Financial Performance - Total revenue for the year reached RMB 13,577 million, representing a growth of 6.5%[8] - Operating profit amounted to RMB 1,966 million, an increase of 9.3%[8] - Profit attributable to ordinary equity holders was RMB 1,238 million, reflecting a growth of 20.2%[8] - Revenue for 2024 reached RMB 13,577.2 million, a 6.6% increase from RMB 12,742.9 million in 2023[27] - Gross profit for 2024 was RMB 5,865.4 million, reflecting a gross margin of 43.2%, up from 41.8% in 2023[27] - Operating profit increased to RMB 1,965.5 million, with an operating margin of 14.5%, compared to 14.1% in the previous year[27] - Net profit attributable to equity holders was RMB 1,238.4 million, resulting in basic earnings per share of RMB 48.67, up from RMB 40.76 in 2023[27] - The group reported a loss from discontinued operations of RMB 67.1 million, a significant reduction from RMB 224.3 million in 2023[145] - The net profit attributable to equity holders increased by RMB 208.4 million or 20.2% to RMB 1,238.4 million, with a net profit margin improving to 9.1% from 8.1%[146] Dividends and Payouts - The final dividend per share declared was 9.5 HK cents, with a full-year payout ratio of 138.2%[8][9] - The company declared a final dividend of HKD 0.095 per share, with a total annual dividend payout ratio of 138.2%, significantly up from 50.0% in 2023[32] - Total dividends for 2024 amount to HKD 0.698, a significant increase from HKD 0.217 in 2023, representing a payout ratio of 138.2%[149] - The company maintained a high dividend payout ratio of no less than 50% over the past five years, demonstrating a commitment to shareholder returns[150] Strategic Initiatives - The company completed the strategic sale of K•SWISS and Palladium, focusing resources on the main brand, Saucony, and Merrell[23] - The company plans to leverage government economic stimulus measures to boost market confidence and consumer demand[31] - The company plans to strengthen its direct-to-consumer (DTC) strategy to enhance brand loyalty and operational efficiency, optimizing retail channel structures for better market insights[108] - The company is expanding its market presence with new flagship and concept stores, enhancing customer experience and brand visibility[89] Brand Performance - Retail sales for the main brand and Saucony recorded high single-digit and over 60% growth, respectively, indicating strong market performance[31] - Saucony, a brand under the group, achieved over RMB 1 billion in revenue for the first time in 2024, marking a significant milestone[37] - The professional sports division, Saucony, achieved revenue of RMB 1,250.3 million in 2024, a year-on-year increase of 57.2%[88] - Saucony's operating profit increased significantly to RMB 78.2 million in 2024, compared to RMB 8.4 million in 2023[88] Market Trends and Opportunities - The outdoor sports market in China presents growth opportunities for the brand Maile, which is actively expanding its e-commerce business[38] - The number of marathons held in China reached 671 in 2024, with participation exceeding 6.56 million, indicating a strong running trend[41] - E-commerce in China saw a significant recovery, with the logistics index reaching 113.7 points, a 3.6-point increase from the previous year[43] - The group anticipates steady growth in sports goods demand, supported by government measures to stimulate consumption[109] Operational Efficiency - The average inventory turnover days improved to 68 days in 2024, down from 90 days in 2023, enhancing operational efficiency[27] - The overall working capital turnover days increased to 87 days in 2024 from 83 days in 2023[151] - Inventory turnover days decreased by 22 days to 68 days in 2024, while trade receivables turnover days increased by 14 days to 120 days[159] Research and Development - Research and development expenses accounted for 2.9% of revenue, slightly down from 3.1% in 2023, reflecting a focus on cost management[27] - The new running shoe technology