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李宁(02331.HK):上半年收入增长3.3% 经营利润微增而净利润下滑
Ge Long Hui· 2025-08-25 04:04
Core Viewpoint - The company achieved steady performance in a challenging operating environment, with a focus on improving operational efficiency and anticipating sales growth acceleration in the medium term [1][3]. Financial Performance - In the first half of 2025, the company's revenue reached 14.82 billion yuan, a year-on-year increase of 3.3%, while net profit attributable to shareholders was 1.74 billion yuan, a decline of 11.0% [1]. - Gross margin slightly decreased by 0.4 percentage points to 50.0%, primarily due to channel structure adjustments and increased discounts [1]. - Operating profit margin decreased by 0.2 percentage points to 16.5%, and net profit margin fell by 1.9 percentage points to 11.7%, mainly impacted by a significant increase in income tax rate and impairment losses [1]. Sales and Product Performance - The running and cross-training categories led growth, with running shoes achieving a total sales volume of over 14 million pairs, and major products surpassing 5.26 million pairs in sales [2]. - Revenue growth rates for different categories were as follows: shoes +4.9%, apparel -3.4%, and accessories +23.7% [2]. - The company maintained a healthy inventory level, with inventory turnover days decreasing by 1 day to 61 days year-on-year [2]. Future Outlook - The management indicated that the revenue growth guidance for 2025 remains unchanged, with a focus on steady operations and pragmatic development to build momentum for long-term growth [2]. - The company expects to face short-term marketing expense pressures but anticipates that future investments will gradually convert into sales drivers [3]. - Profit forecasts for 2025-2027 are projected at 2.51 billion yuan, 2.83 billion yuan, and 3.04 billion yuan, reflecting year-on-year changes of -16.6%, +12.5%, and +7.7% respectively [3].
李宁(02331):上半年收入增长3.3%,经营利润微增而净利润下滑
Guoxin Securities· 2025-08-24 07:52
Investment Rating - The investment rating for the company is "Outperform the Market" [5][50]. Core Views - The company achieved a revenue growth of 3.3% in the first half of 2025, with operating profit remaining stable, but net profit declined by 11% [1][6]. - The gross margin slightly decreased by 0.4 percentage points to 50.0%, primarily due to channel structure adjustments and increased discounts [1][6]. - The management maintains a revenue growth guidance for 2025 at a flat rate, with a net profit margin expected to be in the high single digits [2][49]. - The company is focusing on improving operational efficiency and expects marketing investments to drive future sales growth [3][50]. Financial Performance Summary - In the first half of 2025, the company reported a revenue of 14.82 billion, with a year-on-year increase of 3.3% and a net profit of 1.74 billion, down 11% year-on-year [1][6]. - The operating profit margin slightly decreased by 0.2 percentage points to 16.5%, while the net profit margin fell by 1.9 percentage points to 11.7% [1][7]. - The company generated a net operating cash inflow of 2.41 billion, increasing its net cash to 19.19 billion, indicating a strong cash position [8]. Revenue Growth by Category - Revenue growth by category showed that footwear increased by 4.9%, apparel decreased by 3.4%, and accessories surged by 23.7% [2][24]. - The running category saw a revenue increase of 15%, while basketball and sports fashion categories experienced declines of 20% and 7%, respectively [2][24]. - The company launched a personal logo for signed player Yang Hansheng in the basketball category and established a laboratory with aerospace technology innovation platforms for the training category [2][24]. Inventory and Channel Health - The company reported a healthy inventory level with a turnover days of 61, down by 1 day year-on-year, and accounts receivable turnover days also decreased by 1 day to 14 [2][31]. - The total number of stores reached 7,534, with a net decrease of 51 stores compared to the end of the previous year [2][44]. - E-commerce performance was strong, with online sales growing at a high single-digit rate, while direct sales from stores decreased due to structural optimization [2][46]. Profit Forecast and Valuation - The profit forecast for the company estimates net profits of 2.51 billion, 2.83 billion, and 3.04 billion for 2025, 2026, and 2027, respectively, reflecting a year-on-year decline of 16.6% in 2025, followed by growth in subsequent years [3][51]. - The reasonable valuation has been adjusted to 21.1-22.3 HKD, corresponding to a PE ratio of 18-19x for 2026 [3][50].