报告名称：Li Ning Co Ltd Alert(02331.HK)2H15 analyst meeting takeaway：focus on gross margi
报告类型：港股研究
报告日期：2016-03-18
研究机构：德意志银行
股票名称：李宁
股票代码：02331
页数：1
简介：Li Ning (LN) has high hopes on gross margin recovery in 2016
The company targets to grow 2016 gross margin to high-forties ppt (from 45%as of 2015). Two major drivers according to LN: (1) better gross margin at retail(direct operated) stores thanks to better inventory structure. LN aims toincrease the sell-through mix of “new products” (current and last season) thatcarries higher gross margin. According to LN, it has successfully improved theinventory mix at its retail stores in 2015, and new product sell-throughincreased significantly in Jan. and Feb. 2016. (2) better channel mix withincreased contribution from retail business and e-commerce (carries highergross margin than wholesale business).
Delivering operating leverage
According to management, operating leverage in 2016 will stem from: (1)controlled A&P (advertisement and promotion) dollar amount of slightly upYoY in 2016, and (2) relatively slower growth in variable expenses.Management aims to further increase the return on A&P expenditures in 2016.On the other hand, LN wishes to control 2016 variable cost growth at “half ofthe growth of revenue”.
下载地址：Li Ning Co Ltd Alert(02331.HK)2H15 analyst meeting takeaway：focus on gross margi
