金吾财讯 | 交银国际研报指，李宁(02331)2024年业绩符合一致性预期。2024年，李宁实现收入286.8亿元，同比增长3.9%。毛利率提升1个百分点至49.4%（符合此前管理层预期），主要得益于电商渠道折扣改善（贡献0.8个百分点的提升）。净利润率10.5%。管理层提升派息率至50%（2023年：45%）。公司将重点强化跑步品类，同时将新兴品类（如户外、网球、匹克球）作为重点培育方向。公司预期收入持平，毛利率持平或小幅提升，净利润率预期维持在高单位数。该行指，公司在产品创新和渠道优化方面取得积极进展，但客流量暂未出现明显回升，并且短期内缺乏显著催化剂。同时，管理层给予较为保守的财务指引也反映对未来不确定性的谨慎态度。目标价16.25港元基于13倍（过去1年平均市盈率）的2025年市盈率。维持中性评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.