《大行》招商证券：李宁(02331.HK)新产品推动下半年增长

阿斯达克财经04-24

招商证券发表报告指，李宁(02331.HK) 第一季度零售流水符合预期，按年有低单位数增长，反映去年首季从疫情复苏的高基数效应，线下奥莱店推动增长，反映持续清理旧库存，公司转向更多大众市场价格产品的举措，或于下半年带来增长，因届时将有更多同类产品投放市场。该行预计，李宁将继续对库存持谨慎态度，折扣率将进一步收窄。
报告指，由于李宁的产品定位主要针对中端消费者，受到中国消费者消费分化趋势的影响最大。因此对李宁第一季度的零售增长处于国内运动品牌中最低水平并不感到意外。虽然公司维持指引为2024财年收入中单位数增长、较低双位数净利润率，但第二季度的零售增长仍可能较为缓慢。随着新产品投放市场，下半年的增长应该开始好转。

该行维持其“增持”评级，目标价25.6元。(cy/u)(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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