Investment Rating - The investment rating for the company is "Buy" with a target price set at HKD 7.41, reflecting a potential upside from the current closing price of HKD 5.71 [1]. Core Insights - The company reported a mid-single-digit growth in retail sales for its main brand in Q3 2024, with a discount rate of 75%. The channel inventory turnover remained stable at approximately four months [2]. - The brand "Saucony" achieved over 50% year-on-year growth in retail sales for Q3 2024, benefiting from its strong positioning in professional running gear and outdoor performance [2]. - The company plans to further develop retro and commuting series products to meet diverse consumer needs and expand high-end store openings in first and second-tier cities [3]. Summary by Sections Event Overview - The company announced Q3 2024 operational data, indicating a mid-single-digit growth in retail sales for its main brand, with a stable discount rate and inventory turnover [1]. Analysis and Judgments - Retail sales growth for the main brand showed a slowdown in growth rate compared to previous quarters, but inventory discounts remained healthy. The company aims to enhance brand promotion through various strategies, including celebrity endorsements and product innovation [2]. - The company is cautious about the overall growth expectations for the main brand due to short-term consumer confidence issues [3]. Financial Projections - The company maintains its revenue forecasts for 2024, 2025, and 2026 at HKD 154.84 billion, HKD 161.40 billion, and HKD 182.93 billion, respectively. The projected net profits for the same years are HKD 13.30 billion, HKD 15.56 billion, and HKD 17.75 billion, with EPS estimates of HKD 0.50, HKD 0.59, and HKD 0.67 [3][5].
特步国际：主品牌中单位数增长，索康尼超50%