LI NING(02331) 东北证券·2025-04-14 09:19Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company's overall performance in 2024 met expectations, with a revenue increase of 3.9% to 28.68 billion yuan and a net profit decrease of 5.5% to 3.01 billion yuan [2][3]. - The company experienced stable profitability, with a gross margin increase of 1 percentage point to 49.4% [4]. - The e-commerce channel showed strong growth, with a revenue increase of 10.3% to 8.3 billion yuan [3][4]. Financial Summary - Revenue for 2024 was 28.68 billion yuan, with a year-on-year growth of 3.9% [5]. - The net profit attributable to the parent company for 2024 was 3.01 billion yuan, reflecting a decrease of 5.5% [5]. - The company expects revenue growth of 1.7%, 5.3%, and 4.5% for 2025, 2026, and 2027, respectively, reaching 29.15 billion, 30.69 billion, and 32.07 billion yuan [4][5]. - The projected net profit for 2025, 2026, and 2027 is 2.77 billion, 3.06 billion, and 3.22 billion yuan, respectively [4][5]. Operational Performance - The company maintained a healthy inventory level, with inventory increasing by 4.2% to 2.6 billion yuan and inventory turnover days increasing by 1 day to 62 days [4]. - The number of stores decreased by 123 to 6,117, with a reduction in direct stores and an increase in wholesale stores [3][4].