Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][6] Core Views - The company reported a steady growth in its main brand's retail sales in the third quarter, with a year-on-year increase in the mid-single digits, while the Saucony brand saw over 50% growth [2][4][5] - The retail discount for the main brand was 25% (7.5折), with a healthy inventory turnover ratio of 4 months, indicating stable discount rates and improved inventory health compared to the previous year [4][6] - The company is expected to benefit from its focus on the running category, with steady growth in its main brand and rapid growth in professional brands, especially after the divestiture of KP, which had incurred annual losses of approximately 180 million yuan [6][7] Financial Forecasts - The company maintains its profit forecasts, expecting net profits of 1.24 billion, 1.44 billion, and 1.61 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 20.3%, 16.0%, and 12.3% [6][7] - The revenue for 2024 is projected to be 15.03 billion yuan, with a growth rate of 4.8% [7] - The company’s reasonable valuation range has been adjusted to 6.1-6.6 HKD, corresponding to a PE ratio of 12-13x for 2024 [6][7] Operational Performance - The main brand's retail sales in the third quarter showed a mid-single-digit year-on-year increase, with online sales growing at a high double-digit rate and offline sales experiencing slight growth [4][5] - The company’s management anticipates achieving the full-year growth target of over 50% for the Saucony brand, despite overall revenue growth pressures [5][6]
特步国际：第三季度主品牌流水增长中单位数，索康尼增长超50%