[研T究ab报le告_MReasiena]rc h Report 21 Mar 2024 李宁 LI NING (2331 HK) 2023 年报点评：业绩符合预期，库存水平进一步下降 2024 年轻装上阵 2023 Annual Report Performance Review: Results in Line With Expectations, Further Reduction in Inventory Level [观Ta点ble聚_y焦em Inevie1s]t ment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 李宁 2H23收入略超预期，利润符合预期。2023年公司实现收 评级 优于大市OUTPERFORM 入 276亿，同比+7%，对应2H23收入135.8亿元，同比+1.4%。李 现价 HK$21.25 宁大货加盟/大货直营/大货电商分别实现收入 118.2/66.9/77.5 亿 目标价 HK$29.80 元，占比为 42.8%/24.3%/28.1% ...

2024 年 03 月 22 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 库存周转回归健康水平，看好 年稳健发展 证券分析师： 杨仁文 S0350521120001 2024 yangrw@ghzq.com.cn 证券分析师： 马川琪 S0350523050001 ——李宁（ ） 年业绩点评 02331 2023 macq@ghzq.com.cn 联系人 ： 廖小慧 S0350122080035 liaoxh@ghzq.com.cn 最近一年走势 事件 : 李宁2024年3月20日发布2023年业绩：2023年公司实现营业总收入 275.98亿元，同比+7.0%，归母净利润为31.87亿元，同比-21.6%，归 母净利率11.5%，较2022年-4.2pct，毛利率48.4%，较2022年持平， 摊薄EPS为122.66分人民币，同比-20.5%。 投资要点 : 相对恒生指数表现 2024/03/20 表现 1M 3M 12M  2023年公司整体增长放缓，直营渠道表现突出。2023年公司实现 李宁 11.7% 11.4% -60.6% 营业总收入275.98亿元，同比+7. ...

浦银国际研究 公司研究 | 消费行业 李宁（2331.HK）：2023 年重置渠道库存、2024 林闻嘉 年重塑品牌与信心、2025 年重启增长 浦 首席消费分析师 银 在需求放缓的大环境下，李宁 2H23同时需要应对窜货乱价与渠道库存 richard_lin@spdbi.com 国 过高带来的负面影响。尽管公司在 2H23 尽力对渠道库存做出相应的调 (852) 2808 6433 际 整并加强了对渠道的管控，但我们认为公司的基本面（包括品牌力、渠 桑若楠，CFA 道信心、门店运营、终端折扣等）仍待 2024年进一步恢复。我们预计 消费分析师 公司收入与净利润将在 2024 年保持稳健，并在 2025 年重启增长。虽 serena_sang@spdbi.com 然 2024 年仍处于调整期，但考虑到李宁较强的品牌力与产品力以及当 (852) 2808 6439 公 前较低的估值水平，我们维持“买入”，并上调目标价至 24.8港元。 2024年3月20日 司  2023 年重置渠道库存：李宁 2H23 面临经销商库存高企与低价窜货的 研 挑战。为了使渠道库存回归正常，公司在 2H23 通过砍单刻意减少了 究 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning (2331.HK) with a current price of HKD 21.45 [1]. Core Views - The company experienced a challenging year in 2023, with revenue growth of 7% year-on-year, while net profit declined by 22% [1]. - For 2024, the company aims for revenue growth in the mid-single digits and a net profit margin in the low double digits, focusing on product structure and market expansion [3]. Financial Performance Summary - In 2023, Li Ning achieved a total revenue of RMB 27.598 billion, with a year-on-year increase of 7.0%. The net profit attributable to shareholders was RMB 3.187 billion, down 21.6% year-on-year. The earnings per share (EPS) was RMB 1.23, with a proposed final cash dividend of RMB 0.185 per share, resulting in an annual payout ratio of 45% [1][4]. - The gross margin for 2023 was 48.4%, unchanged from the previous year, while the operating profit margin decreased by 6.0 percentage points to 12.9% [1][7]. - The company’s inventory at the end of 2023 was valued at RMB 2.49 billion, a 2.7% increase year-on-year, with inventory turnover days at 63 days, an increase of 5 days [2]. Revenue Breakdown - Revenue from different channels in 2023 showed a 1% increase in distribution, a 30% increase in direct sales, and a 1% increase in e-commerce [1]. - By product category, footwear, apparel, and equipment accounted for 48.5%, 45.0%, and 6.5% of total revenue, respectively, with year-on-year changes of -0.7%, +15.9%, and +11.3% [1][2]. Future Outlook - The company plans to enhance its product matrix and performance, with a focus on expanding women's, outdoor, and youth categories in 2024 [3]. - The expected EPS for 2024, 2025, and 2026 is RMB 1.36, RMB 1.54, and RMB 1.72, respectively, with corresponding price-to-earnings (P/E) ratios of 14x and 13x for 2024 and 2025 [3][4].

