公司研究·海外公司快评 纺织服饰·服装家纺 投资评级：优于大市（维持） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 刘佳琪 010-88005446 liujiaqi@guosen.com.cn 执证编码：S0980523070003 优于大市 李宁（02331.HK） 第三季度流水下滑中单位数，四季度增长有望改善 事项： 公司公告：1、零售表现：截至 2024 年 9 月 30 日止第三季度，李宁销售点（不包括李宁 YOUNG）于整个平 台之零售流水按年录得中单位数下降。就渠道而言，线下渠道（包括零售及批发）录得高单位数下降，其 中零售（直接经营）渠道录得中单位数下降，批发（特许经销商）渠道录得高单位数下降；电子商务虚拟 店铺业务录得中单位数增长。2、销售点数量：截至 2024 年 9 月 30 日，于中国，李宁销售点数量（不包 括李宁 YOUNG）共计 6281 个，较上一季末净增加 42 个，本年迄今净增加 41 个。在净增加的 41 个销点售 中，零售业务净减少 14 个，批发业务净增加 55 ...

财联社10月23日讯（编辑 胡家荣） 李宁(02331.HK)在昨日公布三季度运营情况后，股价出现下跌。截 至发稿，跌3.86%，报15.46港元。 根据最新公布的三季度运营数据，截至9月30日，李宁在整个平台的零售流水按年录得中单位数下降， 线下渠道尤其是批发渠道面临较大压力，而电子商务虚拟店铺业务则录得中单位数增长。在实体店铺方 面，在中国的销售点数量为6281个，本年迄今净增加41个。 同时李宁采取了一系列战略调整。公司在10月22日宣布与红杉中国等合作伙伴成立合资公司，旨在加快 海外市场的发展步伐。合资公司的股本总额为2亿港元，其中李宁通过其间接全资附属公司LN Co注资 5800万港元，占股本总额的29%。 机构如何评价这一业绩及公司战略变化？ 摩根士丹利在其报告中指出，李宁第三季度的营运表现符合预期，零售销售按年下降中单位数，与预期 一致。摩根士丹利对李宁的目标价为21元，评级为"增持"，并预计合资企业对李宁2025至2026年的盈利 影响有限。 华西证券则维持全年收入增长低单位数的预期，并预计李宁将继续在童装和1990系列保持净开店，同时 看好电商业务在第四季度的环比改善。 东吴证券认为，尽管第 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 李宁（02331.HK） 24Q3 流水点评：环比转弱符合预期、维持业 绩指引，成立合资公司发展海外业务 2024 年 10 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|---------|--------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 25803 | 27598 | 28315 | 30453 | 32907 | | 同比 (%) | 14.31 | 6.96 | 2.60 | 7.55 | 8.06 | | 归母净利润（百万元） | 4064 | 3187 | 3129 | 3556 | 3911 | | 同比 (%) | 1.32 | (21.58) | (1.82) | 13.64 | 9.98 | | EPS- 最新摊薄（元 / 股） | 1.57 | 1 ...

Revenue and Profitability - Revenue for the six months ended June 30, 2024, increased by 2.3% to RMB 14,345.288 million compared to RMB 14,018.947 million in the same period in 2023[11] - Revenue for the first six months of 2024 reached RMB 14,345,288,000, a 2.3% increase compared to the same period in 2023[13] - Gross profit rose by 5.8% to RMB 7,235.602 million, with the gross margin improving to 50.4% from 48.8% in 2023[11] - Gross margin improved by 1.6 percentage points to 50.4%, driven by better discount management and higher direct-to-consumer channel revenue[18] - Operating profit decreased by 3.0% to RMB 2,401.895 million, with the operating profit margin declining to 16.7% from 17.7% in 2023[11] - Net profit attributable to equity holders dropped by 8.0% to RMB 1,952.032 million, with basic earnings per share decreasing by 6.0% to RMB 75.80[11] - Net profit attributable to equity holders was RMB 1,952,032,000, down from RMB 2,121,231,000 in 2023, with a profit margin of 13.6% compared to 15.1% in 2023[26] - EBITDA increased slightly by 0.5% to RMB 3,443.608 million[11] - EBITDA for the six months ended June 30, 2024, was RMB 3,443,608,000, up 0.5% year-over-year[22] - The company's revenue grew by 2.3% in the first half of 2024, with profitability in line with expectations[40] - Revenue from footwear products increased to 7,844,159 thousand RMB in 2024 from 7,514,672 thousand RMB in 2023[96] - Revenue from apparel products decreased to 5,375,222 thousand RMB in 2024 from 5,639,911 thousand RMB in 2023[96] - Revenue from equipment and accessories increased to 1,125,907 thousand RMB in 2024 from 864,364 thousand RMB in 2023[96] - E-commerce channel sales grew to 4,004,262 thousand RMB in 2024 from 3,595,353 thousand RMB in 2023[97] - Sales to franchise dealers in the Chinese market decreased to 6,590,009 thousand RMB in 2024 from 6,724,040 thousand RMB in 2023[97] - Direct sales in the Chinese market increased to 3,502,705 thousand RMB in 2024 from 3,409,502 thousand RMB in 2023[97] - The company's total revenue for the first six months of 2024 was 14,345,288 thousand RMB, compared to 14,018,947 thousand RMB in the same period of 2023[96] - Revenue for the first half of 2024 reached 14,345,288 thousand RMB, a slight increase from 14,018,947 thousand RMB in the