LI NING(02331) 国信证券·2025-01-22 00:46Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5]. Core Views - The company has become the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation for the 2025-2028 period, which is expected to enhance its brand image and marketing efforts [2][4]. - In the fourth quarter, the company's e-commerce sales growth accelerated, with a reported increase of 26% compared to the previous quarter [3][7]. - The company launched a new midsole technology called "超䨻" in November, introducing six new basketball and running shoe models featuring this innovation [11][12]. - Despite short-term pressures on profitability due to increased marketing expenses related to the Olympic partnership, the company maintains a cautiously optimistic outlook for its product competitiveness and growth potential in the mid to long term [3][16]. Summary by Sections Company Partnership - On January 15, 2025, the company was announced as the official sportswear partner for the Chinese Olympic Committee and the sports delegation for the upcoming Olympic and Asian Games [2][4]. Sales Performance - The fourth quarter saw a significant improvement in sales performance across various platforms, with the company’s e-commerce sales growing by 26% compared to the previous quarter [3][7]. - The overall sales growth for the sports brand sector in the fourth quarter showed a positive trend, with other brands also reporting improved sales figures [7]. Product Innovation - The introduction of the "超䨻" technology is expected to lead the industry in innovation, with new products designed to enhance performance for athletes [11][12]. Financial Forecast - The company has slightly adjusted its profit forecasts for 2024-2026, expecting net profits of 3.06 billion, 3.06 billion, and 3.42 billion yuan respectively, reflecting a year-on-year change of -4.1%, 0.0%, and +11.9% [3][18]. - The target price remains at 17.9-19.2 HKD, corresponding to a PE ratio of 14-15x for 2025 [3][16].