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]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][57]. Core Views - The company achieved a revenue growth of 3.9% to 28.68 billion yuan in 2024, with a gross margin improvement of 1 percentage point to 49.4% [1][9]. - The professional running shoe category led growth, with sales exceeding 10 million pairs, while the basketball category experienced a decline due to proactive shipment adjustments [2][24]. - The company plans to maintain stable revenue growth guidance for 2025, with a focus on increasing marketing resources and investments in R&D and talent for long-term growth [2][56]. Summary by Sections Financial Performance - In 2024, the company's revenue increased by 3.9% to 28.68 billion yuan, while net profit decreased by 5.5% to 3.01 billion yuan, aligning with expectations [1][9]. - The gross margin improved by 1 percentage point to 49.4%, driven by better discounting in e-commerce and direct sales channels [9][10]. - Operating cash flow increased by 12.4% to 5.27 billion yuan, with a dividend payout ratio of 50% [10][57]. Product Category Performance - Revenue growth rates by category were as follows: running (+25%), basketball (-21%), cross-training (+6%), and sports fashion (-6%) [2][24]. - The company’s major running shoe products, including "Ultra Light," "Red Rabbit," and "Flying Electric," sold over 10.6 million pairs [2][24]. Channel Performance - Revenue growth by channel was: wholesale (+2.6%), direct sales (-0.3%), and e-commerce (+10.3%) [2][18]. - The company maintained a healthy inventory turnover, with an inventory turnover period of 63 days [30][44]. Future Guidance - The management indicated that revenue growth for 2025 is expected to be flat, with a net profit margin in the high single digits [56][57]. - The company plans to increase investments in marketing and R&D to support long-term growth [56][57]. Valuation - The target price is maintained at 17.9-19.2 HKD, corresponding to a 2025 PE ratio of 17.2-18.5x [3][57].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's performance in 2024 met market expectations after excluding impairment losses, with a reported net profit of 3.343 billion RMB, reflecting a 15% year-on-year growth when adjusted for certain factors [2] - The dividend payout ratio reached a new high of 50% in 2024, up from 45% in 2023, with an annualized dividend yield of 4% [2] Financial Performance Summary - In 2024, the company achieved revenues of 28.676 billion RMB, a 3.9% increase year-on-year, while net profit decreased by 5.5% to 3.013 billion RMB [2][9] - The EBITDA for 2024 was 6.379 billion RMB, showing a 3.6% increase, and operating cash flow was 5.268 billion RMB, up 12.4% [2] - The gross margin improved to 49.4%, a 1.0 percentage point increase, while the net profit margin decreased to 10.5%, down 1.0 percentage point [4] Revenue Breakdown - Revenue from different channels in 2024 was as follows: distribution at 12.957 billion RMB (up 2.6%), direct sales at 6.883 billion RMB (down 0.3%), e-commerce at 8.305 billion RMB (up 10.3%), and overseas at 531 million RMB (down 0.2%) [3] - The company opened 78 new distribution stores and closed 201 direct sales stores, resulting in a total of 4,820 distribution stores and 1,297 direct sales stores by the end of 2024 [3] Profitability and Cost Analysis - The operating profit margin (OPM) slightly decreased to 12.8%, while the net profit margin was 10.5% [4] - Management and financial expenses increased, contributing to the decline in net profit margin [4] Inventory and Receivables Management - The company's inventory increased by 4.21% to 2.598 billion RMB, with an average inventory turnover period of 63 days [5] - Accounts receivable decreased by 16.67% to 1.005 billion RMB, with a turnover period of 14 days [5] Future Outlook - The company anticipates low single-digit revenue growth for 2025, with a focus on optimizing store structures and expanding into emerging markets [7] - Long-term growth is expected from the children's clothing segment, which is still in the cultivation phase [7] Earnings Forecast - The projected revenues for 2025 and 2026 are 29.251 billion RMB and 31.012 billion RMB, respectively, with net profits expected to be 2.724 billion RMB and 2.965 billion RMB [9][11] - The earnings per share (EPS) forecast for 2025 is 1.05 RMB, down from previous estimates [7][9]

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 ...

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" ...

