Investment Rating - The report maintains a "Buy" rating for Li Ning, with a target price of HKD 26.10, representing an expected upside of 27.6% from the current price of HKD 20.45 [2][6]. Core Insights - The company's performance in 2023 met expectations, with revenue increasing by 7.0% year-on-year to HKD 27.6 billion, while net profit decreased by 21.6% to HKD 3.187 billion. The overall gross margin remained stable at 48.4% [5][8]. - The company is cautiously optimistic about 2024, expecting mid-single-digit revenue growth and maintaining double-digit profit margins. Inventory levels have improved, with a channel inventory turnover of 3.6 months at the end of 2023 [9][11]. Financial Summary - For 2023, the company reported a revenue of HKD 27.6 billion, with a net profit of HKD 3.187 billion. The gross margin was stable at 48.4%, while the net profit margin decreased to 11.5% from 15.7% in the previous year [5][7][17]. - The forecast for 2024 estimates revenue of HKD 29.368 billion, with a net profit of HKD 3.336 billion, reflecting a year-on-year growth of 6.4% and 4.7%, respectively [11][17]. - The company's total assets were reported at HKD 34.208 billion for 2023, with total liabilities of HKD 9.801 billion, resulting in a debt-to-equity ratio of 40.2% [16][17]. Shareholder Information - Major shareholders include Viva China Holdings Ltd with 10.29% and BlackRock, Inc. with 5.96% [4]. Market Position - The company has shown strong control over its direct sales channels, with a low double-digit same-store sales growth (SSSG) in direct retail, while wholesale SSSG experienced a slight decline [9][11]. - The company has strategically managed its inventory, with a significant improvement in inventory turnover, indicating effective inventory management practices [5][9]. Future Outlook - The report suggests that the company will continue to focus on optimizing channel health and expanding into lower-tier markets, with a keen eye on inventory control and product mix [6][11]. - The anticipated revenue growth for 2023 to 2025 is projected at HKD 293.7 billion, HKD 324.5 billion, and HKD 353.8 billion, respectively, with corresponding net profits of HKD 33.4 billion, HKD 38.4 billion, and HKD 43.5 billion [11][17].

6 李宁（2331） 更新报告 买入 2024年03月26日 2023年全年业绩符合预期；库存周转和 零售折扣在改善 王柏俊  2023 年全年业绩概况：公司录得收入 276 亿元人民币（下同），同比 增 长 7% 。 自 营 零 售 / 批 发 / 电 商 / 海 外 业 务 分 别 增 长 852-25321915 29.6%/0.6%/0.9%/16.6%。品类来看：跑步增长最好+40% (三大核心IP patrick.wong@firstshanghai.com.hk 累计销量破 900 万双), 健身增长 25%, 篮球及运动生活都是持平。毛 主要数据 利率维持稳定在48.4%；线下直营店铺的折扣是有所改善，但电商渠道 毛利率随线上竞争环境的加剧被拉低。经营开支比率增加 4.9pct 到 行业 服装纺织 37.5%(主要受租金，直接销售人员工资奖金，广告宣传及赞助和研发 股价 20.20港元 开支增加，在高级市场布局和部分亏损店铺计提资产减值的影响)。经 营利润和股东应占净利润分别减少 27.2%和 21.6%%到 35.6 及 31.9 亿 目标价 25.28港元 元。经营利润率和股东应占净利润 ...