same period of 2023[65] - Net profit attributable to equity holders of the company was 1,952,032 thousand RMB for the first half of 2024, down from 2,121,283 thousand RMB in 2023[65] - Basic earnings per share decreased to 75.80 RMB in the first half of 2024 from 80.63 RMB in the same period of 2023[65] - The company's profit for the period was 1,952,032 thousand RMB, with 7,011 thousand RMB attributed to services provided under the share-based compensation plan[125] - The company's profit attributable to equity holders for 2024 was 1,952,032 thousand RMB, down from 2,121,231 thousand RMB in 2023[144] - Basic earnings per share for 2024 were 75.80 RMB cents, down from 80.63 RMB cents in 2023[142] - The company's diluted earnings per share for 2024 was 75.49 cents RMB, a decrease from 80.34 cents RMB in 2023[144] Expenses and Costs - Sales and distribution expenses increased by 9.6% to RMB 4,326,883,000, accounting for 30.2% of total revenue[19] - Administrative expenses rose to RMB 680,297,000, representing 4.7% of total revenue, up 0.5 percentage points year-over-year[20] - Tax expenses for the period were RMB 661,098,000, with an effective tax rate of 25.3%, up from 24.3% in 2023[25] - Net financing income decreased to RMB 100,375,000 from RMB 223,704,000 in 2023, primarily due to increased foreign exchange losses and reduced interest income[24] - Inventory provisions as of June 30, 2024, totaled RMB 143,914,000, up from RMB 134,727,000 at the end of 2023[27] - Expected credit loss provisions increased to RMB 55,977,000 as of June 30, 2024, from RMB 45,738,000 at the end of 2023[28] - Advertising and marketing expenses increased to 1,248,791 thousand RMB in 2024 from 1,042,091 thousand RMB in 2023[136] - Government grants received in 2024 amounted to 141,552 thousand RMB, up from 110,094 thousand RMB in 2023[137] - Net financing income for 2024 was 100,375 thousand RMB, a significant decrease from 223,704 thousand RMB in 2023[138] - Corporate income tax provision for 2024 was 789,200 thousand RMB, compared to 751,019 thousand RMB in 2023[139] - Inventory costs recognized as expenses and included in cost of sales were 6,911,525 thousand RMB in 2024, down from 7,002,447 thousand RMB in 2023[114] - Depreciation expenses for property, plant, and equipment amounted to 470,250 thousand RMB for the six months ending June 30, 2024[99] - Impairment losses of 18,389 thousand RMB were recognized for property, plant, and equipment due to underperforming stores[99] - Depreciation of right-of-use assets amounted to 319,210 thousand RMB for the six months ending June 30, 2024[104] - Impairment losses of 50,820 thousand RMB were recognized for right-of-use assets[104] - Total lease-related cash outflows reached 1,085,403 thousand RMB for the six months ending June 30, 2024[104] - Depreciation expenses for investment properties were 41,039 thousand RMB in 2024, compared to 30,359 thousand RMB in 2023[107] - Land use rights amortization expenses were 1,895 thousand RMB in 2024, slightly down from 1,899 thousand RMB in 2023[108] - Intangible assets totaled 255,955 thousand RMB as of June 30, 2024, with amortization expenses of 29,250 thousand RMB[110] - The company's trade payables decreased to 1,706,036 thousand RMB as of June 30, 2024, from 1,789,796 thousand RMB on December 31, 2023[128] - The company's refund liabilities increased to 1,010,883 thousand RMB as of June 30, 2024, from 808,980 thousand RMB on December 31, 2023[130] - The company's accrued sales and marketing expenses rose to 1,071,772 thousand RMB as of June 30, 2024, from 919,414 thousand RMB on December 31, 2023[129] - The company's sales rebates increased significantly to 562,028 thousand RMB as of June 30, 2024, from 299,146 thousand RMB on December 31, 2023[129] - The