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].

2025 年 3 月 20 日 公司研究 剥离 KP 业务、索康尼实现高增，聚焦跑步、推进零售改革 ——特步国际（1368.HK）2024 年业绩点评 买入（维持） 当前价：5.55 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 27.75 | | --- | --- | | 总市值(亿港元)： | 153.99 | | 一年最低/最高(港元)： | 4.15/7.13 | | 近 3 月换手率： | 49.0% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24 ...

买入（维持） 2025 年 3 月 20 日 公司研究 剥离 KP 业务、索康尼实现高增，聚焦跑步、推进零售改革 ——特步国际（1368.HK）2024 年业绩点评 当前价：5.55 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 27.75 | | --- | --- | | 总市值(亿港元)： | 153.99 | | 一年最低/最高(港元)： | 4.15/7.13 | | 近 3 月换手率： | 49.0% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24 ...

买入 2025 年 03 月 19 日 2024 年全年利润增长 20.2%, 今年加大 DTC 业务的投入 王柏俊 852-25321915 patrick.wong@firstshanghai.com.hk 主要数据 | 行业 | 服装纺织 | | --- | --- | | 股价 | 5.69 港元 | | 目标价 | 7.03 港元 | | | （+23.5%） | | 股票代码 | 1368 | | 已发行股本 | 27.75 亿股 | | 市值 | 157.9 亿港元 | | 52 周高/低 | 7.13/3.58 港元 | | 每股净现值 | 3.14 人民币 | | 主要股东 | 丁水波及其家族信托 | | | （47.7%） | | | | 6 特步国际（1368） 更新报告 附录 1：主要财务报表 | <人民币> <百万>, 财务年度截至<12月31日> | | | | | | | <人民币> <百万>, 财务年度截至<12月31日> | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][20] Core Views - The company is expected to achieve a net profit growth of 20% in 2024, with a revenue increase of 6.5% to 13.577 billion yuan. The net profit attributable to shareholders is projected to reach 1.238 billion yuan [1][3] - The main brand's revenue grew by 3.2%, while the professional sports brand saw a significant increase of 57.2%. The footwear category experienced a revenue growth of 15.9%, while the apparel category declined by 5.7% [2][3] - The company has strategically divested non-core assets, focusing resources on running and professional sports, which is expected to enhance profitability [2][3] Financial Performance Summary - For 2024, the company reported a net profit of 1.238 billion yuan, a 20.2% increase year-on-year. The operating cash flow remained stable at 1.228 billion yuan, with a net cash ratio of 1.0 [1][4] - The gross profit margin improved by 1.4 percentage points to 43.2%, driven by a higher proportion of high-margin professional sports brands and supply chain optimization [1][4] - The company plans to maintain a dividend payout ratio of 50%, with a total dividend yield of 138.2% for the year [1] Earnings Forecast and Financial Indicators - The projected earnings for 2025 are expected to grow by 10%, with net profits estimated at 1.402 billion yuan, reflecting a 13.2% increase [3][4] - The company anticipates a revenue increase of 5.4% in 2025, reaching 14.311 billion yuan, with a net profit margin of 9.8% [4][18] - The price-to-earnings (P/E) ratio is projected to be between 11-12x for 2025, with a reasonable valuation range of 6.1 to 6.6 HKD [3][5][20]