22Q3 flow increased 10-20% in the middle, same store increased the number of units 22Q3 Li Ning Co. Ltd. (excluding Li Ning Co. Ltd. YOUNG, the same below) omni-channel retail flow increased 10-20% in the middle; sub-channel point of view, e-commerce channels increased 20-30% in the middle, offline channels (direct marketing + wholesale) increased 10-20% in the middle, including 20-30% in the low section of direct marketing and 10-20% in wholesale.
22Q3 increases the number of units in the same store, including direct sales, wholesale high order, and e-commerce 10-20% in the middle.
As of September 30, Li Ning Co. Ltd. (excluding Li Ning Co. Ltd. YOUNG) had 6101 stores, a net increase of 164over the end of Q2, and a net increase of 166this year, of which 179were self-employed and 13 were wholesale. Li Ning Co. Ltd. YOUNG has a total of 1238 stores, a net increase of 63 over the end of Q2, and a net increase of 36 this year.
Running shoes reach the podium of marathon Grand Slam for the first time, continue to cultivate product function research and development and scientific and technological innovation. Li Ning Co. Ltd. contracted athlete Abat boarded the podium of the world marathon Grand Slam event wearing Feidian 3 ULTRA, refreshing the best results of Chinese running shoes in the world marathon. Verify the strong professional ability of Li Ning Co. Ltd. products, but also open a new chapter for Chinese running shoes in the international arena.
The company will continue to make great efforts in product function research and development and scientific and technological innovation, provide consumers with sports products with more professional, functional and fashion elements, better interpret sports trends and culture, and provide consumers with diversified experiences. improve loyalty to Li Ning Co. Ltd. brand, expand brand influence.
In terms of expanding medium-and high-end channels and efficient stores, improving the profitability of individual stores and the development of efficient channels, the company will fully improve operational efficiency, continue to expand shopping center channels and efficient stores, develop a diversified channel network, and speed up the realization of all-channel coordinated operation. Improve channel efficiency.
Focus on improving the profitability and efficiency of individual stores, making good use of resources flexibly, expanding potential business opportunities and tapping market potential, so as to promote the sustainable growth of the company's business.
To improve the ability of store operation and management, strengthen its own supply chain management, retail operation and supply chain, the company will focus on improving product and consumer experience, improving store operation standards and store management capabilities, and promoting the transformation of the retail model; further integrate and optimize the supply chain system, strengthen its own supply chain management and the application of R & D technical knowledge.
Digital marketing layout, reaching multi-level consumer groups
In terms of marketing, the company will strengthen the marketing layout with digital technology with the help of big data and information technology to reach a wider and more level of consumer groups. Based on consumer demand, injecting fashion elements into professional products will help to increase the attractiveness of products and enhance brand attention.
Adjust earnings forecasts and maintain buy ratings. The company will continue to grasp industry trends and track opportunities, improve the product matrix, and promote multi-channel development. Taking into account the recurrence and uncertainty of the epidemic and changes in the macro consumer environment in the second half of the year, we estimate that the company's income in 22-24 will be 273,352 and 44 billion yuan respectively (the previous values are 287,370 and 47.7 billion yuan respectively). The net profit was 46, 61 and 7.8 billion yuan (51, 66 and 8.6 billion yuan, respectively). The corresponding EPS is 1.8,2.3,3.0 yuan per share (the previous value is 1.9,2.5,3.3 yuan per share respectively), and the corresponding PE is 27,21,16x respectively.
Risk tips: the uncertainty of the epidemic affects offline passenger flow; the increase in raw material and labor costs puts pressure on product prices; store expansion or store efficiency is not as expected; domestic competitive products affect market share; the negative public opinion caused by product design may have a negative impact on the company's product terminal sales and the company's stock price.