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研究 report on textile and clothing and textile home and daily needs (1)
Li Ning (02331.HK)
Investment rating: Buy (maintain)
Date: 2023年8月14日
Current price (Hong Kong dollars): 41.850
Year-round highest and lowest price (Hong Kong dollars): 82.700 / 38.600
Total market value: 1,103.18 billion Hong Kong dollars
Current market value: 1,103.18 billion Hong Kong dollars
Total number of stocks: 26.36 billion Hong Kong dollars
Current number of Hong Kong stocks: 26.36 billion Hong Kong dollars
Recent 3 months换手率: 42.8%
Price chart: data source: PolySource
2023 Q1 Revenue: 140.19 billion Hong Kong dollars (+13%)
2023 Q1 Profit from operations: 21.21 billion Hong Kong dollars (-3%)
Other income: down 1.5%
Total operating profit: down 6.4%
Expected Q2 Revenue Recovery: Mainly impacted by the pandemic, and the recovery is expected to be significant
2022 Q3 Streamline growth: Steady
2022 Q3 Revenue Growth: Moderate
2022 Q3 Streamline operating profit growth: Moderate
2023 H1 Runnable revenue growth: Moderate
Mainly driven by the professional品类, the sales of basketball and running shoes have exceeded 580 million pairs, with the three core IPs accounting for more than 430 million pairs.
2023 H1 Online channel contribution to公司毛利率挤压, and the净利润 is expected to decline
Financial performance:
2023 H1:
48.8% ( - 1.2% )
Mainly due to the intensifying online competition, the average discounts on the online channels have deepened, and the sales/management/finance expenses have increased by 28.2%, 4.2%, and 0.5% respectively, compared with the same period last year.
Operating profit and loss:
2023 H1:
17.7% (- 3.6% )
Mainly due to the decline in other revenues, and the negative impact on the net profit.
Cash flow:
2023 H1:
+6.2%
Operating cash flow:
