【券商聚焦】招商证券维持李宁(02331)强烈推荐评级 指产品推新和奥运营销持续推进

金吾财讯
Oct 30

金吾财讯 | 招商证券发研报指,李宁(02331)25Q3流水承压:2025Q3全渠道流水同比下跌中单位数,且7月、8月、9月呈现逐月走弱趋势。其中,7月全渠道流水同比下跌低单位数,8月和9月同比跌幅均加深至中单位数。25Q3流水分渠道来看:线下渠道:25Q3流水同比下跌高单位数;其中批发渠道同比下跌高单位数,直营渠道同比下跌中单位数。线上渠道:25Q3流水同比增长高单位数。门店数量稳步增加。主品牌门店:截至25Q3末共6132家,较上一季末净增加33家,较上年末净增加15家;其中直营店铺1251家(较上年末净减少46家),批发店铺4881家(较上年末净增加61家)。李宁童装(李宁Young)门店:截至25Q3末共1480家,较上一季末净增加45家,较上年末净增加12家李宁作为国内运动鞋服龙头品牌,将产品和营销重心放在奥运+科技方面,持续提升品牌影响力并丰富产品品类。从短期看在消费需求偏弱&市场竞争加剧背景下,收入及利润均承压,管理层保持2025年收入持平,净利润率高单位数指引,考虑到公司重新开始奥运营销,并且加速产品推新,小幅上调26-27年盈利预,预计公司2025年-2027年收入规模分别为287.4亿元、302.9亿元、318.7亿元,同比增速为0%、5%、5%。净利润规模分别为24.0亿元、27.1亿元、29.6亿元,同比增速为-21%、13%、9%。当前股价对应25PE17X,26PE15X,维持强烈推荐评级。

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.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10