company's property, plant, and equipment payables increased to 535,878 thousand RMB as of June 30, 2024, from 457,563 thousand RMB on December 31, 2023[129] - The company's payable royalties increased to 104,895 thousand RMB as of June 30, 2024, from 47,065 thousand RMB on January 1, 2024[132] - The company's payable royalties due within 1 year increased to 75,145 thousand RMB as of June 30, 2024, from 38,997 thousand RMB on December 31, 2023[134] - Deferred revenue as of June 30, 2024, was 60,159 thousand RMB, a decrease from 76,009 thousand RMB in the same period in 2023[135] Cash Flow and Financial Position - Net cash generated from operating activities was RMB 2,730,305,000, up from RMB 1,942,431,000 in 2023[29] - Cash and cash equivalents as of June 30, 2024, were RMB 6,146,726,000, a net increase of RMB 702,843,000 from the end of 2023[29] - Net proceeds from the share placement and subscription amounted to RMB 8,571,787,000, with RMB 1,466,282,000 remaining unused as of June 30, 2024[31][32] - 40% of the net proceeds were used for future business investments, including international expansion, with a total of 1,421,939 thousand RMB fully utilized by June 30, 2024[33][34] - 30% of the net proceeds were allocated for infrastructure restructuring and supply chain enhancement, with 312,513 thousand RMB used and 1,184,710 thousand RMB remaining, expected to be utilized by December 31, 2026[33] - 20% of the net proceeds were invested in brand and IT system construction, with 223,836 thousand RMB used and 183,964 thousand RMB remaining, expected to be utilized by December 31, 2024[33] - 10% of the net proceeds were allocated for general working capital, with 170,994 thousand RMB used and 97,608 thousand RMB remaining, expected to be utilized by December 31, 2024[33] - The company's credit facility as of June 30, 2024, was 8,743,000,000 RMB, with no outstanding borrowings[34] - Total assets increased to 35,536,153 thousand RMB as of June 30, 2024, compared to 34,207,803 thousand RMB at the end of 2023[62] - Total equity increased to 25,905,795 thousand RMB as of June 30, 2024, compared to 24,006,641 thousand RMB at the end of 2023[63] - Investment properties surged to 3,296,840 thousand RMB as of June 30, 2024, from 1,560,455 thousand RMB at the end of 2023[62] - Cash and cash equivalents rose to 6,146,726 thousand RMB as of June 30, 2024, up from 5,443,883 thousand RMB at the end of 2023[62] - Total liabilities decreased to 9,630,358 thousand RMB as of June 30, 2024, from 9,801,162 thousand RMB at the end of 2023[63] - Total equity increased from RMB 24,406,641 thousand to RMB 25,905,795 thousand from January 1, 2024, to June 30, 2024[69] - Comprehensive income for the period amounted to RMB 1,964,525 thousand[69] - Dividends paid during the period totaled RMB 473,560 thousand[69] - Cash generated from operating activities was RMB 3,668,367 thousand, with net cash from operating activities at RMB 2,730,305 thousand[73] - Net cash used in investing activities was RMB 1,084,184 thousand, including RMB 1,812,988 thousand for the acquisition of a subsidiary[73] - Net cash used in financing activities was RMB 928,615 thousand, with RMB 473,560 thousand paid as dividends[73] - Cash and cash equivalents increased by RMB 717,506 thousand, reaching RMB 6,146,726 thousand at the end of the period[73] - The company acquired Vansittart Investment Limited for a total consideration of HKD 2.221 billion (approximately RMB 2.013 billion), with a prepayment of HKD 221 million (approximately RMB 200 million) made in December 2023 and the remaining HKD 2 billion (approximately RMB 1.813 billion) paid in January 2024[76] - The acquisition included investment properties valued at RMB 1.699 billion and property, plant, and equipment