Core Viewpoint - The strategic partnership between Li Ning and Qingdao Guoxin Haitian Basketball Club aims to enhance youth training systems, integrate international resources, and foster fan culture in basketball development [1][3]. Group 1: Strategic Cooperation - The partnership is themed "Infinite Possibilities in the Name of the City," focusing on the future of basketball development [1]. - A strategic cooperation agreement was signed by Zhang Beihai, General Manager of Qingdao Guoxin Haitian Basketball Club, and Liu Wenting, Director of Basketball Resource Management at Li Ning Group [3]. Group 2: Key Focus Areas - The collaboration will center around three core areas: youth training, urban basketball development, and the introduction of international resources [5]. - Li Ning has been involved with the CBA for thirteen years, witnessing the growth of the club and aims to enhance the professionalism of the youth training system [5]. Group 3: Future Collaboration - Li Ning will assist the club in developing a more scientific and comprehensive youth training system, providing professional training equipment, methods, and competition opportunities [7]. - The partnership is expected to create a win-win situation for players, offering them more resources and support, while enhancing fan engagement through various activities [5].

作为国内最早创立的体育用品品牌之一，李宁依然是那个能够不断创造新可能的长青"选手"。2024年在市场的压力测试下，李宁仍能成功"接住"挑战，这背 后公司究竟做对了哪些事情？ 专业性为基做强"单品牌" 过去几十年里，科技对于体育竞技产生了深刻的影响。而对于李宁来说，立足于独特的运动员基因，持续加大品牌专业能力投入，以运动科技创新不断提升 品牌价值，同样也是其面对市场波动仍能处变不惊、稳健发展的制胜法宝之一。 根据最新财报，2024年李宁继续深耕跑步、篮球、综训、羽毛球、乒乓球和运动生活六大核心品类。其中，跑步品类零售流水增长了25%。跑步品类近年作 为各大运动服饰品牌的"兵家必争之地"。李宁之所以能在此延续强劲增长势头，与其愈发深厚的科技壁垒有着重要关联。就拿最能体现品牌专业实力的鞋类 来说，以"李宁䨻"等科技打造的三款核心跑鞋"超轻"、"赤兔"、"飞电"年内合计销量突破了1060万双。 面对近年来不断变化的消费市场环境，李宁以稳健经营为核心，在战略选择上紧紧锚定"单品牌，多品类，多渠道"这一核心主线，以科技创新为引擎不断强 化自身"专业运动"的品牌定位及竞争优势。 在智通财经看来，李宁深谋远虑的战略定力，辅以 ...

在2024年有挑战的市场背景下，李宁公司交出了一份稳健的成绩单。 在稳健务实的发展基调之下，李宁联席CEO钱炜在业绩说明会上强调，"稳健经营不等于保守经营，而 是该攻的攻、该控的控、该调的调。"。 "单品牌"聚焦、"多品类"深化 里斯在《品牌的起源》书中，提到"品类是是隐藏在品牌背后的关键力量，消费者'以品类来思考，以品 牌来表达'"，"品牌与品类是整体策略，如海洋中的冰山，品牌是冰山上的部分，品类是水下的部分， 也决定了冰山的大小"。 从消费场景来看，消费者会产生购买篮球鞋的需求，再去考虑篮球鞋的品牌。当李宁篮球鞋成为国内外 篮球领域的佼佼者，消费者在考虑篮球鞋时，就会想到去李宁门店逛逛，找一双适合自己的篮球鞋。 这样的思考链路，是李宁坚持深耕单品牌、多品类的底层逻辑。 单品牌聚焦，专注发展李宁品牌，李宁品牌旗下拥有跑步、篮球、综训、羽毛球、乒乓球、运动生活六 大核心品类，以品类建立消费者链接，对于李宁品牌来说是务实也最有效率的策略。通过品类，李宁将 产品广泛覆盖到中国运动人群，服务不同的运动需求。 从经营结果来看，2024年，李宁跑步、篮球、综训三大专业运动品类流水占比达到64%；此外，李宁在 2024年 ...

在零售运营方面，集团深入推进高盈利、高效率的单店运营模式。构建各层级店型标准损益模型，将店 铺核心指标进行标准化与量化处理，并与各职能部门管理目标联动，形成高效协同的管理体系，助力整 体运营效率的提高。 据李宁集团截至2024年12月31日止年度("年内")的经审核综合业绩显示，年内，集团收入达286.76亿元 人民币，较2023年同期上升3.9%(2023年：275.98亿元人民币)。毛利为141.56亿元人民币，较2023年同 期上升6.0%(2023年：133.52亿元人民币)，集团整体毛利率为49.4%，较去年提升1个百分点(2023年： 48.4%)。 童装业务方面，李宁YOUNG完成梳理青少年产品矩阵，挖掘服装和配饰的核心竞争力，并积极拓展新 兴市场，同时致力提升单店效率、清货渠道建设，促进产品流转以及扩大客群。 (李宁集团) 渠道方面，集团一方面巩固和提升高层级市场的运营效能，另一方面加快新兴市场的拓展步伐。 年内，集团继续聚焦"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。 2024年，集团科技研发领域 ...