安信国际：维持李宁(02331)“买入”评级 目标价28.3港元
安信国际发布报告称，维持李宁(02331)“买入”评级，预测2024/2025/2026年EPS为1.30/1.45/1.59元，目标价28.3港元。公司一季度表现基本符合市场预期，全年指引也将维持。随着库存水平回归健康，该行相信公司的增长将回归稳健的水平。随着巴黎奥运的到来，公司也将开展一系列营销活动以提高品牌声量。
该行表示，李宁24Q1电商渠道超预期，跑步品类表现亮眼。24Q1李宁(不包括李宁YOUNG)全平台零售流水同比低单位数增长，主要受同期高基数影响，整体符合公司预期。分渠道来看，电商同比录得20%-30%低段增长，表现超预期，主要是由于线上客流回归以及公司营销整合和品牌建设所带动。线上不同平台的表现也有较大差异，其中得物增长超100%，抖音增速超20%，京东增长双位数，天猫增长高单位数。虽然天猫平台增速放缓，但收入占比仍然是最大的，收入占比超过1/3。童装基于去年同期高基数影响，录得单位数增长，门店店效与去年同期持平。
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