公 司 研 究 DONGXING SECURITIES 李宁（02331）：23年业绩暂承压， 2024年3月25日 强烈推荐/维持 看好24年稳健发展 李宁 公司报告 东 兴 证 事件：李宁发布2023年业绩，2023年集团收入为275.98亿元，同比增7%； 公司简介： 券 权益持有人应占净溢利为31.87亿元人民币，同比减少21.6%。公司经营现 集团为中国领先的体育品牌企业之一。集团 股 金流净额46.88亿元，同比增长19.8%。拟派发末期股息每股18.54分，全 拥有本身之品牌、研究、设计、制造、经销 份 年派息54.74分，派息比率为45%。 及零售实力。集团之产品包括运动及休闲用 有 途之运动鞋、服装及配件，而该等产品主要 收入稳健增长，服装成为增长支撑，渠道方面电商暂时承压。产品端：2023 限 以集团自有之李宁牌出售。 年服装收入124.1亿元，同比增16%，鞋类收入133.89亿元，同比微降1%。 资料来源：公司公告、iFinD 公 服装成为2023年收入支撑，而鞋类保持一定的规模韧性。分渠道：李宁品牌 司 批发业务收入118.18亿元，同比微增1%；线下直营业务收入66.93亿元， 证 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨李宁（ ） 2331.HK [业Ta绩b符le_合T预itle期] ，资产质量改善 报告要点 [李Ta宁bl公e_司Su发m布ma2r0y2]3年全年业绩，2023年公司实现营收276亿元，同比+7%，归母净利润同比 -22%至31.9亿元，全年派息比例达45%，收入业绩表现符合市场预期，派息比例提升。 ...

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[李I Tnaf 宁bol]e （_Ti 2tl 3e] 3 1） [评Tab级le_：Inv est] 增持 当前价格（港元）： 21.45 2023 年业绩符合预期，2024 年有望稳健增长 2024.03.21 海 ——2023年年报点评 [ 交Ta易bl数e_M据a rket] 外 王佳(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 15.12-61.90 当前股本（百万股） 2,584 公 010-83939781 0755-23976666 010-83939831 当前市值（百万港元） 55,437 司 wangjia025750@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com 证书编号 S0880524010001 S0880122070070 S0880122070053 （ 中 本报告导读： 国 2023年业绩符合预期，库存水平恢复健康，预计2024年收入增长中单位数，净利率 维持低双位数。 香 ...

Investment Rating - The report maintains a "BUY" rating for Li Ning with a target price of HK$29.40, indicating an upside potential of +38.4% from the current price of HK$21.25 [1]. Core Insights - Li Ning's FY23 results met expectations, with revenue of RMB27.6 billion, reflecting a 7% year-over-year increase, while net profit decreased by 21.6% to RMB3,187 million. The company declared a final dividend of RMB0.19, resulting in a payout ratio of 45% [1]. - Management provided conservative guidance for FY24, targeting a sales growth of approximately 5% and a net profit margin (NPM) of 12-13% [1]. - The company is focusing on operational improvements and quality enhancement, with a goal to drive NPM towards 15% in the mid-to-long term [1]. Financial Performance Summary - FY23 revenue was RMB27.6 billion, up 7% YoY, while net profit was RMB3,187 million, down 21.6% YoY. The gross profit margin (GPM) remained stable at 48.4% [2]. - The operating profit margin (OPM) contracted by 6.0 percentage points to 12.9%, primarily due to an increase in selling and distribution expenses [2]. - The cash conversion cycle extended by 5 days to 35 days, with operating cash flow reaching RMB4.7 billion, a 20% increase YoY [1][2]. Operational Highlights - Direct-to-consumer (DTC) sales mix improved to 25.0% from 20.7% in FY22, contributing positively to the GPM [1]. - The company reported a sell-through rate of 78%, significantly higher than 52% in FY22, indicating improved inventory management [1]. - Channel inventory decreased to 3.6 months, down from 4.2 months in December 2022, reflecting better inventory control [1]. Future Outlook - For FY24, Li Ning aims for a revenue target of RMB29.3 billion, with projected earnings of RMB3.52 billion [1]. - The company plans to optimize its store network, expecting to close over 20 directly operated stores while opening around 100 franchised stores [1]. - Management is implementing measures to control unauthorized sales activities, targeting a reduction of such activities by 50-60% by the end of FY24 [1].

[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].