Core Viewpoint - 2024 is a significant year for sports, with Li Ning demonstrating strong financial performance and brand improvement, positioning itself for future growth as a new sponsor for the Chinese Olympic Committee [1][8]. Financial Performance - Li Ning achieved revenue of 28.676 billion RMB, a year-on-year increase of 3.9% [2]. - The net profit reached 3.013 billion RMB, with a net profit margin of 10.5% [2]. - Gross profit was 14.156 billion RMB, up 6.0% from the previous year, with an overall gross margin of 49.4%, an increase of 1 percentage point [2]. Operational Highlights - Li Ning's operating cash flow was 5.27 billion RMB, a year-on-year increase of 12.4%, indicating strong risk resilience and efficient supply chain management [3]. - The inventory turnover days were 64 days, with a cash cycle of 35 days, reflecting healthy inventory management [3]. - R&D expenditure increased by 9.4%, outpacing revenue growth, highlighting a commitment to innovation and product competitiveness [3]. Strategic Focus - Li Ning is deepening its focus on professional fields and product categories, enhancing brand value and long-term competitiveness [5]. - The company is concentrating on six core categories: basketball, running, fitness, badminton, table tennis, and sports lifestyle, with a comprehensive product layout [6]. - In basketball, Li Ning launched several successful models, including the "伽马" series, which topped annual basketball shoe rankings [6]. Brand and Market Positioning - Li Ning became the official strategic partner of the Chinese Men's Professional Basketball League in 2024, enhancing its brand recognition [7]. - The company has achieved significant success in running, with retail sales increasing by 25% year-on-year, and has sold over 10.6 million running shoes [6][7]. - The upcoming Olympic cycle starting in 2025 is expected to further strengthen Li Ning's brand image and market position [8]. Conclusion - Li Ning's solid performance reflects a strategic recalibration, focusing on operational quality, technological depth, and brand potential, setting the stage for a new growth cycle [8][9].

Investment Rating - The report maintains an "Add" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][27]. Core Insights - The company demonstrated strong operational capabilities despite challenging market conditions, with a steady increase in dividend payout ratio to approximately 50% for the year [7]. - Revenue for 2024 reached 28.68 billion RMB, reflecting a year-on-year growth of 3.9%, outperforming expectations, primarily due to a strong recovery in Q4 sales [7]. - The company’s net profit for 2024 was 3.01 billion RMB, a decrease of 5.5% year-on-year, but adjusted for a one-time impairment loss, the profit would have shown a 5% increase [7]. - The company continues to focus on enhancing brand value and product innovation, particularly in the running segment, which saw a 25% increase in sales [7]. Financial Data and Profit Forecast - Revenue projections for the upcoming years are as follows: - 2023: 27.6 billion RMB - 2024: 28.7 billion RMB - 2025E: 28.8 billion RMB - 2026E: 30.1 billion RMB - 2027E: 31.2 billion RMB - The expected growth rates for these years are 7%, 4%, 0%, 4%, and 4% respectively [6]. - The forecasted net profit for 2025 is 2.48 billion RMB, with a projected PE ratio of 17 [6][17]. - The gross margin is expected to remain stable around 49.4% for 2025, with a slight increase in operating profit margin to 12.8% [7]. Sales Performance - The company’s footwear segment generated 14.3 billion RMB in revenue, a 7% increase, while apparel revenue decreased by 2.9% to 12.05 billion RMB [7]. - E-commerce sales grew by 10.3% to 8.3 billion RMB, while direct sales saw a slight decline of 0.3% [7]. - The company’s total store count at the end of 2024 was 7,585, with a net decrease of 83 stores, indicating a strategic focus on optimizing store performance [7]. Market Comparison - The company’s market capitalization is approximately 44.36 billion HKD, with a target market value of 48.3 billion HKD for 2025, suggesting a potential upside of 9% from current levels [7][17]. - Compared to peers, the company’s projected PE for 2025 is 18, which is competitive within the industry [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown operational efficiency improvements and is actively investing in cultivating competitive advantages. The revenue for 2024 is projected to be 28.676 billion, reflecting a year-on-year increase of 3.9%. The gross profit margin is expected to be 49.4%, with a slight increase of 1.0 percentage points. The net profit for 2024 is forecasted at 3.013 billion, a decrease of 5.5% year-on-year, but EBITDA is expected to improve by 6% [2][5] Financial Summary - **Revenue Forecast**: - 2024: 28.676 billion (+3.9%) - 2025: 28.870 billion (+0.68%) - 2026: 30.315 billion (+5.0%) - 2027: 31.747 billion (+4.72%) [2][6] - **Net Profit Forecast**: - 2024: 3.013 billion (-5.46%) - 2025: 2.616 billion (-13.18%) - 2026: 2.923 billion (+11.75%) - 2027: 3.217 billion (+10.04%) [2][6] - **Earnings Per Share (EPS)**: - 2024: 1.17 - 2025: 1.01 - 2026: 1.13 - 2027: 1.24 [2][6] - **Price-to-Earnings (P/E) Ratio**: - 2024: 13.6 - 2025: 15.6 - 2026: 14.0 - 2027: 12.7 [2][6] Operational Insights - The company has reported a stable revenue performance with a focus on enhancing operational quality. The e-commerce channel has shown a growth rate of 10.3% year-on-year, while the direct sales channel has seen a slight decline of 0.4%. The average store size has increased, and the average monthly sales per store have reached 300,000 RMB [5][6] - Cash flow remains strong, with operating cash flow of 5.268 billion in 2024, reflecting a year-on-year increase of 12.4%. The inventory level is healthy, with a turnover period of 4 months [5][6] Market Positioning - The company is expected to enhance its brand presence and product reputation through increased investment in professional research and development, sponsorship of various sports events, and targeting different consumer segments. The revenue growth for 2025, 2026, and 2027 is projected to be 289 billion, 303 billion, and 317 billion respectively, with a focus on maintaining its position as a leading sports brand in China [5][6]

