李寧 (2331 HK) 上半年業績勝預期,核心品類流水增長快速 September 3, 2021 56

PSR Recommendation: ACCUMULATE Status: Upgraded
Target Price: HKDHKD118.45

投資概要
李寧公佈公司截至 2021 年 6 月 30 日止的中期業績,期內收入同比增長 65%至人民幣
101.97 億元,整體毛利率提升 6.4 ppts 至 55.9%,歸母淨利錄得人民幣 19.62 億元,同
比增加 187% ,主要由於公司在經營槓桿增強下,經營利潤率上升 10.4 ppts 至 24.9%。
整體表現較盈利預喜通告為好,公司營運表現持續改善,現金循環周期進一步縮短 17
天至 13 天。
經營利潤率大幅改善,上半年利潤勝預期
從流水增長來看,公司上半年整體零售流水(包括線上和線下)錄得 90%-100%低段增
長,當中線下渠道錄得 80%-90%高段增長。公司直接經營銷售流水錄得 88.5%增長,批
發渠道流水錄得 80%-90%高段增長。按品類區分,公司核心品類零售流水增長合計
92%,在核心品類中,運動時尚/跑步/籃球品類流水分別同比增長 116%/87%/80%。期
內公司收入錄得人民幣 101.97 億元,同比增加 65%,主要由於疫情後需求恢復及新疆
棉事件刺激銷售增長。 淨利方面同比增加 187%至人民幣 19.62 億元,主要由於公司經
營利潤率同比大幅提升 10.4ppts 至24.9%;在經營槓桿下,淨利率提升 8.1 ppts 至19.2%。

About the author

Profile photo of Timothy Chong

Timothy Chong
Analyst
Research

Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!