Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company recorded a revenue of 14.35 billion yuan in 24H1, representing a year-on-year increase of 2.3%, while net profit decreased by 8% to 1.95 billion yuan [4] - The gross margin improved to 50.4%, up by 1.6 percentage points year-on-year, driven by better discount management on new products and a reduction in discounts on e-commerce platforms [4] - The company announced an interim dividend of 0.3775 yuan per share, with a payout ratio of 50%, reflecting a 5% increase year-on-year [4] Revenue and Profitability - In 24H1, the company's revenue was 14.35 billion yuan, with a gross margin of 50.4% and a net profit of 1.95 billion yuan, resulting in a net profit margin of 13.6% [4] - The company faced macroeconomic pressures but still achieved positive revenue growth, while the net profit margin declined due to increased selling expenses [4] Sales Performance - In 24Q2, the overall sales growth for the Li Ning brand slowed down compared to Q1, with total sales and offline sales both experiencing low single-digit declines [4] - The revenue for the Li Ning brand in 24H1 was 13.72 billion yuan, a year-on-year increase of 4%, with direct sales and e-commerce showing growth [4] Product Categories - The running category led the growth with a year-on-year increase of 25%, while other categories like fitness and basketball saw moderate growth [4] - The company has strengthened its brand's professional attributes by expanding its product matrix in running shoes, achieving a total sales volume of over 5 million pairs [4] Channel Management - The number of channels remained stable, with overall inventory levels being manageable [5] - The company adjusted its distribution strategy to control channel inventory effectively, resulting in a healthy overall inventory turnover [5] Financial Forecast and Valuation - The company is expected to continue expanding its influence in the professional sports market, with projected net profits of 3.17 billion yuan and 3.37 billion yuan for 2024 and 2025, respectively [5] - The valuation for 2024 is estimated at a price-to-earnings (P/E) ratio of 13-15X, translating to a reasonable share price range of 17.33-19.99 yuan [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight revenue increase of 2.3% year-on-year for 24H1, achieving revenue of 14.345 billion yuan, while net profit decreased by 8.0% year-on-year to 1.95 billion yuan, primarily due to increased expense ratios [2][6] - The company has increased its dividend payout ratio to 50%, up by 5 percentage points year-on-year [2] - The overall consumption environment remains weak, and competition in the industry has intensified, impacting sales performance [2][6] Revenue Breakdown - Revenue from e-commerce channels, running shoes, and children's clothing performed well, with e-commerce revenue growing by 11.4% year-on-year [2] - The company operates 7,677 stores as of the end of 24H1, an increase of 229 stores year-on-year [2][6] - The revenue from the Li Ning brand was approximately 13.52 billion yuan, with a year-on-year growth of 2.1% [6] Profitability and Inventory - The gross profit margin increased by 1.6 percentage points to 50.4% due to improved discounts in e-commerce and direct sales [2] - The inventory turnover days increased to 62 days, up by 5 days year-on-year, indicating a longer inventory turnover period [2] - Operating cash flow for 24H1 was 2.73 billion yuan, a year-on-year increase of 40.6% [2] Earnings Forecast and Valuation - The company's net profit forecasts for 2024-2026 have been adjusted downwards to 3.13 billion, 3.56 billion, and 3.91 billion yuan respectively, with corresponding P/E ratios of 10, 9, and 8 times [2][8] - The company is positioned as a leading domestic sportswear brand, facing challenges from a weak terminal consumption environment and increased competition [2][6]