证券研究报告 | 2025年03月30日 李宁（02331.HK） 优于大市 全年收入增长 4%，品类表现分化 2024 年业绩符合预期，毛利率同比改善。2024 公司收入同比增长 3.9%至 286.8 亿元，归母净利润同比下滑 5.5%至 30.1 亿元，基本符合预期。毛利 率同比提升 1 个百分点至 49.4%，主要由电商和直营渠道折扣回升带动，销 售费用率同比-0.8 个百分点至 32.1%，主要由于增加营销开支占比，管理费 用率和财务费用率也小幅增加。经营利润率同比接近持平，在其他收入及利 息减少 6.48 亿影响下，净利率同比-1 个百分点至 10.5%。经营性现金流净 流入 52.7 亿元，全年派息率 50%，净现金同比增加 2 亿元至 182 亿元。2024 下半年公司收入同比增长 5.5%，归母净利润同比增长-0.4%至 10.6 亿元，其 中经营利润率同比提升 0.9 个百分点，归母净利润同比下降 0.4 个百分点。 跑步品类引领增长，专业跑鞋销量破千万双。分品类流水增速，跑步/篮球/ 综训/运动时尚分别为 25%/-21%/6%/-6%，其中跑鞋大单品超轻/赤兔/飞电系 列销量破 106 ...

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 03 月 29 日 [Table_Title] 剔除减值影响业绩符合预期，派息率新高 [Table_Title2] 李宁(2331.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 2331 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港 | 24.05/13.02 | | | | 元)： | | | 目标价格(港元)： | | 总市值(亿港元) | 443.55 | | 最新收盘价(港元)： | 17.16 | 自由流通市值(亿港元) | 443.55 | | | | 自由流通股数(百万) | 2,584.80 | [Table_Summary] 事件概述 2024年公司实现收入/归母净利/EBITDA/经营现金流为286.76/30.13/63.79/52.68亿元、同比增长3.9%/- 5.5%/3.6%/12.4%。我们分析，剔除投资性房地产减值3.3亿影响后的归母净利为33.43亿元，符合市场预期； 剔除投资性其他收入、权益法入账 ...

3月28日，李宁发布2024年全年业绩，公司实现收入286.76亿元(人民币，下同)，同比增加3.9%；毛利 141.56亿元，同比增加6.02%；股东应占溢利30.13亿元；每股基本收益116.98分；拟派发末期股息每股 20.73分，同比增长11.8%，全年股息为58.48分，同比增加6.8%，全年派息比率为50%。 在香港举行的业绩交流会上，公司执行主席兼联席行政总裁李宁表示，2024年是体育大年，公司继续聚 焦 "单品牌、多品类、多渠道" 的核心战略，通过持续的研发和科技创新，推动产品力的升级，同时在 产品创新、品牌建设、渠道优化等多方面取得显著进展。 "李宁品牌将始终秉持'以体育精神服务大众'的核心价值观，致力于成为源自中国并被世界认可的、具 有时尚性的专业运动品牌，成为中国消费者的首选。"李宁说。 据介绍，2024年，公司继续专注于跑步、篮球、综训、羽毛球、乒乓球和运动生活六大核心品类，同时 积极拓展新兴运动及细分品类，如户外运动、高尔夫、网球和匹克球等，继续以科技创新能力赋能产品 力升级，并从夯实专业运动心智、展现运动时尚美学、传承中国文化价值三大立足点出发，积极通过多 元全域的市场营销活动，强 ...

