management - Inventory decreased to RMB 2.313 billion from RMB 2.493 billion, reflecting better inventory management[4] - The company reported a total inventory of RMB 2,312.83 million as of June 30, 2024, down from RMB 2,493.21 million as of December 31, 2023[19] - Accounts receivable as of June 30, 2024, amounted to RMB 1,259.01 million, compared to RMB 1,243.75 million as of December 31, 2023[20] - The expected credit loss provision for trade receivables decreased to RMB 48,394 thousand as of June 30, 2024, down from RMB 142,428 thousand in the same period of 2023, indicating a reduction of about 66%[22] Revenue Breakdown - Revenue from footwear reached RMB 7,844.16 million, an increase of 4.38% compared to RMB 7,514.67 million in the previous year[16] - Revenue from apparel decreased to RMB 5,375.22 million, down 4.67% from RMB 5,639.91 million in the same period last year[16] - E-commerce sales increased to RMB 4,004.26 million, up 11.39% from RMB 3,595.35 million in the previous year[17] - The proportion of revenue from e-commerce channels increased to 27.9%, up from 25.6% in the previous year[43] Expenses and Investments - Total sales and distribution expenses increased by 9.6% year-on-year to RMB 4,326,883,000, accounting for 30.2% of total revenue[47] - Administrative expenses rose to RMB 680,297,000, representing 4.7% of total revenue, an increase of 0.5 percentage points from the previous year[48] - Research and product development expenses for the six months ended June 30, 2024, were RMB 317,257 thousand, an increase from RMB 290,764 thousand in the same period of 2023, representing a growth of about 9.1%[24] - The company completed the acquisition of Vansittart Investment Limited for a total consideration of HKD 2.221 billion (approximately RMB 2.013 billion), with RMB 1.813 billion allocated to investment properties[9] Market and Sales Performance - Overall retail sales (including online and offline) recorded a low single-digit decline, indicating challenges in market demand[2] - Direct sales revenue slightly increased by 2.7% year-on-year, maintaining a stable retail flow[41] - The basketball category has been strategically enhanced with the launch of four new product lines: "馭帥," "音速," "閃擊," and "空襲," each targeting specific performance functions[74] - The company has effectively utilized celebrity endorsements to reach a broader consumer base, enhancing brand recognition and appeal[80] Strategic Initiatives and Innovations - The company continues to focus on technological innovation to enhance sports participation and promote a healthy lifestyle[41] - The company has successfully launched three innovative products: "绝影3" running shoes, "龙雀" high-performance racing shoes, and biodegradable professional sports shoes, showcasing advancements in technology and environmental sustainability[70] - The company plans to increase the usage of metal 3D printing technology in shoe production to 60-70% by 2025, enhancing product precision and quality[71] - The company has engaged in various marketing strategies, including collaborations with Disney and LPL, to build emotional connections with younger consumers[81] Workforce and Organizational Development - The company employed 5,003 employees as of June 30, 2024, an increase from 4,845 employees at the end of 2023, indicating growth in workforce[89] - The company is committed to optimizing its organizational structure and enhancing talent development to support strategic goals[88] Corporate Governance and Compliance - The audit committee reviewed the accounting principles and practices adopted by the group and confirmed compliance with international accounting standards for the interim financial data[93] - There were no significant matters requiring disclosure under the Hong Kong Stock Exchange Listing Rules from June 30, 2024, to the date of the announcement[92]

