Wisdom Hong Kong Stock Short Selling Statistics | August 22
Hong Kong Stock Short Selling Statistics | August 22nd
[Brokerage Focus] Haitong Securities maintains a "outperform" rating on Li Ning (02331), stating that its income is steadily growing and its professional attributes are further strengthened.
Jingu Financial News | Haitong Securities released a research report, stating that Li Ning (02331) achieved revenue of 14.35 billion yuan in the first half of 2024, a year-on-year increase of 2.3%; gross margin was 50.4%, a year-on-year increase of 1.6 percentage points; net income was 1.95 billion yuan, a year-on-year decrease of 8.0%; and net margin was 13.6%, a year-on-year decrease of 1.5 percentage points. In the first half of 2024, China's apparel retail accumulated a year-on-year increase of 0.8%. Facing macro pressure, the company maintained steady operation and still achieved positive growth in revenue. The bank continued to point out that according to the breakdown of category flow growth rate, the 24H1 company's running/fitness/basketball/sports life flow increased by 25%/+
Brokerage firm Zheshang Securities maintained a “buy” rating for Li Ning (02331) and stated that its operation quality is stable with an increased dividend rate.
Jingu Finance News | Zheshang Securities issued a research report stating that Li Ning (02331) had a low single-digit decline in overall revenue in the first half of the year, with low single-digit growth in 24Q1 and low single-digit decline in 24Q2. Looking at the revenue breakdown in 24Q2, direct sales revenue remained flat year-on-year, wholesale revenue saw a high single-digit decline, while e-commerce revenue grew by a high single-digit. The bank said that based on the revenue reported in the first half of the year, footwear performed steadily, while outfits fluctuated slightly: footwear revenue was 7.84 billion, up 4.4% year-on-year, outfit revenue was 5.38 billion, down 4.7% year-on-year, and equipment and accessories revenue was 1.13 billion, up 30.3% year-on-year. By product category,
Li Ning has held steady during the sports season.
Footwear business contributes the most.
Hong Kong Shares Edge 0.1% Higher, Led by Consumer Stocks -- Market Talk
[Brokerage Focus] Bocom Intl cuts target price of Li Ning (02331) by 29.1% with expectations that the trend of gross margin improvement may slow down.
According to research reports released by bocom intl, Li Ning (02331) increased its revenue by 2.3% year-on-year in the first half of the year. Overall gross margin increased to 50.4%. Net income fell by 8.0% year-on-year, with a corresponding net profit margin of 13.6%. Li Ning distributes an interim dividend of 37.75 cents per share in RMB, with a dividend payout ratio of 50%. The increase in gross margin was partially offset by the pressure on passenger flow and the increase in cost rates. The bank pointed out that the company has improved the sales efficiency of high-level markets, promoted the improvement of direct-operated store business, and promoted the upgrade and construction of the ninth-generation stores. The number of stores has exceeded 450, an increase of 96% compared to the end of 2023. At the same time, the company is
LI NING CO LTD To Go Ex-Dividend On August 30th, 2024 With 1.32158 USD Dividend Per Share
Nomura Adjusts Li Ning's Price Target to HK$20.90 From HK$30.40, Keeps at Buy
[Brokerage Focus] Huaxi maintains a 'buy' rating for Li Ning (02331), expecting a low single-digit decline in annual revenue growth and lowering its profit forecast.
Huaxi Securities issued a research report saying that Li Ning (02331) achieved revenue/net profit attributable to shareholders/EBITDA/operating cash flow of 14.345/0.1952/0.344/0.273 billion yuan in the first half of 2024, a year-on-year increase of 2.3%/-7.98%/0.5%/40.56%. The bank analyzes that the slower net profit growth rate in the first half of 2024 than the revenue growth rate is mainly due to the increase in period expense ratio, and the operating cash flow/net profit is 140%, higher than net profit mainly due to the increase in accounts payable. The first half of 2024 distributed a dividend of RMB 0.3775 per share, with a dividend payout ratio of 5%.
[Brokerage Focus] CMB International lowers Li Ning's (02331) target price by 27%, citing that its risks and pressures still exist.
Jingu Finance News | CMB International stated that Li Ning (02331) sales in the first half of the year increased by 2% year-on-year, which was in line with market expectations. The profit decreased by 8% year-on-year, which was better than CMB International/market expectations by about 7%/17%, mainly due to the increase in gross margin and better-than-expected dividend distribution. However, due to changes in the channel mix, the operating profit margin slightly decreased. Mid-term sales growth was the fastest, and direct retail outperformed wholesale. The bank pointed out that despite Li Ning's downward adjustment of the 24-year performance guidance, the bank believes that risks and pressures still exist. Due to the continued deterioration of the recovery rate and the general effect of the strategy of adding new cost-effective products, the bank also put the 24-year
[Brokerage Focus] Pu Yin International maintains its 'hold' rating on Li Ning (02331) and expects no turnaround yet. Lowering its target price to HKD14.5.
Jingu Financial News | Pu Yin International has released research reports stating that Li Ning (02331) has seen a 2.3% YoY increase in 1H24 revenue mainly due to a significant increase in wholesale revenue from the professional channel of feather shuttlecocks. Excluding the growth of the professional channel, 1H24 revenue is expected to decline by a low unit number on a YoY basis, consistent with the overall retail business performance. The gross margin expanded by 1.6ppt YoY, mainly due to the improvement of retail discounts in e-commerce channels and direct sales channels. However, in the case of continuous weak revenue, the sustainability of retail discount improvement remains uncertain. The YoY growth of channel inventory in 1H24 reached a low unit number, and the inventory turnover ratio increased by 0.3ppt to 3 MoM.
Insight into Li Ning (02331) semi-annual report: prioritizing stability, performance meets expectations.
Li Ning, who continuously adjusts, optimizes, and deeply cultivates its operation and management, has also gained the growth strength of long-term sustainable and steady development.
Li Ning's Sales Slowdown Likely a Long Term Risk -- Market Talk
Li Ning Cut to Hold From Outperform by Daiwa Capital Markets >2331.HK
DBS Keeps Their Buy Rating on Li Ning Company (LNNGF)
Hong Kong stocks announcement | ZTE announced its interim results, with a net profit attributable to the parent company of approximately 5.732 billion yuan, a year-on-year increase of 4.76%.
Sands China Ltd (01928) announced its interim results with net income of USD 0.541 billion, a year-on-year increase of 209.1%. Sinopec SEG (02386) released its interim results with a net income of CNY 1.319 billion and steady operating performance.
Li Ning's revenue was 14.3 billion in the first half of the year. Co-CEO Qian Wei stated that this year's main goal is not to expand in scale. | Direct coverage of earnings conference.
Li Ning's outfits revenue slightly declined year on year, but the business of running shoes, equipment, and accessories achieved rapid growth, maintaining the company's overall revenue growth. The impact of consumer downgrading or replacement cannot be easily concluded. However, overall trends show that consumers will become more cautious or careful in shopping, posing a challenge to the offline flow of the industry's revenue growth.
Jefferies Adjusts Li Ning's Price Target to HK$50 From HK$52, Keeps at Buy
Statistics on short positions in the Hong Kong stock market by China Securities Intelligence as of August 16th.
Short Selling Statistics for Hong Kong Stock Market | August 16th
Li Ning: Higher Administrative Expenses, Lower Retail Sales of Products Weighed on Net >2331.HK
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