Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company reported a revenue of 28.676 billion yuan for 2024, a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3.013 billion yuan, a decrease of 5.5% [1][3] - The board proposed a final dividend of 20.73 cents per share, with a payout ratio of 50% for the year [1] - The overall retail sales remained stable, with online channels showing low double-digit growth while offline channels experienced a slight decline [3][4] Revenue and Profit Analysis - In 2024, revenue from footwear, apparel, accessories, and equipment was 14.3 billion, 12.05 billion, 2.325 billion, and a year-on-year growth of 6.8%, -2.9%, and 29.3% respectively [4] - The retail sales for running, fitness, basketball, and sports lifestyle categories accounted for 28%, 15%, 21%, and 33% of total sales, with year-on-year growth rates of 25%, 6%, -21%, and -6% respectively [4] - The company’s gross margin improved to 49.4%, up 1.0 percentage points year-on-year, primarily due to better margins in the e-commerce channel [5][7] Channel Performance - Direct sales revenue decreased by 0.3% to 6.883 billion yuan, with the number of direct stores declining by 13.4% to 1,297 [5] - Wholesale revenue increased by 2.6% to 12.957 billion yuan, with wholesale stores growing by 1.6% to 4,820 [5] - E-commerce revenue grew by 10.3% to 8.305 billion yuan, with significant improvements in customer traffic and conversion rates [5][8] Future Outlook - The company is expected to continue optimizing its channel structure and enhancing customer experience, which will support steady business growth [8] - Projected revenues for 2025-2027 are 29.093 billion, 30.177 billion, and 31.517 billion yuan, with year-on-year growth rates of 1.5%, 3.7%, and 4.4% respectively [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is increasing its investment in sports resources, deepening brand professionalism [5] - The company has shown stable performance despite external environmental disturbances, with a revenue of 28.676 billion RMB in 2024, a year-on-year increase of 3.9% [7] - The e-commerce channel's revenue contribution is increasing, accounting for 31% of total revenue in 2024, up 2 percentage points from 2023 [7] - The running product category has seen rapid growth, with retail sales increasing by 25% in 2024 [7] - The company is expected to achieve net profits of 2.656 billion RMB, 2.960 billion RMB, and 3.264 billion RMB for the years 2025 to 2027 respectively [7] Financial Summary - The company’s revenue forecast for 2025 is 29.164 billion RMB, with a growth rate of 1.7% [8] - The gross profit for 2025 is projected to be 13.795 billion RMB, representing 47.3% of sales revenue [8] - The net profit margin is expected to be 9.1% in 2025, with a net profit of 2.656 billion RMB [8] - The company’s total assets are projected to reach 38.366 billion RMB by 2025, with a debt ratio of 25.04% [8]

Core Viewpoint - Li Ning Company reported a steady revenue growth of 3.9% for the fiscal year ending December 31, 2024, reaching 28.68 billion RMB, with a net profit of 3.01 billion RMB, reflecting a positive outlook on the future of the sports goods sector in China [1] Financial Performance - The company achieved a gross profit of 14.16 billion RMB, with a gross margin increase of 1 percentage point to 49.4% and a net profit margin of 10.5% [2] - Operating cash flow generated a net amount of 5.27 billion RMB, up 12.4% year-on-year, with total cash and cash equivalents increasing by 2.06 billion RMB to 7.5 billion RMB [2] Strategic Focus - Li Ning's performance is supported by a "single brand" strategy and long-term investment in technology, enhancing its core competitiveness through collaboration with top athletes [2][4] - The company emphasizes a "single brand, multi-category, multi-channel" strategy, focusing on professional sports attributes and technological innovation [2] Product Development - The footwear segment contributed 50% of total revenue, with sales exceeding 14.3 billion RMB, and core running shoe IP sales surpassing 10.6 million pairs [4][6] - Li Ning invested over 3.5 billion RMB in R&D from 2015 to 2024, with a 9.3% increase in R&D spending in 2024, outpacing revenue growth [4] Marketing Initiatives - In 2024, Li Ning launched the "In My Name" marketing campaign, collaborating with national gold medal athletes to enhance brand connection with sports enthusiasts [3] Market Expansion - The company is expanding into new categories such as outdoor sports, tennis, and pickleball, with positive market feedback in 2024 [7] - Li Ning's running category saw a retail sales growth of 25%, with significant sales increases in its core running shoe series [6] Channel Management - Li Ning optimized its channel layout and inventory management, maintaining a stock turnover period of 64 days, which is better than the industry average [10] - The company closed inefficient stores while upgrading quality outlets, increasing its sales points to 7,585 by the end of 2024 [8] E-commerce Strategy - The company capitalized on the e-commerce recovery, achieving a 10% to 20% growth in direct e-commerce sales [9]

公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21.4% | -3.4% | -15.7% | 16.5% | | 归属母公司净利润(百万元) | 4,064 | 3,187 | 3,013 | 2,562 | 2,985 | | 同比增长 (%) | 1.3% | -21.6% | -5.5% | -15.0% | 16.5% | | 每股收益（元） | 1.57 | 1.23 | 1.17 | 0.99 | 1.15 | | 毛利率(%) | 48.4% | 48.4% | 49.4% | 49.5% | 49. ...

