李宁(02331.HK)：运营指标健康化期待后续流水提速

浙商证券05-04

投资要点公司披露24Q1 流水，总体平稳，线上表现优于线下：公司披露24Q1 流水，全渠道低单位数增长，其中线下低单位数下滑，线上20%-30%低段增长，线上线下差异预计与23 年同期线下消费热潮带来的高基数有关，24 年部分客流回流至线上渠道，由此线上增速表现明显好于线下，与行业其他同行类似。在线下流水中，直营渠道取得中单位数增长，而批发渠道有中单位数下降，展现出较明显的差异性，我们预计与直营中...

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李宁(02331.HK)：运营指标健康化 期待后续流水提速

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李宁(02331.HK)：运营指标健康化期待后续流水提速