Investment Rating - The investment rating for the company is "Strong Buy" with a target price of HKD 20.43, while the current price is HKD 13.10 [1]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue of HKD 14.35 billion, a year-on-year increase of 2.3%, and a net profit of HKD 1.95 billion, down 8.0% year-on-year. The earnings per share (EPS) is HKD 0.76, and the proposed interim cash dividend is HKD 0.378 per share, with a payout ratio of 50% [1]. - The adult apparel business faced challenges, while the children's apparel segment showed steady growth. The overall retail sales for adult products saw a low single-digit decline, with online direct sales increasing by 10-20% and offline sales declining in low single digits [1]. - The running category remains highly popular, with the company continuing to enhance its product matrix. Revenue from footwear, apparel, and equipment increased by 4.4%, decreased by 4.7%, and increased by 30.3% respectively [1]. - The company is actively adjusting its store structure, focusing on high-tier cities and enhancing operational efficiency through new retail channels [1]. - Gross margin improved by 1.6 percentage points to 50.4%, driven by discount improvements and channel structure optimization. The net profit margin increased by 1.5 percentage points to 13.6% [1]. Financial Summary - For the fiscal years 2024 to 2026, the expected net profits are HKD 3.227 billion, HKD 3.521 billion, and HKD 3.766 billion respectively, with corresponding price-to-earnings (P/E) ratios of 10x, 9x, and 8x [2]. - The total revenue for 2024 is projected to be HKD 28.355 billion, with a year-on-year growth rate of 2.4% [2]. - The company’s total assets are expected to reach HKD 37.968 billion by 2024, with a debt-to-asset ratio of 27.2% [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 15.77, representing a potential upside of 20.3% from the current price of HKD 13.10 [2]. Core Insights - The company's revenue for the first half of 2024 was RMB 14.35 billion, reflecting a year-on-year growth of 2.3%. The growth rates for various segments were as follows: retail (+2.7%), wholesale (-1.9%), e-commerce (+11.3%), and overseas business (-15.9%). Notably, the running category saw a significant increase of 25% [1]. - Gross margin improved by 1.6 percentage points to 50.4%, attributed to better discount management on new products and a higher proportion of revenue from direct-to-consumer channels [1]. - Operating expenses increased by 2.5 percentage points to 34.9%, primarily due to higher marketing, advertising, rent, and salary costs, as well as increased investments in information systems and depreciation [1]. - The company declared an interim dividend of RMB 0.3775 per share, with a payout ratio increased to 50% [1]. - The company’s cash flow from operations was RMB 2.73 billion, showing a year-on-year growth of 40.6%, and net cash stood at RMB 17.6 billion [1]. Financial Summary - For the fiscal year 2022, the company reported revenue of RMB 25.80 billion, which increased to RMB 27.60 billion in 2023, with a forecast of RMB 28.28 billion for 2024, indicating a growth rate of 2.5% [3]. - The net profit for 2022 was RMB 4.06 billion, which decreased to RMB 3.19 billion in 2023, with a forecast of RMB 3.16 billion for 2024 [3]. - The earnings per share (EPS) were RMB 1.55 in 2022, dropping to RMB 1.22 in 2023, with a forecast of RMB 1.21 for 2024 [3]. - The company’s gross margin is projected to improve gradually, reaching 50.2% by 2026 [4]. Operational Metrics - The company’s inventory turnover was reported at 3.9 months, with 87% of inventory being less than six months old. Total inventory increased by 9% year-on-year to RMB 2.46 billion [1]. - The average monthly sales per store were RMB 310,000, with a total of approximately 1,650 stores [1]. - The company’s debt-to-asset ratio is projected to decrease from 0.29 in 2023 to 0.26 in 2024, indicating a strengthening balance sheet [4].

19 Aug 2024 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) We see long-term value but short-term risks In the short run, we are still quite cautious about Li Ning in 2H24E, because of: 1) risks of greater retail discounts or promotion, 2) risks of trade fair orders adjustments, 3) unfavorable channel mix and operating deleverage and 4) relatively fixed opex. However, from the long run prospective, we can still see the value in Li Ning, esp. when we consider its ex-cash ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 22.83 based on a 17x valuation for 2024 [4][8]. Core Insights - The company reported a revenue of CNY 14.35 billion for the first half of 2024, a year-on-year increase of 2.3%, while the net profit attributable to shareholders was CNY 1.95 billion, a decline of 8% year-on-year [1]. - The retail sales showed a slight decline, with the e-commerce channel performing well, while the distribution channel managed shipment pace due to the overall consumption environment [1]. - Gross margin improved by 1.7 percentage points to 50.4%, attributed to better discount management on new products and an increase in the proportion of revenue from direct-to-consumer channels [1]. - Operating cash flow was strong, with net cash inflow from operating activities reaching CNY 2.73 billion, a 40.6% increase year-on-year [1]. - The company is focusing on stable growth and profitability quality in the face of a challenging retail environment, with expectations for low single-digit revenue growth for the year [1]. Financial Summary - Revenue projections for 2024-2026 are CNY 28.57 billion, CNY 31.33 billion, and CNY 34.44 billion, respectively, with year-on-year growth rates of 3.5%, 9.7%, and 9.9% [3]. - Earnings per share (EPS) estimates for 2024, 2025, and 2026 are CNY 1.24, CNY 1.47, and CNY 1.69, respectively [2][3]. - The net profit margin is projected to be around 11.2% for 2024, improving to 12.2% and 12.7% in the following years [3].

公司近一年市场表现 资料来源：最闻，山西证券研究所 市场数据：2024 年 8 月 16 日 收盘价（港元）： 13.100 年内最高/最低（港元）： 40.650/12.880 流通 A 股/总股本（亿）： 25.84/25.84 流通 A 股市值（亿港元）： 338.57 总市值（亿港元）： 338.57 资料来源：最闻，山西证券研究所 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 李宁（02331.HK） 买入-A(维持) 电商渠道带动营收稳健增长，全渠道库存处于健康可控水平 2024 年 8 月 19 日 公司研究/公司快报 事件描述 8 月 16 日，公司披露 2024 年上半年业绩，2024H1，公司实现营收 143.45 亿元， 同比增长 2.3%，实现归母净利润 19.52 亿元，同比下降 8.0%。董事会建议派发 2024 年中期股息 37.75 分/股，派息率 50%。 事件点评 2024H1 公司营业收入稳健增长，零售流水同比下降低单位数。营收端，202 ...

