Tianfeng Securities released a research report stating that maintaining Li Ning's (02331) “buy” rating, the estimated revenue for 24-26 will be RMB 29.3 billion, RMB 32.1 billion, and RMB 35 billion, respectively, and net profit to mother will be RMB 3.4 billion, RMB 3.9 billion, and RMB 4.4 billion respectively, and EPS will be 1.3 yuan/share, 1.5 yuan/share, and 1.7 yuan/share, respectively. The company focuses on the “single brand, multi-category, multi-channel” strategy, continuously strengthens the brand's professional sports product layout, and further enhances retail operation capabilities and channel efficiency.
According to the report, the company has long been committed to investing in R&D and innovation, focusing on the iteration and improvement of footwear technology. Li Ning's carbon core helped the system break the conventional midsole design and introduced an innovative “full palm” and balanced plate integrated molding process. This improvement not only improves shock absorption and rebound efficiency, but also enhances propulsion during sports, greatly improving actual performance on the field. In addition, the company's upgraded full-control GCU ground control system effectively increased wear resistance by 70%, and its anti-slip ability in dry and humid environments was increased by 8% and 30% respectively, allowing athletes to cope more calmly with sudden starts and stops in basketball.
At the same time, the “SAS Synchronous Coordination System” and the “Independent Future EVA System” have also been optimized and applied more widely in the basketball shoe product line, effectively improving the dynamic fit during exercise, enhancing the ability to cope with changing rhythms, protecting the arch of the foot through stable support, and further enhancing the professional protection of athletes. Furthermore, the company successfully launched the lighter “ComfoamPlus” and the lighter “ComfoamLite” formula, which drastically reduced the overall weight of the shoe and improved wearing comfort. At the same time, the company develops professional products with moisture absorption and quick-drying functions, including yarn-woven fabrics with quick-drying functions in leading industries. They are first applied to running and training jackets, and then extended to all categories of products, including sports tops, sports pants, sports towels, etc., fully realizing the application matrix of the yarn technology platform.