国证国际港股晨报-20250717

Core Insights - The report highlights the challenges faced by the Hong Kong stock market, with the Hang Seng Index experiencing fluctuations and closing down 72 points or 0.29% [2][3] - The report indicates a decrease in net inflow from the Northbound trading, with a net inflow of 1.603 billion HKD, down 58.1% from the previous day [2] - The report discusses the performance of various sectors, noting that 7 out of 12 Hang Seng Composite Industry Indices rose, while 8 fell, with the healthcare, telecommunications, essential consumer goods, and conglomerates showing slight increases [3] Company Analysis - The report focuses on Li Ning (2331.HK), noting that the running and fitness categories are leading growth, while retail channels remain under pressure due to weak consumer spending [5][6] - For Q2, the company reported low single-digit growth in overall platform revenue, with offline channels experiencing a decline, while e-commerce channels showed mid-single-digit growth [5] - The report mentions a decrease in the number of stores, with a total of 6,099 stores as of June 30, reflecting a net decrease of 18 stores since the beginning of the year [6] - The report highlights the signing of a new basketball ambassador, which is expected to boost the basketball category's growth [6] Investment Recommendations - The report suggests that Li Ning's strategy of "single brand, multiple categories, and multiple channels" will continue to evolve, with a target price of 19.2 HKD based on a 20x PE for 2025 [7]