Investment Rating - The report maintains a "Buy-A" rating for Li Ning (02331.HK) [1] Core Views - The company achieved a revenue of 14.345 billion yuan in H1 2024, representing a year-on-year growth of 2.3%, while the net profit attributable to shareholders was 1.952 billion yuan, down 8.0% year-on-year [1][2] - The company focuses on solidifying its foundation and pragmatic development, leading to stable revenue growth driven by e-commerce and direct sales channels [1][3] - The report highlights the improvement in retail discounts, which contributed to an increase in gross margin to 50.4%, up 1.6 percentage points year-on-year [2] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 14.345 billion yuan, with a year-on-year increase of 2.3% [1] - The net profit attributable to shareholders was 1.952 billion yuan, reflecting a decline of 8.0% year-on-year [1] - The gross margin improved to 50.4%, an increase of 1.6 percentage points, mainly due to higher margins in e-commerce and direct sales channels [2] Revenue Breakdown - Revenue from footwear, apparel, accessories, and equipment in H1 2024 was 7.844 billion yuan, 5.375 billion yuan, 1.126 billion yuan, respectively, with year-on-year growth rates of 4.4%, -4.7%, and 30.3% [1] - The retail sales of running and fitness categories performed well, while basketball category sales declined due to controlled shipments [1] Channel Performance - Direct sales revenue grew by 2.7% year-on-year, with 1,495 direct stores, a net decrease of 3 stores [1] - E-commerce revenue increased by 11.4% year-on-year, with double-digit growth in retail sales [1][2] - Wholesale revenue decreased by 2.0% year-on-year as the company managed the shipment rhythm to ensure healthy inventory levels [1] Future Outlook - The company expects revenue for 2024-2026 to be 28.601 billion yuan, 31.055 billion yuan, and 33.418 billion yuan, with year-on-year growth rates of 3.6%, 8.6%, and 7.6% respectively [3] - Net profit forecasts for the same period are 3.314 billion yuan, 3.687 billion yuan, and 3.966 billion yuan, with growth rates of 4.0%, 11.3%, and 7.6% respectively [3]

浦银国际研究 公司研究 | 消费行业 浦银国际 公司研究 李宁 （2331.HK） 李宁（2331.HK）：转机尚未出现，维持 "持有"评级 去年下半年至今，公司的零售流水、零售折扣、渠道库存和利润率都面 临一定压力。基于公司 1H24 远弱于同业的零售流水表现，我们仍然担 心李宁在消费者心中的品牌力相较同业有减弱的趋势。尽管李宁短期 估值已回落到较低水平，但从数据看，我们认为李宁的基本面转机尚未 出现，股价反弹尚待时日，因此不建议投资者短期盲目抄底。维持"持 有"评级。 2H24 依然充满挑战，管理层下调 2024 全年业绩指引：3Q24 至今，线 下渠道流水依然延续今年 6 月较弱的趋势，同比下滑高单位数。2024 年 8 月上半月线下流水下滑趋势相较 7 月略有好转，但依然比较有压 力。线上流水增长较 7 月有所改善，主要归功于今年 8 月的巴特勒中 国行（去年在 7 月举行）。3Q24 至今线下零售折扣同比小幅加深（1H24 同比改善），电商折扣同比继续改善。在较弱的零售环境下，公司不排 除在 2H24 适当加大折扣力度来促进流水表现，从而可能导致毛利率同 比承压。在较高的基数下，2H24 的市场费用 ...

纺织服饰/服装家纺 公 司 研 究 李宁（02331.HK） 2024 年 08 月 18 日 2024H1 跑步核心大单品表现亮眼，派息率提升 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|---------------| | 日期 | 2024/8/16 | | 当前股价(港元) | 13.100 | | 一年最高最低(港元) | 41.450/12.880 | | 总市值(亿港元) | 338.57 | | 流通市值(亿港元) | 338.57 | | 总股本(亿股) | 25.84 | | 流通港股(亿股) | 25.84 | | 近 3 个月换手率(%) | 62.89 | 股价走势图 李宁 恒生指数 -80% -60% -40% -20% 0% 20% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 相关研究报告 《2024Q1 流水符合预期，零售折扣低 单改善—港股公司信息更新报告》 -2024.4.25 《2023 年批发及电商短暂调整，期待 2024 年货通价顺—港股公司信息更新 报告 ...