李宁24年经营稳健,25年加大品牌投入助力长期增长

中信建投
01 Apr

核心观点2024年公司营收同增3.9%,其中电商渠道引领增长、保持10%+增长,公司加大渠道优化力度、线下直营渠道聚焦店效;2024年受投资性房地产减值影响下净利率有所下滑。分品类看,跑步业务表现亮眼、篮球品类较为疲软,目前专业运动品类流水占比已经超过60%。24年年底渠道库存周转在4个月左右,公司线下折扣同比加深0.5pct、电商折扣改善低单位数。展望25年,公司预计收入同比持平、净利率为高单位...

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