【券商聚焦】东吴证券维持李宁(02331)“买入”评级指其下半年销售仍面临挑战折扣及毛利率或承压

金吾财讯

Jul 16, 2025

金吾财讯 | 东吴证券发研指，李宁(02331)（不含young）全渠道零售流水同比增长低单位数，其中线下/电商渠道流水分别同比下滑低单位数/增长中单位数，线下渠道中直营/批发分别同比下滑中单位数/增长低单位数。该机构指，分品类看，25Q2跑步、健身品类销售额同比增长高单位数，运动生活同比持平，篮球同比下滑20%，户外及羽毛球等细分品类增势较好。6月公司签约球星杨瀚森入选NBA波特兰开拓者队，公司将跟进杨瀚森在NBA首个赛季的动向，目前已规划NBA夏季联赛（7月）、NBA常规赛（10月份开赛季）、NBA全明星赛事（2026年2月份）等重要里程碑匹配相关产品，并体现个人logo，未来篮球品类销售有望提振。该机构续指，折扣方面，基于销售承压环境，25Q2加深折扣带动销售，预计下半年这一趋势将延续。库存方面，25Q2库销比4个月左右、环比降低，库存控制良好。该机构表示，展望下半年，该机构预计销售仍面临挑战环境，折扣及毛利率可能承压，同时奥运+科技相关费用投放预计将加大。考虑下半年预期，该机构将25-27年归母净利润从24.5/27.1/30.2下调至23.1/26.0/29.3亿元，对应PE16/15/13X，长期看公司奥委会合作资源有望赋能品牌长期发展，维持“买入”评级。

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