李寧
Li Ning
(2331 HK)
合作中國奧委會，一切皆有可能
Li Ning gains access to sea of opportunities as the new Olympic sportswear partner of Team China
買入（維持評級） BUY (maintain) |
投資要點/Investment Thesis
投資要點/Investment Thesis
李寧品牌成為2025-2028年中國奧委會及中國體育代表團官方體育服裝合作夥伴
2025年1月15日，上海聯合產權交易所正式發佈公告，宣佈李寧（中國）體育用品有限公司獲得2025-2028年中國體育代表團體育服裝合作企業徵集項目。
持續強化運動基因的行業領先者
作為行業的領先者，公司秉持“單品牌、多品類、多渠道”的核心戰略，聚焦七大業務變革賽道，持續強化運動基因，明確品牌專業運動定位。公司依託品牌的專業運動基因，充分發揮運動行業洞察力、運動品類理解力及科技創新研發力，專注於跑步、籃球、健身、羽毛球和運動生活五大核心品類。通過持續的研發投入和科技創新，公司不斷推動產品力的升級，優化消費者體驗，確保在保持業務擴展的同時，實現長期可持續的發展。
持續傳遞品牌主張和精神，深度連接品牌與消費者
公司致力於成為源自中國並被世界認可的，具有時尚性的國際一流專業運動品牌企業。2024年，公司傾力支持國家體育賽事發展，鼓勵每個人參與體育運動，養成積極、健康的生活方式。公司堅持以科技創新服務運動者，致力通過提供專業運動裝備幫助賽事人員和消費者在運動中獲得樂趣和力量。
2024體育大年背景下，公司推出「以我為名」主題活動，鼓勵每個人成為運動主角，從傳遞品牌主張和精神，到國家金牌隊運動員、多品類頂級運動員及運動KOL的運動者故事，再到李寧科技實力的整體展現、主題系列產品推出、終端主題氛圍打造，夯實李寧品牌的專業形象，實現從品牌主張到產品體驗的全鏈路，深度連接品牌與每一個消費者。
首家李寧青少運動店落戶武漢，開啟青少年運動新征程
1月18日首家李寧青少運動店盛大開業。青少運動店，是李寧品牌專為13至18歲青少年群體精心打造的全新店鋪形態，旨在提供專屬的專業運動裝備與卓越的運動體驗。此次首家李寧青少運動店落戶武漢，標誌著李寧品牌在青少年運動市場的深度佈局與品牌矩陣的進一步擴列，展現了李寧品牌在青少年運動領域的洞察與戰略佈局，以及對青少年體育事業發展的堅定支持與承諾。
Li Ning is set to expand mindshare as Team China’s sportswear partner for the Olympics gains myriad growth opportunities for the next 4 years. And the brand’s first dedicated youth pro-sports store in Wuhan taps an emerging new premium market. We maintain our BUY call.
The gist: BUY
·Lucrative opportunities: Team China’s Olympic sportswear partner 2025-28
·Widening brand appeal: sporting spirit at the crux of consumer engagement
·Premium proposition: Li Ning’s first professional youth sports store in Wuhan
Lucrative opportunities for Team China’s Olympic sportswear partner for 2025-28
Professional sports: Li Ning China has been chosen to be the official sportswear partner of the Chinese Olympic Committee and the Chinese delegation for the 4 years over 2025-28, the Shanghai United Assets and Equity Exchange announced on 15 Jan 2025.
Sports DNA: we attribute Li Ning’s leading position in the sportswear market to its tripartite core strategy of bestsellers, diverse categories and an omnichannel business. And the company is also driving through a seven-pronged business overhaul to flesh out its sports DNA and fine-tune its professional sports positioning: (1) greater product matrix diversity; (2) better tech-led R&D and (3) ecommerce; (4) retail and (5) supply chain efficiencies, as well as (6) closed-loop consumer market operations and (7) a personnel system reform.
Coverage of key markets: Li Ning leverages sports industry insights and diverse category knowhow to harness R&D-driven tech innovations to cover five core markets: (1) running, (2) basketball, (3) fitness, (4) badminton and (5) a sports lifestyle. The company continually keeps up with product upgrades and consumer experience refinements to ensure that its expanding business continues to sustain long-term growth.
Brand proposition: sporting spirit at the crux of brand-consumer engagement
Public engagement: Li Ning’s new role as sportswear partner for the Chinese Olympic team adds cachet in its ambition to become a world-class pro-sports brand interpreting Chinese sports fashion for global recognition. The company participated extensively in national sporting events in 2024 to support the country’s sports market development. While athletes were served with advanced-tech sports products, event personnel and consumers were also given a taste of its sturdy and user-friendly professional sports equipment.
In My Name campaign: the company launched the In My Name campaign in 2024 to invite every consumer to become the protagonist of their own sports story through the Li Ning sporting spirit and brand proposition. Top athletes and national gold medalists told their stories alongside KOLs from various sports categories. The campaign highlighted Li Ning’s professionalism and tech strength through attractively-displayed themed collections in the end-market. We believe this consumer engagement enriched Li Ning’s brand proposition and helped the company expand mindshare.
Professional youth sports: first youth store in Wuhan adds a premium proposition
Li Ning opened its first Youth Sports store in Wuhan on 18 Jan 2025 in a new store format specially designed for consumers aged 13 to 18. The store retails professional sports products through a pleasant user experience. The inaugural store marks the premiumization of the brand’s products for young sports consumers and expansion of its brand matrix. The brand’s strategic buildout in the field of youth sports demonstrates insightful execution, in our view, and augurs well for the development of youth sports in China, as well as Li Ning’s own potential as a key market player.
投資建議/Investment Ideas
維持盈利預測，維持買入評級
我們維持盈利預測，預計公司24-26年收入分別為284億人民幣、298億人民幣、318億人民幣; 24-26年歸母凈利潤分別為31億人民幣、35億人民幣以及40億人民幣; 24-26年EPS分別為1.2元人民幣、1.4元人民幣以及1.5元人民幣; PE分別為12x、10X以及9X。
Valuation and risks
We maintain our forecast for revenue of RMB28.4bn/29.8bn/31.8bn and net profit of RMB3.1bn/3.5bn/4.0bn in 2024/25/26E; implying EPS of RMB1.2/1.4/1.5, with our PE at 12x/10x/9x. We maintain our BUY rating on the stock.
風險提示：原材料及人工價格波動、環保要求穩步提升影響公司毛利; 新品銷量不及預期; 渠道鋪設及市場滲透不及預期; 行業競爭格局激化等。
Risks include: deepening gross profit impact from raw material and labor cost fluctuations, and tightening environmental protection requirements; new products generating lower sales than expected; slower channel buildup and market penetration than expected; and an increasingly competitive landscape.
Email: research@tfisec.com
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