证券研究报告 | 2024年03月21日 李宁（02331.HK） 买入 2023 年收入增长 7%，年底库销比 3.6 个月 核心观点 公司研究·海外公司财报点评 2023年收入增长7%，毛利率持平，派息率45%。1）2023年收入增长7.0% 纺织服饰·服装家纺 至276.0亿元，归母净利润减少21.6%至31.9亿元，批发/直营/电商收入分 证券分析师：丁诗洁 证券分析师：关竣尹 别增长0.6%/29.6%/0.9%。毛利率同比持平在48.4%，销售费用率提升4.6 0755-81981391 0755-81982834 dingshijie@guosen.com.cnguanjunyin@guosen.com.cn 百分点，主要由于收入不达年初预期、固定费用比率上升，以及下半年计提 S0980520040004 S0980523110002 门店相关减值，其他收入比率下降1.5百分点至1.2%，净利率下降4.2百分 基础数据 点至11.5%。经营现金净流入上升19.8%至46.9亿元，全年派息率45%。2） 投资评级 买入(维持) 2023下半年，公司减少批发发货，收入增长1.4%至135.8亿元，净 ...

业绩简评 李宁3.20 发布2023 全年业绩，营收同比增长7%至 275.98 亿元， 归母净利润同比增长11.5%至 31.87 亿元，表现符合预期。 公司董事会建议派发末期股息 18.54 分/股（人民币），全年派息 合计57.74 分/股，派息率较22年提升 15pct 至45%。 经营分析 直营驱动增长，批发流水显著好于收入。公司 23年直营收入同增 29%，主要由开店（净增68 家）、同店（增长 10%-20%低段）贡献。 港币(元) 成交金额(百万元) 大货批发端收入同增 1%，主要受到公司主动减少发货、关店（净 71.00 4,000 关 123 家）等因素影响，流水仍呈现 10%-20%低段增长，预计 24 63.00 3,500 55.00 3,000 年批发收入与流水的差距将显著缩小。电商渠道受竞争环境加剧 2,500 47.00 2,000 影响收入同增1%，流水低双位数增长。其中 4Q23 全渠道流水实现 39.00 1,500 20%-30%低段增长，线下/电商分别20%-30%高段/中单位数增长。 31.00 1,000 23.00 500 库销比、折扣改善。截至 23年末渠道库 ...

纺织服饰/服装家纺 公 司 2023 年批发及电商短暂调整，期待 2024 年货通价顺 研 李宁（02331.HK） 究 ——港股公司信息更新报告 2024年03月21日 吕明（分析师） 周嘉乐（分析师） 张霜凝（联系人） 投资评级：买入（维持） lvming@kysec.cn zhoujiale@kysec.cn zhangshuangning@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070037  2023年批发及电商短暂调整，期待2024年货通价顺，维持“买入”评级 日期 2024/3/20 2023 年公司实现营收 275.98 亿元(同比+7%，下同)，归母净利润 31.87 亿元 港 当前股价(港元) 21.450 (-21.6%)，扣非归母净利润30.46亿元（-25%），净利率11.5%（-4.2pct），派息率 股 一年最高最低(港元) 65.000/14.940 提至 45%。考虑 2023 年控货致电商及批发收入不及预期，我们下调 2024-2025 公 司 总市值(亿港元) 554.37 年并新增2 ...

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) Expectations reset with positive initiatives Target Price HK$24.86 We do find Li Ning’s FY23 results and FY24E guidance are inline, even though the views from the market are quite mixed. Anyhow, we do appreciate (Previous TP HK$32.93) management’s efforts to fix the bugsell and the branding power issues, as well Up/Downside 15.9% as resetting investors’ expectation with a prudent guidance. With all the prog ...

