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《大行》中金:李寧(02331.HK)獲控股股東增持 助經營與管理穩健推進
中金發表報告指,李寧(02331.HK)股東非凡領越(00933.HK)近期公告,於1月10日至6月19日增持李寧合計1,809萬股,總代價2.75億元,均價15.2元。該行相信控股股東的增持將有助於李寧的經營與管理穩健推進。 報告指,李寧籃球業務在整體環境波動以及新興運動分流的共同影響下,2024年零售流水口徑下滑21%,流水佔比下滑至公司整體的21%,且2025年依舊承壓。此環境中,李寧一方面堅持對各級別籃球聯賽的讚助力度同時積極保持新款新科技的推出維持品牌調性,另一方面控制訂單規模維持庫存健康度。公司簽約球員在2025年NBA選秀大會中以第16順位被選中,成為中國第三位NBA首輪秀。該行認為,雖然面臨戶外運動分流,但中長期看由於較大的基數籃球仍是重要的體育運動之一,作為在這一運動上的領軍品牌,簽約的中國球員重返NBA將會有利於李寧品牌在籃球業務上保持競爭力,提振品牌聲量。 報告指,李寧第二季流水表現仍舊承壓,2025年加大投入為未來增長奠定基礎。短期數據看,該行認為第二季由於波動的終端環境以及較為激烈的市場競爭,李寧品牌在零售和折扣上仍然面對壓力。同時與中國奧組委的簽約已於4月底正式完成,預計下半年開始能夠逐步看到品牌更多的營銷事件。短期看2025年李寧品牌仍處於資源積累和產品投入階段,需關注投入能否在未來為公司探索出明確的增長方向。維持「跑贏行業」評級和目標價20.82元。
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