李宁：李宁增持显信心经营改善趋势可期

国金证券2025-07-28

投资逻辑李宁大额增持彰显信心。2025 年李宁通过非凡领越累计增持5179万股，总金额约8.09 亿港元，持股比例由10.57%提升至13.08%，为2006 年以来增持幅度最大一年，显示出董事长李宁本人对公司发展的重视与公司未来发展的信心。截至2024 年末，非凡领越账面上拥有现金类资产约7.16 亿元。携手中国奥委会（COC），赋能核心产品系列。5 月6 日，中国奥委会与李宁举行合作发布仪式，...

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年末，非凡领越账面上拥有现金类资产约7.16 亿元。携手中国奥委会（COC），赋能核心产品系列。5 月6 日，中国奥委会与李宁举行合作发布仪式，李宁正式成为2025-2028 年中国奥委会体育服装合作伙伴，也是自2004 年后双方再一次合作，李宁将为洛杉矶2028 年奥运会、米兰2026 年冬奥会、爱知-名古屋2026 年亚运会等十余项国际性赛事提供专业装备支持。合作发布会后，李宁在线下门店的核心位置展示了以冠军荣耀为灵感的“荣耀”系列产品。我们认为李宁具备国潮基因，此次合作有望充分发挥李宁产品优势，对篮球、跑步、运动生活及户外等核心品类有较大赋能，期待COC 产品系列为公司带来显著增量。渠道端持续优化，提升店效。公司持续关闭尾部低效店，截至25Q2末，大货门店6099 家，年内累计净减少18 家，其中直营净减少19 个，批发净增1 个。李宁YOUNG 门店数精简至1435 个，年内累计净减少33 个家，渠道结构优化带动整体店效水平提升显著。立体化品牌营销矩阵进一步提升品牌力。公司积极拓展多元文化触点，包括推出故宫文创联名系列、赞助北京马拉松赛事、开展航天主题联名合作，以及签约篮球新星杨瀚森等，这一系列举措共同构建了立体化的品牌营销矩阵，有望提升品牌力。产品、渠道、营销调整持续发力，李宁大额增持彰显发展信心，看好公司未来经营趋势逐步改善，26 年释放业绩弹性。25 年Q1/Q2公司大货流水同比均录得低单位数增长，流水较为稳健。公司预计在2025 年增加费用投放，短期可能对利润率构成压力，但中长期来看战略性费用投入效果有望在未来几年显现。2024 末账面货币资金高达75 亿元人民币，充足的现金储备体现了强大的抗风险能力。盈利预测、估值和评级公司目前估值性价比较高，看好经营趋势改善带动戴维斯双击。我们预计2025-27 年公司净利润分别为24.27/28.27/31.28 亿元，当前股价对应PE 为15/13/12 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李宁：李宁增持显信心 经营改善趋势可期

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李宁：李宁增持显信心经营改善趋势可期