在2024年体育大年的市场机遇下，大多数的体育消费品公司都交出了一份不错的成绩单。 目前，李宁的业务板块有跑步、篮球、综训、羽毛球、乒乓球和运动生活六大核心品类。记者注意到， 相较于其他的品类，去年跑步品类表现较为突出，其零售流水增长25%。 "2024年整个品类发展的时候，我们认为跑步品类有优势，需要扩大生意空间，也有市场占有率，因此 2024年，我们做了很多投入，也主动获取生意机会。"可以看到跑步品类零售流水去年有25%的增 长。"钱炜透露，"三大核心IP跑鞋，赤兔、超轻、飞电，2024年已经达1060万双，持续扩大跑步品类的 市场份额。 根据国家统计局数据显示，2024年，社会消费品零售总额同比增长3.5%，其中，限额以上单位服装、 鞋帽、针纺织品类商品零售额同比增长0.3%，而其中体育、娱乐用品类同比增长11.1%。 截至目前，国内几家头部的体育用品公司的2024年的业绩已经披露完毕。规模最大的安踏 （02020.HK）去年的营收同比增长13.6%至708.26亿元；归母净利润同比增长16.5%至119.27亿元。特步 国际（01368.HK）去年收入同比增长6.5%至135.77亿元，普通股股权持有 ...

（原标题："玩科技"的李宁，去年卖出1060万双跑鞋 | 深研财报） 3月28日，国内领先运动品牌李宁公布了去年的业绩报告。2024年，全年业绩基本符合预期，收入上升 3.9%至286.76亿元；净利润为30.13亿元，净利率10.5%，拟派末期股息每股20.73分。 增长3.9%，全年业绩基本符合预期 2024年，李宁集团实现收入286.76亿元，较2023年同期上升3.9%，这主要得益于集团在核心业务领域的 稳健表现以及对市场的精准把握。 具体来看，鞋类收入143.00亿元，同比增长6.8%，占总营收的一半；服装收入120.50亿元，同比下降 2.9%；器材及配件收入23.25亿元，同比增长29.3%。 毛利方面，2024年达到141.56亿元，同比上升6.0%，集团整体毛利率为49.4%，较去年提升1个百分点， 主要得益于线上渠道的拓展和成本控制优化。 按销售渠道划分，中国市场的销售收入为28.14亿元，同比增长3.9%。其中，电子商务渠道销售增长 10.3%，特许经销商业务收入增长2.6%。 尽管收入增长稳健，但集团权益持有人应占溢利较去年下降，为30.13亿元；权益持有人应占溢利率为 10.5%，较 ...

在被称为体育大年的2024年，李宁各专业运动品类也都实现了稳健的发展。过去一年，李宁围绕跑步、篮球、综训、羽毛球、乒乓球和运动生活六大核心品 类实现综合品类深入经营。其中，李宁跑步、篮球、综训三大品类零售流水占比达到64%，撑起了集团大部分的营收增长。其中，李宁跑步品类零售流水增 长25%，"超轻"、"赤兔"、"飞电"三大系列销量突破1060万双.。助力国内外运动员夺得66个马拉松及越野赛冠军，累计登台128次，实现中国品牌跑鞋成绩 提速至"203"时代。同时，助力无锡马拉松成为2024年度单场"破三"人数赛事全球前五，中国第一，大幅提升了李宁品牌的市场关注度与专业形象。 再看篮球业务，在科技"碳核芯"、"GCU" 的加持下，李宁在篮球市场的影响力进一步提升。均衡型驭帅ULTRA、突破型伽馬、冲击型吉米巴特勒3代等多款 专业实战篮球鞋广泛入围球鞋推荐榜单，深受球迷认可，其中"伽马"更是频频被列入年度实战篮球鞋榜单之首。 3月28日，李宁交出了一份预期内的业绩报告。2024年，李宁实现收入286.76亿元，同比增加3.9%；净利润为30.13亿元。在整体大环境颇具挑战性的2024 年，李宁实现稳健增长。而这种" ...

齐鲁晚报.齐鲁壹点张晓鹏 3月27日，李宁(中国)体育用品有限公司与青岛国信海天篮球俱乐部"以城之名无限可能"战略合作发布会隆重举行。本次发布会以"以城之 名无限可能"为主题，双方达成篮球未来共建计划，此次战略合作不仅聚焦青岛男篮青训体系升级与国际化资源整合，更强调球迷文化共 建与本土化深度联动。 发布会上，青岛国信海天篮球俱乐部总经理张北海与李宁集团篮球运动资源管理部总监刘文汀签署战略合作协议，笔落成约，携手未 来，这份协议的签署，标志着双方将共同开创城市篮球与体育品牌深度融合的新篇章。 "以城之名无限可能"论坛环节上，张北海表示，本次合作将围绕青训、城市篮球、国际化资源引入三大核心展开。李宁集团运动资源管 理部总经理郭非表示，李宁已经陪伴了CBA十三年，见证了俱乐部的成长与积淀，希望未来与青岛国信海天篮球俱乐部共同促进青训体 系专业化的升级，一起探索职业篮球与城市篮球的融合，继续为中国篮球贡献自己的一份力，携手青岛国信海天篮球俱乐部共同打造青 岛城市篮球名片。青岛国信男篮主教练刘维伟指导分享了俱乐部在年轻球员培养方面的一些经验，并期待通过此次合作，可以帮助俱乐 部在年轻球员的培养上更进一步。作为李宁签约球 ...