incorporates PISA supercritical foam for high rebound and cushioning, significantly reducing energy loss compared to traditional materials[77] Community Engagement and CSR - The company donated over RMB 58 million in sports goods and cash in 2024, including RMB 10 million in winter supplies for earthquake relief in Tibet[98] - The company provided over 710,000 hours of training to employees through its talent center, focusing on professional skills, leadership, and cultural operations[106] Investor Relations - The company actively communicated with investors to restore confidence amid macroeconomic uncertainties, enhancing transparency and two-way communication[178] - The company participated in 350 investor meetings throughout the year, including both online and offline events across North America, Europe, and Asia-Pacific[184] Future Outlook - Future outlook remains positive with expectations of stable growth in the sports industry driven by increased health awareness and sports demand[31] - The company plans to continue expanding its market presence and enhancing its retail management capabilities[179]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 6.99 per share, reflecting a 5% upside potential [4][7]. Core Insights - The main brand shows steady growth, with a 6.5% increase in revenue to RMB 13.58 billion in 2024, driven by a 3.2% increase in Volkswagen and a 57.2% increase in professional sports revenue [4][7]. - Gross profit margin improved by 1.4 percentage points to 43.2%, with net profit rising 20.2% to RMB 1.24 billion, indicating enhanced profitability primarily from the professional sports segment and reduced losses from KP [4][7]. - The company plans to focus on direct-to-consumer (DTC) strategies and optimize retail channels, aiming to reclaim 400-500 stores by 2026, which will account for 5.0-6.3% of total stores [4][7]. Financial Summary - Revenue projections show a decline in 2024 to RMB 13.58 billion, followed by growth to RMB 14.47 billion in 2025, and further increases to RMB 15.62 billion in 2026 and RMB 17.00 billion in 2027 [3][6]. - Net profit is expected to rise from RMB 1.24 billion in 2024 to RMB 1.37 billion in 2025, reaching RMB 1.49 billion in 2026 and RMB 1.61 billion in 2027 [3][6]. - The company’s gross margin is projected to improve gradually, reaching 44.69% by 2027 [3][6]. Strategic Developments - The divestment of the fashion sports segment in November 2024 allows the company to concentrate on running and operational optimization, with professional sports expected to achieve a compound annual growth rate (CAGR) of 104.3% over the next four years [4][7]. - Saucony's revenue exceeded RMB 1 billion, and the brand is set to continue expanding its store presence and product offerings, particularly in high-end cities [4][7]. - The company plans significant capital expenditure of RMB 500 million in 2025, reflecting a 91% increase, to support its growth initiatives [4][7].

特步国际（1368）公司年报点评 2025 年 3 月 25 日 [Table_InvestInfo] 股票数据 | [Table_StockInfo] 3 月 24 日收盘价（港元） | 5.27 | | --- | --- | | 周股价波动（港元） 52 | 3.70-7.13 | | 总股本（百万股） | 2775 | | 总市值（百万港元） | 14622 | [《Ta24bQle4_主R品ep牌o流rtI水nf回o暖] ，索康尼全年收入规 模有望破 10 亿》2025.01.17 [Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 Email:lx11040@haitong.com 《24Q3 索康尼持续高增，看好盈利水平提升》 2024.11.6 《主品牌电商表现亮眼，专业运动收入高增 72%》2024.08.25 《24Q2 主品牌折扣库存改善》2024.07.24 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） -0.2 % 相对涨幅（%） -1.1 % 资料来源：海通证券研究所 分析师:盛开 Tel:(021)2 ...

SDICSI 2025 年 3 月 21 日 特步国际 (1368.HK) KP 剥离后资源聚焦，索康尼继续发力 事件：近日，特步国际公布 2024 年全年业绩表现，收入同比增长 6.5%，归母 净利润同比增长 20.2%。含特别息全年派息比例达 138.2%。我们预测 2025- 2027 年 EPS 为 0.54/0.61/0.67 元，目标价 7 港元，维持"买入"评级。 报告摘要 持续聚焦跑步赛道，子品牌索康尼表现优异。公司全年收入录得 135.8 亿元， 同比增长 6.5%，归母净利润录得 12.4 亿元，同比增长 20.2%。分品牌来看， 大众运动（特步主品牌）收入同比增长 3.2%至 123.3 亿元，专业运动（索康 尼+迈乐）收入同比增长 57.2%至 12.5 亿元。其中，索康尼品牌势能持续向上， 过去五年复合增速超过 100%，公司持续围绕精英运动生活来打造品牌的高端 形象，并加强渠道拓展。截至 2024 年底，索康尼在中国内地已有 145 家门店， 9 月索康尼全球首家概念店在深圳万象城开业，11 月首家城市体验店在北京合 生汇开业。此外，公司还推出了 OG、通勤系列，拓宽产品矩阵。毛利 ...