valued at RMB 322 million[76] - The company's financial liabilities due within one year amounted to RMB 4,958,287 thousand, with RMB 503,713 thousand due in 1 to 2 years, RMB 647,984 thousand due in 2 to 5 years, and RMB 915,281 thousand due after 5 years as of June 30, 2024[85] - The company's financial liabilities due within one year amounted to RMB 4,565,280 thousand, with RMB 616,535 thousand due in 1 to 2 years, RMB 812,524 thousand due in 2 to 5 years, and RMB 950,653 thousand due after 5 years as of December 31, 2023[86] - The fair value of the company's private equity fund investments classified as Level 3 was RMB 430,874 thousand as of June 30, 2024[88] - The fair value of the company's private equity fund investments classified as Level 3 was RMB 428,189 thousand as of December 31, 2023[88] - The company's financial assets in private equity funds were valued at 430,874 thousand RMB as of June 30, 2024[92] - The expected return rate for private equity fund investments and financial product investments ranged from 1.80% to 2.90% for the first six months of 2024[89] - The company's capital commitment related to investment in limited partnerships was $16.5 million as of June 30, 2024[153] - The company's capital commitment for property, plant, and equipment as of June 30, 2024 was 752,892 thousand RMB, down from 840,617 thousand RMB in 2023[154] - The company's market capitalization as of June 30, 2024, was approximately HKD 43,677,720,551[189] - The total number of issued shares as of June 30, 2024, was 2,584,480,506[189] Inventory and Receivables - The average inventory turnover period increased to 62 days from 57 days in 2023[11] - The average trade receivables turnover period increased to 15 days from 14 days in 2023[11] - The average trade payables turnover period increased to 46 days from 41 days in 2023[11] - Accounts receivable increased to 1,259,010 thousand RMB as of June 30, 2024, compared to 1,243,747 thousand RMB as of December 31, 2023[116] - Expected credit loss provision for trade receivables increased to 48,394 thousand RMB as of June 30, 2024, up from 38,215 thousand RMB as of December 31, 2023[116] - Trade receivables aged 0-30 days increased to 627,894 thousand RMB as of June 30, 2024, compared to 581,522 thousand RMB as of December 31, 2023[119] - Trade receivables aged 31-60 days increased to 400,027 thousand RMB as of June 30, 2024, up from 384,449 thousand RMB as of December 31, 2023[119] - Trade receivables aged 61-90 days decreased to 41,085 thousand RMB as of June 30, 2024, down from 99,505 thousand RMB as of December 31, 2023[119] - Other receivables increased to 430,427 thousand RMB as of June 30, 2024, compared to 412,570 thousand RMB as of December 31, 2023[121] - Inventory costs recognized in cost of sales were 6,911,525 thousand RMB in 2024, slightly down from 7,002,447 thousand RMB in 2023[136] Investments and Acquisitions - The company completed the acquisition of Vansittart Investment Limited for a total adjusted consideration of 2.213 billion HKD (approximately 2.013 billion RMB), which includes a property in Hong Kong[36] - The company plans to invest approximately 3.3 billion RMB in a high-end smart manufacturing and flexible supply chain base in Guangxi, with partial investments already made[38][39] - The company acquired a subsidiary for 2.221 billion HKD (approximately 2.013 billion RMB), with 1.699 billion RMB allocated to investment properties[106] - Investments accounted for using the equity method increased to 1,716,037 thousand RMB as of June 30, 2024, up from 1,606,601 thousand RMB at the end of 2023[111] - The company transferred 143,512 thousand RMB of completed construction projects to investment properties[99] - Newly added right-of-use assets totaled 