No Data
[Featured commentator] Guo Jiayao: No breakthrough in the short term, the index remains hovering between 20,200 and 21,200 points.
Kingwu Finance News | US stocks performed well on Monday, with signs of geopolitical cooling, coupled with market expectations of strong performance by US companies, driving the market up, with all three major indices recording gains at the close. The US dollar remained stable, with the yield on the US ten-year bond rising to 4.28%, gold prices trending upwards, while oil prices showed a significant decline. Hong Kong stocks generally rose in pre-trading, and it is expected that the market will open high in the early trading following the external markets. Individual developments in the mainland stock market yesterday, the Shanghai Composite Index opened low and closed higher, rising by 0.7% at the close, with trading volume increasing in both Shanghai and Shenzhen. Hong Kong stocks maintained narrow fluctuations, with the index hovering around the 20,500 level, and market turnover also significantly decreased.
[Brokerage Focus] Citi raises Li Ning (02331) target price by 21%, but remains relatively conservative on its guidance for the 24th fiscal year.
King's Wealth Newsletter | CMB International released research reports, indicating that Li Ning (02331) performed slightly better than market expectations in the retail revenue for the third quarter of 2024. The growth in e-commerce channels is more stable, reaching mid-single digits. Sales of functional products outperformed fashion products (pressure on the 'China Li Ning' series), while both outlet and non-outlet sales growth slowed down. Retail discounts and inventory are under pressure. The company is maintaining its guidance for the 24 fiscal year (low single-digit sales growth and low double-digit net income margin), but the bank is more cautious, expecting only 2% sales growth and an 11% net income margin. Despite management's emphasis on October retail sales.
[Brokerage Focus] Tianfeng Securities maintains a buy rating on Li Ning (02331), indicating that the participation of Red Star China may help accelerate the development of the joint venture company.
Kingwu Finance News | Tianfeng Securities released research, as of 24Q3, Li Ning (02331) the total number of sales points (excluding Li Ning YOUNG) was 6281, a net increase of 42 from the previous quarter, and a net increase of 41 so far this year. Out of the net increase of 41 sales points, retail decreased by 14, while wholesale increased by 55. The number of Li Ning YOUNG sales points is 1459, with a net increase of 21 from the previous quarter and a net increase of 31 so far this year. The bank pointed out that on October 22, Li Ning Group announced that it reached an agreement through its indirect wholly-owned subsidiary LN Co with Founder Co,
li ning (02331.HK): waiting patiently for expected improvement
In Q3 of 2024, li ning's total retail revenue across all platforms (excluding Li Ning YOUNG) decreased in terms of mid-range channels. In terms of channels, offline channels (including retail and wholesale) decreased in high-end channels, with retail (direct operation) channels decreasing in mid-range, and wholesale (franchise
Morgan Stanley raised li ning (02331.HK) target price to 13.4 yuan, maintaining a "shareholding" rating.
JPMorgan's report pointed out that Li Ning (02331.HK) recorded a decrease in mid-single-digit retail revenue in the third quarter compared to a low single-digit decline in the second quarter and a low single-digit growth in the first quarter. Although the performance meets expectations, it lags behind Anta (02020.HK) and Xtep (01368.HK) in terms of mid-single-digit growth. However, the bank noted that Li Ning's retail revenue both online and offline has returned to positive growth since October, with steady performance during the National Day holiday, and operational indicators have also improved. They believe that the full-year sales forecast will maintain low single-digit growth, but still face challenges; the full-year net profit margin forecast remains in the low double digits.
Li Ning (2331.HK): Q3 revenue meets expectations, looking forward to sales performance in Q4 with a low base.
This report summary: Q3 revenue meets expectations, discount inventory remains healthy, impressive performance during the National Day holiday, worth looking forward to the low base in Q4. Investment highlights: Investment recommendation: Q3 revenue still affected by macro factors, performance in Q4 is promising; medium to long term.