消费券刺激下的运动品发展机遇

Investment Rating - The report recommends the following companies: Anta Sports (2020.HK), Li Ning (2331.HK), Nike (NKE.N), and Tmall (6110.HK) [3][6] Core Views - The sports goods sector has shown resilience in the first half of the year, but valuations have declined in the second half due to cautious consumer sentiment and lowered guidance from companies [2][6] - The Shanghai government is issuing 500 million yuan in consumer vouchers to stimulate spending, which is expected to positively impact the sports goods sector [2][6] - The report suggests that the sector's valuations are now at reasonable levels, with most companies trading around 15 times earnings, and some nearing 10 times, making them attractive [2][6] Company Summaries Anta Sports (2020.HK) - The company reported a revenue of 33.7 billion yuan in the first half of the year, a year-on-year increase of 13.8%, with a net profit of 6.16 billion yuan, up 17% [7] - Management announced a buyback plan of up to 10 billion HKD and a mid-term dividend of 1.18 HKD per share, reflecting confidence in the company's future [7] Li Ning (2331.HK) - The company achieved a revenue of 14.345 billion yuan in the first half of 2024, a year-on-year increase of 2.3% [8] - The report highlights that Li Ning's inventory levels are returning to a healthy state, which is expected to support stable growth moving forward [8][9] Nike (NKE.N) - Nike's revenue for the fourth quarter was 12.606 billion USD, which was below market expectations, but the Greater China region showed a 7% year-on-year growth [9] - The recent appointment of Elliott Hill as CEO is seen as a positive move to revitalize the brand and improve performance [9][10] Tmall (6110.HK) - The company has faced a 35% decline in net profit due to weak consumer demand and increased promotional activities [10] - Despite recent challenges, Tmall is expected to benefit from the recovery of major brands like Nike and Adidas, along with ongoing consumer policy support [10]