188,378 thousand RMB for the six months ending June 30, 2024[103] - Total lease liabilities decreased to 2,170,238 thousand RMB as of June 30, 2024, from 2,541,953 thousand RMB at the end of 2023[103] - Investment properties increased to 3,296,840 thousand RMB as of June 30, 2024, up from 1,560,455 thousand RMB at the beginning of the year[105] - The company's capital commitment related to investment in limited partnerships was $16.5 million as of June 30, 2024[153] - The company's capital commitment for property, plant, and equipment as of June 30, 2024 was 752,892 thousand RMB, down from 840,617 thousand RMB in 2023[154] Shareholder and Equity Information - The company repurchased and canceled

丨证券研究报告丨 港股研究丨公司点评丨李宁（2331.HK） [Table_Title] 业绩表现超预期，追求盈利稳定 报告要点 [Table_Summary] 2024H1 公司实现营收 143 亿元，同比+2%，归母净利润同比-8%至 19.5 亿元，中期派息比例 达 50%。收入表现符合预期，业绩表现超预期。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SFC：BUU942 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 [Table_Title2] 业绩表现超预期，追求盈利稳定港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 2024H1 公司实现营收 143 亿元，同比+2%，归母净利润同比-8%至 19.5 亿元，中期派息比例 达 50%。收入表现符合预期，业绩表现超预期。 事件评论 ⚫ 毛利率改善显著，现金流表现强劲。直营及电商折扣改善带动毛利率同比+1.6pct为50.4% （直营/电商贡献 0.5/0.9pct），毛利率改善显著为业 ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 李宁（2331）公司半年报点评 2024 年 08 月 21 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |------------------------------------------------------|-------------| | 08[Table_StockInfo 月 20 日收盘价（港元）] | 14.06 | | 52 周股价波动（港元） | 12.88-41.01 | | 总股本（百万股） | 2584 | | 总市值（百万港元） | 36338 | | 相关研究 | | | [T《2023 able_ReportInfo] 库存企稳，望长期健康增长》 | 2024.03.26 | | 《23H1 盈利能力显韧性，专业品类持续发力》 | | 2023.08.16 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） -6.4% -19.7% -38.5% [Table_AuthorInfo] 相对 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 买入（维持） 李宁（02331.HK） 24H1 业绩点评：利润率及库存小幅承压，派息率 提升 2024 年 08 月 20 日 证券分析师 汤军 执业证书：S0600517050001 021-60199793 tangj@dwzq.com.cn 证券分析师 赵艺原 执业证书：S0600522090003 zhaoyy@dwzq.com.cn | --- | --- | --- | --- | --- | --- | |----------------------------|-------|---------|--------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 25803 | 27598 | 28315 | 30453 | 32907 | | 同比(%) | 14.31 | 6.96 | 2.60 | 7.55 | 8.06 | | 归母净利润（百万元） | 4064 | 3187 | 3129 | 3 ...

李宁（02331.HK）2024 年中报点评 强推（维持） 经营保持平稳，加大中期分红 目标价：20.43 港元 当前价：13.10 港元 事项： 公司发布 2024 年中报，业绩符合预期。上半年公司实现营收 143.5 亿，同比 增长 2.3%，归母净利润 19.5 亿，同比下滑 8.0%，EPS 为 0.76 元，拟每股派 发中期现金红利 0.378 元人民币，分红率达 50%（2023 年中报分红率为 45%）。 评论： 成人装业务经营承压，童装保持稳健增长。1）成人业务：上半年李宁（不含 李宁 YOUNG）整体零售流水低单位数下滑，Q1/Q2 流水低单位数增长/低单 位数下滑。分渠道看，24H1 线上直营/线下渠道流水分别同比提升 10-20%中 段/下滑中单位数，主要系客流量变化扰动流水。整体来看，上半年公司经营 保持稳健，线上/线下渠道成交率基本稳定，折扣率改善低单位数，2）童装业 务：上半年李宁童装业务流水/件单价分别同比提升中单位数，但销售连带率 下降高单位数。 跑步品类高景气度，产品矩阵持续完善。24H1，公司鞋类/服装/器材及配件业 务分别实现营收 78.4/53.8/11.3 亿元，同比 ...

6 李宁（2331） 更新报告 2024 年上半年毛利率提升 1.6 个百分点；派息比率增加到 50% 2024 年上半年业绩概况：公司录得收入 143.5 亿元人民币（下同）， 同比增长 2.3%。自营零售/批发/电商/海外业务分别增长+2.7%/- 1.9%/+11.3%/-15.9%。品类来看：跑步增长 25% (三大核心 IP 累计销 量破 500 万双), 健身增长 7%, 篮球及运动生活分别下跌 20%/7%。毛 利率提升 1.6 个百分点到 50.4%；受益于新品折扣改善，毛利率較高 的直面消費者渠道收入佔比同比上升；以及存貨拨备计提同比減少。 经营开支比率增加 2.5pct 到 34.9%(主要受市场推广及广告，租金， 工资薪金上升；及信息系统建设投入和折旧摊销增加的影响)。经营 利润和股东应占净利润分别减少 3.0%和 8.0%%到 24.0 及 19.5 亿元。 经营利润率和股东应占净利润率分别为 16.7%及 13.6%。中期派发股 息每股 37.75 分人民币；派息比率增加到 50%。經營現金流金额为 27.3 亿元， 同比增长 40.6%。净现金为 176 亿元。 库存周转和 零售折 ...

19 Aug 2024 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) We see long-term value but short-term risks In the short run, we are still quite cautious about Li Ning in 2H24E, because of: 1) risks of greater retail discounts or promotion, 2) risks of trade fair orders adjustments, 3) unfavorable channel mix and operating deleverage and 4) relatively fixed opex. However, from the long run prospective, we can still see the value in Li Ning, esp. when we consider its ex-cash ...