Investment Rating - The report maintains a **Buy** rating for Li Ning (2331 HK) with a target price of HK$26.55, representing a 71% upside from the current price of HK$15.50 [1] Core Views - Li Ning's 1H24 revenue is expected to grow by 2.0% YoY to RMB 14.3 billion, while net profit attributable to shareholders is expected to decline by 14.9% YoY to RMB 1.81 billion [1] - For the full year 2024, revenue and net profit are forecasted to grow by 5.2% and 5.1% YoY, reaching RMB 29.03 billion and RMB 3.35 billion, respectively [1] - The company is expected to maintain a gross margin of 49.4% in 1H24, up 0.6 percentage points YoY, driven by improved discount rates [1] - Li Ning is focusing on expanding its product line in the RMB 399-599 price range and adopting a "one county, one strategy" approach to penetrate lower-tier cities [1] Financial Performance Summary - Revenue is projected to grow from RMB 27.6 billion in 2023 to RMB 32.6 billion in 2026, with a CAGR of 5.7% [1] - Net profit is expected to increase from RMB 3.19 billion in 2023 to RMB 4.02 billion in 2026, with a CAGR of 8.1% [1] - The company's gross margin is forecasted to improve from 48.4% in 2023 to 50.0% in 2026 [2] Valuation - The target price of HK$26.55 implies a 17x 2025 P/E ratio [1] - Current valuation metrics show a 2024E P/E of 10.9x, P/B of 1.4x, and P/S of 1.3x [2] Industry Outlook - The report assigns an **Overweight** rating to the Consumer Durables & Apparel sector, indicating expected outperformance relative to the market [1] Key Drivers - Li Ning's running shoe matrix is performing well, with continued iterations of flagship products like Jueying and Dilu [1] - The company is adjusting its basketball shoe offerings to cater to the consumption downgrade trend, introducing products priced between RMB 499-699 [1] - Channel reforms are underway, with a focus on expanding in lower-tier cities through tailored strategies [1]

港股公司报告 | 公司点评 李宁（02331） 证券研究报告 2024年05月 31日 投资评级 科技创新是李宁品牌的成长主线 行业 非必需性消费/纺织及 服饰 召开李宁科技大会，全面展示科技之路 6个月评级 买入（维持评级） 当前价格 20.7港元 近期李宁召开2024李宁科技大会，是李宁品牌历史上首次集中展示李宁在 目标价格 港元 科技创新方面的历程与成果。 六大独有创新科技深度解密：分别为碳核芯、最速曲线系统、极限䨻丝、 基本数据 超䨻、弜以及GCU。首发三大创新成果：绝影3代跑鞋、竞速跑鞋龙雀、 港股总股本(百万股) 2,584.48 防暴雨双透纳米科技，推动专业运动科技领域发展。同时，现场准备了20 港股总市值(百万港元) 53,498.75 余个深度互动装置，为观众提供现场沉浸式体验。 每股净资产(港元) 10.26 1988 年李宁是最早创建独立设计开发中心的中国运动品牌；2006 年品牌 资产负债率(%) 28.65 产品为最早得到美国职业篮球联赛实战检验的中国篮球鞋；2009年李宁羽 一 年内最高/最低(港元) 50.25/14.94 毛球研发中心福建石狮成立；2012 年品牌推出最新材料减 ...

股 票 研 究 证 券 研 究 报 告 [Table_industryInfo] 纺织服装业 [Table_MainInfo] [Table_Title] 李宁（2331） 首发三大行业创新，科技李宁彰显龙头风范 | --- | --- | |----------------------------|------------| | [Table_Invest 评级： ] | 增持 | | 当前价格（港元）： | 21.00 | | | 2024.05.30 | | --- | --- | |----------------------------|-------------| | | | | [Table_ 交易数据 Market] | | | 52 周内股价区间（港元） | 15.12-49.80 | | 当前股本（百万股） | 2,584 | | 当前市值（百万港元） | 54,274 | [Table_PicQuote] 52周内股价走势图 李宁 恒生指数 -64% -48% -32% -16% 0% 16% 2023/52023/62023/72023/82023/9 2023/102023/1120 ...

本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用会议嘉宾的观点仅代表其个人观点不代表国海证券的观点也不构成任何投资建议会议严禁录音或转发否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责是享有风险投资是谨慎 主讲嘉宾提示本次会议中应避免传播尚未公开的内幕信息诋毁同行的言论确保会议内容合法合规观念的各位投资者大家下午好我是国海海外消费分析师马川琪欢迎大家参加本次重点公司的交流今天我们很荣幸的邀请到李宁公司头官领导Queenie王总还有Louis欢迎两位大家好我是Queenie 首先我们请二位对信息与公司公关的销售折扣还有库存情况做一个更新谢谢好的好的 特别短期的数据我们可能不方便这个时间点去分享也跟大家简单的介绍一下可能截止到我们一季度的时候今年以来的一个大概的情况因为我们一季报也是4月下旬发的当时其实也对今年以来的一个大概的情况做了分享首先流水层面我们整个一季度是有一个低个位数增长主要是电商带动的一直到4月份我们其实看到 后面的这个趋势跟一季度电话会跟大家分享其实也没有发生特别大的变化还是电商明显的要 ...