Financial Performance - Revenue increased by 7.0% to RMB 27.598 billion, with a gross margin maintained at 48.4%[2] - Net profit attributable to equity holders was RMB 3.187 billion, with a net profit margin of 11.5%[2] - The company reported a diluted earnings per share of RMB 123.21, down from RMB 155.38 in the previous year[6] - Total revenue for the year ended December 31, 2023, was RMB 27,598,491,000, an increase from RMB 25,803,383,000 in 2022, representing a growth of approximately 6.95%[17] - The profit attributable to equity holders for 2023 was RMB 3,186,910,000, a decrease from RMB 4,063,834,000 in 2022[37] - Basic earnings per share decreased to 123.21 RMB in 2023 from 155.38 RMB in 2022, a decline of 20.7%[35] - The company's gross margin remained stable at 48.4%, while the operating margin decreased to 12.9% from 18.9%[50] Cash Flow and Dividends - Operating cash inflow rose by 19.8% to RMB 4.688 billion[2] - The company proposed a final dividend of RMB 0.1854 per share, resulting in a total annual dividend of RMB 0.5474 per share, with a payout ratio of 45%[2] - The total dividend proposed for 2023 is RMB 1,434,109,000, which represents 45% of the profit attributable to equity holders, compared to 30% in 2022[38] - The interim dividend for the first half of 2023 was RMB 36.20 per share, while there was no interim dividend in 2022[42] Assets and Liabilities - Total assets amounted to RMB 34.208 billion, compared to RMB 33.647 billion in the previous year[5] - Total equity attributable to equity holders was RMB 24.407 billion, slightly up from RMB 24.332 billion in the previous year[5] - The company's contract liabilities increased to RMB 552,537,000 in 2023 from RMB 252,090,000 in 2022, reflecting a growth of approximately 118%[19] - The total accounts payable increased to 1,789,796 thousand RMB in 2023 from 1,584,424 thousand RMB in 2022, reflecting an increase of 12.9%[28] Sales and Revenue Breakdown - Revenue from footwear was RMB 13,389,080,000, while apparel revenue increased to RMB 12,410,785,000, up from RMB 10,708,594,000 in 2022, indicating a significant growth in apparel sales of approximately 15.87%[17] - Direct sales revenue increased to RMB 6,907,451,000 in 2023 from 5,330,434,000 in 2022, marking a growth of approximately 29.63%[18] - E-commerce sales reached RMB 7,531,410,000, slightly up from RMB 7,465,297,000 in 2022, reflecting a growth of approximately 0.89%[18] - Overall retail sales (including online and offline) recorded low single-digit growth in the range of 10%-20%[2] - New product line retail sales achieved low single-digit growth in the range of 10%-20%[2] Expenses and Costs - Inventory costs recognized as expenses for the year amounted to RMB 13,856,610,000, compared to RMB 12,979,293,000 in 2022, showing an increase of approximately 6.76%[21] - Total sales and distribution expenses rose by 24.1% year-on-year to RMB 9,080,121,000, accounting for 32.9% of total revenue, up 4.6 percentage points from 2022[56] - Administrative expenses increased to RMB 1,256,152,000, representing 4.6% of total revenue, a rise of 0.3 percentage points compared to the previous year[57] - The overall sales cost for the year ended December 31, 2023, was RMB 14,246,436,000, an increase from RMB 13,318,590,000 in 2022, with a stable gross margin of 48.4%[55] Research and Development - Research and product development expenses rose to 618,183 thousand RMB in 2023 from 534,156 thousand RMB in 2022, marking an increase of 15.7%[29] - The group plans to enhance R&D investment to drive innovation and improve product functionality, aiming to increase the proportion of professional products[96] Market and Product Development - The company focused on product innovation and brand image enhancement to attract young consumers, utilizing cross-industry collaborations and entertainment resources[74] - The company launched the "BADFIVE" series, which integrates street basketball characteristics and professional performance, successfully appealing to young consumers[80] - The company has committed to sustainable development by promoting eco-friendly products and optimizing its supply chain and logistics systems[74] - The launch of new badminton rackets "Thunder 100" and "Warrior 9000" has enhanced the competitiveness of Li Ning's badminton product line, with "Thunder 100" featuring the industry's thinnest 6.0mm shaft[81] Employee and Corporate Governance - As of December 31, 2023, the group employed 4,845 employees, an increase from 4,610 employees on December 31, 2022[95] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2023, with some deviations explained[101] - The audit committee, consisting of independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the fiscal year ending December 31, 2023[102] Future Outlook and Strategy - The group anticipates continued economic recovery in China, with a focus on expanding domestic demand and stabilizing consumption[96] - The company plans to utilize approximately 40% of the net proceeds from the previous share placement for business investments, including international expansion, amounting to 2,630,853,000 RMB[69] - The company is focusing on building a sustainable supply chain, transitioning from "passive production" to "active production" to enhance efficiency and reduce waste[92]

纺织服饰 李宁（ ） 买入 维持 02331.HK -A( ) 渠道库存回归健康状态，2023年跑步品类流水表现靓丽 2024年3月20日 公司研究/公司快报 公司近一年市场表现 事件描述  3月20日，公司披露2023年年度业绩，2023年，公司实现营收275.98亿元，同 比增长7.0%，实现归母净利润31.87亿元，同比下降21.6%。董事会建议派发2023年 末期股息18.54分/股，结合中期股息36.20分/股，全年派息54.74分/股，全年派息率 45%。 事件点评 资料来源：最闻，山西证券研究所  2023年公司减少批发渠道发货，营业收入增速弱于零售流水。营收端，2023年， 公司实现营收275.98亿元，同比增长7.0%，从渠道角度看，公司收入增长主要为直营 市场数据：2024年3月20日 渠道带动。其中23H1、23H2营收分别实现140.19、135.79亿元，同比增长12.97%、 收盘价（港元）： 21.450 1.38%。从流水角度看，2023年公司整体流水增长10%-20%低段，其中电商渠道流水 年内最高/最低（港元）： 65.000/14.940 增长低单位数，线下渠道流水增 ...