李宁：24H1业绩点评：利润率及库存小幅承压，派息率提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight revenue increase of 2.3% year-on-year for 24H1, achieving revenue of 14.345 billion yuan, while net profit decreased by 8.0% year-on-year to 1.95 billion yuan, primarily due to increased expense ratios [2][6] - The company has increased its dividend payout ratio to 50%, up by 5 percentage points year-on-year [2] - The overall consumption environment remains weak, and competition in the industry has intensified, impacting sales performance [2][6] Revenue Breakdown - Revenue from e-commerce channels, running shoes, and children's clothing performed well, with e-commerce revenue growing by 11.4% year-on-year [2] - The company operates 7,677 stores as of the end of 24H1, an increase of 229 stores year-on-year [2][6] - The revenue from the Li Ning brand was approximately 13.52 billion yuan, with a year-on-year growth of 2.1% [6] Profitability and Inventory - The gross profit margin increased by 1.6 percentage points to 50.4% due to improved discounts in e-commerce and direct sales [2] - The inventory turnover days increased to 62 days, up by 5 days year-on-year, indicating a longer inventory turnover period [2] - Operating cash flow for 24H1 was 2.73 billion yuan, a year-on-year increase of 40.6% [2] Earnings Forecast and Valuation - The company's net profit forecasts for 2024-2026 have been adjusted downwards to 3.13 billion, 3.56 billion, and 3.91 billion yuan respectively, with corresponding P/E ratios of 10, 9, and 8 times [2][8] - The company is positioned as a leading domestic sportswear brand, facing challenges from a weak terminal consumption environment and increased competition [2][6]