LI NING(02331) 天风证券·2025-01-19 12:57Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Insights - The company has become the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation for the 2025-2028 period, indicating a strong brand positioning and recognition in the sports industry [1]. - The company focuses on a "single brand, multiple categories, and multi-channel" strategy, emphasizing its commitment to sports and innovation across five core categories: running, basketball, fitness, badminton, and sports lifestyle [2]. - The company aims to be recognized globally as a fashionable and professional sports brand originating from China, promoting sports participation and a healthy lifestyle through various initiatives and events [3]. - The opening of the first youth sports store in Wuhan marks the company's strategic expansion into the youth sports market, showcasing its commitment to supporting youth sports development [4]. - The company maintains its profit forecast, expecting revenues of 28.4 billion RMB, 29.8 billion RMB, and 31.8 billion RMB for the years 2024 to 2026, with net profits of 3.1 billion RMB, 3.5 billion RMB, and 4.0 billion RMB respectively [5]. Summary by Sections Company Overview - The company has secured a partnership with the Chinese Olympic Committee for the upcoming Olympic cycles, enhancing its brand visibility and credibility in the sports sector [1]. Business Strategy - The company adopts a comprehensive strategy that includes a focus on innovation and consumer experience, ensuring sustainable growth while expanding its market presence [2]. Brand Engagement - The company is actively engaging consumers through campaigns that promote sports participation and highlight its technological advancements in sports equipment [3]. Market Expansion - The launch of a dedicated youth sports store reflects the company's strategic focus on the youth segment, indicating a proactive approach to market expansion [4]. Financial Projections - The company has set ambitious financial targets for the next three years, indicating confidence in its growth trajectory and market positioning [5].