纺织服饰/服装家纺 2024 年跑步驱动增长，巩固基础，蓄力长期 ——港股公司信息更新报告 2025 年 03 月 31 日 《2024Q1 流水符合预期，零售折扣低 单改善—港股公司信息更新报告》 -2024.4.25 | 吕明（分析师） | 周嘉乐（分析师） 张霜凝（分析师） | | --- | --- | | lvming@kysec.cn | zhoujiale@kysec.cn zhangshuangning@kysec.cn | | 证书编号：S0790520030002 | 证书编号：S0790522030002 证书编号：S0790524070006 | |  2024 | 年跑步驱动增长，巩固基础，务实发展，维持"买入"评级 | 2024 年公司实现营收 286.76 亿元(同比+3.9%，下同)，归母净利润 30.13 亿元 (-5.5%)，净利率 10.5%（-1.0pct），符合预期，派息率从 45%提至 50%。考虑加 盟渠道健康发展短期影响发货增速以及加大对运动资源的费用投入，我们下调 2025-2026 年并新增 2027 年盈利预测，预计 2025-2027 年归母净利润为 ...

2025 年 3 月 31 日 公司研究 24 年表现平稳，25 年将加大投入、促品牌力向上 ——李宁（2331.HK）2024 年业绩点评 买入（维持） 当前价：17.16 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 25.85 | | --- | --- | | 总市值(亿港元)： | 443.55 | | 一年最低/最高(港元)： | 12.56/24.60 | | 近 3 月换手率： | 109.8% | 股价相对走势 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 李宁 恒生指数 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | ...

港股公司报告 | 公司点评 李宁（02331） 证券研究报告 深练内功巩固成效 其中 2024H2 营收 143 亿元，同比+5.5%，归母净利 11 亿，同比-0.4%。全 年派息（含中期）58.48 分人民币/股，派息比率为 50%。 电商表现优秀，新品放量 1）分品牌，24 年末门店合计 7585 家，较年初减少 83 家，其中李宁主品 牌减少 123 家至 6117 家，李宁 Young 增加 40 家至 1468 家。门店减少主 要受消费影响，儿童门店数量稳步提升。 李宁 YOUNG 一方面加强布局儿童专业产品矩阵，特别是在篮球运动、中 国文化传承款、特色裤装以及器配品类等明星单品上表现理想；另一方面 精心策划一系列线下青少年活动及跨界合作，聚焦篮球、足球、跑步、户 外等多个热门运动领域，展现品牌的多元化魅力。 2）分渠道，24 年批发营收 130 亿元，同比+3%；直营营收 69 亿，同比略 降 0.3%；电商营收 83 亿元，同比+10%。 截至 24Q4 流水：线下同增中单位数，其中直营低单位数下降，批发同增 中单位，电商同增 10%-20%中段。 整体消费承压，公司对零售渠道进行调整，直营门 ...

24 年业绩符合预期，25 年起加大投入追求 中长期高质量发展 核心观点 盈利预测与投资建议 ⚫ 根据业绩公告，我们调整 24-26 年盈利预测，预计 24-26 年 EPS 分别为 1.17、0.99 和 1.15 元（原 1.2、1.37 和 1.54 元），参考可比公司，给予 2025 年 20 倍的 PE 估 值，目标价为 21.19 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：运动服饰消费低于预期、终端去库存进度和新产品推广不及预期等 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21 ...

31 Mar 2025 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) Conservative guidance but quite expected FY24 results were inline with market expectation while 4Q24 operating numbers were slightly better than expected. Going forward, on one hand, the Company is outlining conservative FY25E guidance and the plan to invest more for the future, and on the other hand, the numbers in 1Q25E are already trending better. Therefore, we tend to think the worst should have already gon ...

李宁还在继续维稳。 3月28日，李宁公司发布2024年财报，全年营收286.76亿元，同比增长3.9%；净利润30.13亿元，同比下跌5.46%；集团整体毛利率49.4%，较去年提升1个百 分点。 业内普遍认为，李宁全年的业绩符合预期。 摩根士丹利称，李宁净利润下滑是因为"投资物业"减值的拖累。市场会正面解读业绩结果，这意味着，该公司的盈利可能优于部分投资者的预期。 财报发布后，李宁股价走高，盘中涨超6%创周内最高，当日报收17.16港元/股。 | | 截至12月31日止年度 | | 變動 | | --- | --- | --- | --- | | | 2024年 | 2023年 | (%) | | 收益表項目 | | | | | (除特別註明外,所有金額均以千元人民幣列示) | | | | | 收入 | 28.675.643 | 27.598.491 | 3.9 | | 毛利 | 14,156,103 | 13.352.055 | 6.0 | | 經營利 糧 | 3,678,206 | 3.559.087 | 3.3 | | 息稅前利潤加折舊及攤鎖(EBITDA)(附註1) | 6,379,193 | 6. ...