《大行》交银国际：李宁(02331.HK)首季度符合指引但各品类表现分化

阿斯达克财经04-24

交银国际发表报告指，李宁(02331.HK) 首季零售额整体低单位数增长，符合预期。线上销售季内出现良好复苏，而线下销售弱于预期，线下折扣和渠道库存均有改善。
报告指，李宁管理层重申了之前的全年财务指引，即收入按年增长中单位数，净利润率为低双位数。这一增长指引可能过于保守，因为首季营运情况不错，而第四季又面临低基数，但该行认为净利润率有风险，原因包括由于奥运会，今年营销费用可能会更高，接近10%；线上销售结构转向新渠道；鉴于线下
流量疲软，可能会继续录得资产减值。

报告指，首季度表现符合指引，但各品类表现分化。中国李宁和篮球品类承压；跑步品类成亮点：中国李宁继续关闭门店，试图重新寻找方向。篮球产品也出现下滑，而跑鞋仍是亮点。由于业绩增长和股本回报率前景疲弱，维持“中性”评级，目标价看21元。(ha/k)(港股报价延迟最少十五分钟。沽空资料截至 2024-04-24 12:25。)

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