浦银国际研究 公司研究 | 消费行业 李宁（2331.HK）：增长动能不及竞争对手，估 林闻嘉 值性价比有所减弱；下调至“持有” 浦 首席消费分析师 银 自 4 月 22 日公布 1Q24 运营数据以来，李宁股价已累计上涨超 20%。 richard_lin@spdbi.com 国 我们判断这一轮大幅上涨主要是外资短期回流抄底所致。尽管 1Q24零 (852) 2808 6433 际 售折扣同比有所改善，渠道库存基本企稳，但线下流水增长趋势不容乐 桑若楠，CFA 观，预示着品牌地位可能有被赶超之势。本轮上涨以后，李宁交易在 15x 消费分析师 2024 PE。考虑到相对较弱的增长动能，我们认为李宁当前估值性价比 serena_sang@spdbi.com 已不显著。我们下调李宁目标价至 23.0港元，并下调至“持有”评级。 (852) 2808 6439 公  为什么下调至“持有”？ 2024年4月30日 司 研 （1） 短期流水表现弱于竞对：李宁 1Q24 线上流水同比增长 20%低 究 段（与安踏相近），但线下流水表现弱于主要竞对。其中，批发 评级 门店流水同比下降中单位数，而正价直营门店的流水同比下降 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨李宁（ ） 2331.HK [流Ta水b符le_合T预itle期] ， 预计承压 H1 报告要点 [公Ta司bl发e_布Su2m0m24aQry1] 流水数据，Q1 全渠道流水（不包括李宁 young）同比低单增长，基本符合 预期。 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning with a target price of HK$26.55, indicating a potential upside of 33% from the current price of HK$19.90 [1][2][3]. Core Insights - The report projects a revenue growth of 5.2% year-on-year for 2024, reaching RMB 29.03 billion, and a net profit growth of 5.1% to RMB 3.35 billion, maintaining a net profit margin of 11.5% [3][4]. - The company is focusing on growth drivers such as running shoes and basketball products, with plans to expand its product lines and optimize store configurations in lower-tier cities [3][4]. - The report slightly adjusts the target price down by 0.5% but maintains the earnings forecasts for 2024-2026, with expected revenue growth rates of 5.2%, 6.0%, and 5.8% respectively [4][6]. Summary by Sections Financial Projections - Revenue for 2024 is projected at RMB 29,033 million, with a gross profit margin of 49.6% [5][6]. - The net profit for 2024 is expected to be RMB 3,349 million, with an EPS of RMB 1.30 [5][6]. - The report anticipates a stable management expense ratio of 4.6% and an increase in sales expense ratio to 33.3% [6]. Market Position and Strategy - Li Ning plans to launch new products in the running and basketball categories, targeting both high-end and value segments to capture market share [3][4]. - The company aims to open 75 new stores in 2024, focusing on lower-tier cities while closing underperforming stores in higher-tier cities [3][4]. Valuation Metrics - The report maintains a P/E ratio of 17x for 2025, with a slight adjustment in net profit forecasts for 2024-2026 [4][6]. - The projected net profit for 2025 and 2026 is RMB 3,673 million and RMB 4,023 million respectively, with corresponding EPS of RMB 1.42 and RMB 1.56 [5][6].

本次电话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而释其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券、国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发 任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 尊敬的各位投资者 大家下午好欢迎大家参加今天的重点公司深度汇报今天我们分享的是李宁在之前呢 我们有发布过李宁的深度报告给他的标题是30而已 如果有需要请关注公众号思维基要社里写在他30周年的一篇深度 现在回过头来看我们对它的总结在过去几年里面受到了大家的认可比如我们总结它为李宁公司的发展史是我国民营企业发展的一个缩影在我国加入世贸组织之后大量的国际品牌进入中国本土对当地 ...