Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 7.203 billion RMB for H1 2024, representing a year-on-year increase of 10.4%, with a net profit attributable to shareholders of 752 million RMB, up 13% year-on-year. The interim dividend declared is 0.156 HKD per share, with a payout ratio of 50% [4][5] - The main brand showed steady performance with a revenue of 5.789 billion RMB in H1 2024, a year-on-year increase of 6.6%. The professional sports segment experienced significant growth, with a revenue of 593 million RMB, up 72.2% year-on-year [4] - The gross margin improved significantly to 46.0%, an increase of 3.1 percentage points year-on-year, driven by higher contributions from e-commerce and direct-to-consumer sales [4] Financial Performance - The company forecasts net profits for 2024-2026 to be 1.249 billion RMB, 1.444 billion RMB, and 1.709 billion RMB, respectively, with corresponding PE ratios of 9.5, 8.2, and 6.9 times [5] - The revenue growth rate is projected to be 7.35% in 2024, 3.80% in 2025, and 13.07% in 2026 [6] - The company’s gross margin is expected to be 44.16% in 2024, 44.02% in 2025, and 44.66% in 2026 [9] Operational Metrics - The company has a total of 6,578 adult brand stores and 1,706 children brand stores in mainland China and overseas, with a net increase of 7 and 3 stores respectively in H1 2024 [4] - Online sales grew by over 20% year-on-year, accounting for more than 30% of the main brand's revenue, with new channels like Douyin and Video Accounts seeing over 80% growth [4] Market Position - The company is focusing on expanding its brand matrix and price range for the mass running market, maintaining a leading competitive position in the running segment [4]
特步国际：毛利率明显改善，专业运动板块高增