港股公司报告 | 公司点评 特步国际（01368） 证券研究报告 主牌加强 DTC，索康尼加速成长 2024 年主品牌表现稳健，专业运动收入同增 57% 全年收入 136 亿同增 7%；分品牌，其中特步主品牌收入 123 亿同增 3%， 专业运动（索康尼+迈乐）收入 13 亿同增 57%。 分品类，鞋履收入 81 亿（占比 59%）同增 16%，服装 52 亿同减 6%，配饰 3 亿同增 18%。 截至 24 年末库存总额 16.3 亿，平均存货周转天数减少 22 天至 68 天。 2024 年整体毛利率 43%同增 1.4pct；分品牌，特步主品牌毛利率 42%同减 0.2pct，专业运动毛利率 57%同增 17.2pct。 24 年经营利润 20 亿同增 9%，OPM 为 14.5%同增 0.4pct；其中主品牌经营 利润 20 亿同增 3%，OPM15.9%微涨；专业运动经营利润 7800 万+830%， OPM 为 6%；企业分部经营亏损 6700 万。 24 年归母净利 12 亿同增 20%，派发末期每股股息 9.5 港仙，全年派息比率 50%。 中国跑步热潮持续升温。根据中国田径协会数据，2024 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a net profit of 1.24 billion RMB for FY2024, marking a 20.2% year-on-year increase, achieving a historical high [5] - The main brand's revenue grew steadily, with professional sports showing strong performance, particularly with a 57.2% increase in revenue from the professional sports segment [5] - The company is focusing on direct-to-consumer (DTC) channel transformation to enhance long-term competitiveness [5] Financial Data and Profit Forecast - FY2023 revenue was 143.46 billion RMB, with a projected revenue of 146.36 billion RMB for FY2025, reflecting an 8% growth [4] - The net profit for FY2023 was 1.03 billion RMB, expected to rise to 1.37 billion RMB by FY2025, indicating a 10% growth [4] - The gross margin is projected to improve from 42% in FY2023 to 45% by FY2027 [4] Brand and Channel Performance - The main brand's revenue accounted for 90.8% of total revenue, with a slight decrease in gross margin to 41.8% [5] - Online sales grew approximately 20%, with new platforms like Douyin and Xiaohongshu seeing over 80% growth [5] - The company operates 6,382 adult clothing stores, with a net decrease of 189 stores, while children's stores numbered 1,584, with a net decrease of 119 stores [5] Profitability and Cash Flow - The gross margin improved to 43.2%, with a net profit margin of 9.1% [5] - Inventory turnover days decreased by 22 days to 68 days, indicating improved efficiency [5] - Operating cash flow remained stable at 1.228 billion RMB, with cash and cash equivalents totaling 3 billion RMB [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [8]. Core Insights - The company achieved a revenue of 135.77 billion yuan in 2024, representing a year-on-year growth of 6.5% after excluding the divested K&P business. The net profit attributable to shareholders was 12.38 billion yuan, with a year-on-year increase of 20.2%, aligning with expectations [4]. - The main brand, Xtep, reported a revenue of 123.27 billion yuan in 2024, growing by 3.2%. The online e-commerce segment saw approximately 20% growth, accounting for over 30% of total revenue, with emerging platforms like Douyin experiencing over 80% growth [4]. - The professional sports segment, including Saucony, achieved a revenue of 1.25 billion yuan in 2024, marking a significant year-on-year increase of 57.2%. Saucony's revenue surpassed 1 billion yuan, with improved profitability [4]. - The company plans to enhance its Direct-to-Consumer (DTC) strategy, aiming to recover distribution rights for approximately 400 to 500 Xtep stores by late 2025 and 2026 [4]. Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 14,346 million yuan, 2024A at 13,577 million yuan, 2025E at 14,531 million yuan, 2026E at 15,685 million yuan, and 2027E at 16,831 million yuan [2]. - The net profit attributable to shareholders is forecasted to be 1,030 million yuan in 2023A, increasing to 1,672 million yuan by 2027E, with a consistent growth rate of around 10% [2]. - The company's gross margin improved to 43.2% in 2024, with a net margin of 9.1%, reflecting a year-on-year increase of 1.0 percentage points [4]. Valuation Metrics - The report indicates a Price-to-Earnings (P/E) ratio forecast of 13.1 for 2023A, decreasing to 8.1 by 2027E, suggesting an attractive valuation as earnings grow [2]. - The Price-to-Book (P/B) ratio is projected to decline from 1.5 in 2023A to 1.0 in 2027E, indicating a strengthening balance sheet relative to market valuation [2].

