根据最新公布的三季度运营数据，截至9月30日，李宁在整个平台的零售流水按年录得中单位数下降，线下渠道尤其是批发渠道面临较大压力，而电子商务虚拟店铺业务则录得中单位数增长。在实体店铺方面，在中国的销售点数量为6281个，本年迄今净增加41个。①How is Li Ning's operation performance in the third quarter? ②What are the institutions' views on Li Ning's establishment of a joint venture company and future performance?
Finance Associated Press, October 23 (Editor Hu Jiarong) After Li Ning (02331.HK) announced its third-quarter operation situation yesterday, the stock price fell. As of the time of publication, it fell by 3.86%, to HK$15.46.
Note: Performance of Li Ning
According to the latest released third-quarter operation data, as of September 30, Li Ning's retail turnover on the entire platform recorded a mid-single-digit decline year-on-year, with offline channels, especially wholesale channels, facing significant pressure, while e-commerce virtual store business recorded a mid-single-digit growth. As for physical stores, the number of sales points in China is 6,281, with a net increase of 41 so far this year.
Note: Announcement.
At the same time, Li Ning has taken a series of strategic adjustments. The company announced on October 22 cooperation with partners such as Sequoia China to establish a joint venture company, aiming to accelerate the pace of development in overseas markets. The total capital of the joint venture company is 0.2 billion Hong Kong dollars, of which Li Ning injects 58 million Hong Kong dollars through its indirectly wholly-owned subsidiary LN Co, accounting for 29% of the total capital.
Note: Announcement.
How do institutions evaluate this performance and the company's strategic changes?
Morgan Stanley pointed out in its report that Li Ning's third-quarter performance was in line with expectations, with retail sales declining in single digits year-on-year, consistent with expectations. Morgan Stanley's target price for Li Ning is 21 yuan, rated as "shareholding", and expects the impact of joint ventures on Li Ning's profitability from 2025 to 2026 to be limited.
Huaxi Securities maintains its expectation of low single-digit growth in annual revenue and expects Li Ning to continue to open new stores in children's clothing and the 1990 series, while bullish on the improvement in e-commerce business in the fourth quarter.
Soochow Securities believes that despite the impact of the weakening macro consumption environment in the third quarter, based on the trend of sales improvement since October, sales in the fourth quarter are expected to improve month-on-month, and inventory pressure is expected to ease. The brokerage pointed out that Li Ning has established a joint venture to develop international business, with a 29% stake, and the current international business volume is small, with a minimal financial impact on the company.