核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整了 25-26 年的盈利预测（下调了收入和毛利率）并引入了 27 年 的盈利预测，预计 2025-2027 年每股收益分别为 0.49、0.56 和 0.63 元（原 25-26 为 0.55 和 0.63 元），参考可比公司，我们维持公司 2025 年 12 倍 PE 估值，对应目标 价 6.34 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：行业竞争加剧，经济恢复不及预期、主品牌 DTC 的可能影响等 公司主要财务信息 特步国际 01368.HK 公司研究 | 年报点评 | 索康尼收入高增+盈利改善，主品牌加大 | | --- | | DTC 投入 | | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,346 | 13,577 | 14,452 | 15,795 | 17,244 | | 同比增长 (%) | 10.9% | -5.4% | 6.4% | 9.3% | 9.2% | | 营 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 13.58 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit of 1.24 billion RMB, up 20.2% year-on-year [5][6] - The company has successfully divested its KP business, which has alleviated profit drag, resulting in a net profit margin increase of 1.0 percentage points to 9.1% [6] - The main brand, Xtep, and the professional sports brand, Saucony, are focusing on running and retail reform, with significant growth in the professional sports segment [12][13] Financial Performance - Revenue breakdown for 2024 shows footwear, apparel, and accessories contributing 59.3%, 38.5%, and 2.2% respectively, with footwear revenue growing by 15.9% [7] - The gross margin improved by 1.4 percentage points to 43.2%, with the professional sports segment's gross margin rising significantly due to acquisitions [8] - Operating profit margin for 2024 was 14.5%, an increase of 0.4 percentage points [11] Retail and Market Strategy - The company is focusing on the running segment, with the main brand's running shoes leading in major marathon events [12] - The number of adult stores decreased by 2.9% to 6,382, while the number of children's stores decreased by 7.0% to 1,584 [7] - The company plans to enhance direct-to-consumer (DTC) strategies, aiming to reclaim distribution rights for 400-500 stores by late 2025 to 2026 [12] Future Outlook - The company expects steady growth for the main brand in 2025, with Saucony's revenue projected to grow by 30-40% [12] - Earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.50, 0.55, and 0.61 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 [12][14]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.34 HKD based on a 12x PE valuation for 2025 [4][5]. Core Insights - The company has adjusted its revenue and gross margin forecasts for 2025-2026, while introducing projections for 2027, expecting earnings per share of 0.49, 0.56, and 0.63 RMB for 2025-2027 respectively [4]. - The main brand, Xtep, is focusing on increasing direct-to-consumer (DTC) investments to enhance customer interaction and brand loyalty [7]. - The professional sports segment, represented by Saucony, has shown significant revenue growth and improved profitability, indicating the effectiveness of the DTC strategy [7]. Financial Summary - For 2023, the company reported revenue of 14,346 million RMB, with a year-on-year growth of 10.9%. The projected revenues for 2024, 2025, 2026, and 2027 are 13,577 million, 14,452 million, 15,795 million, and 17,244 million RMB respectively [4][8]. - The net profit attributable to the parent company for 2023 was 1,030 million RMB, with a projected increase to 1,238 million, 1,369 million, 1,558 million, and 1,745 million RMB for the following years [4][8]. - The gross margin is expected to improve from 42.2% in 2023 to 45.0% by 2027, while the net profit margin is projected to rise from 7.2% to 10.1% over the same period [4][8].