Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slowdown in the main brand's retail sales growth in Q3 2024, with a retail discount of approximately 75% and inventory turnover of about 4 months [2] - The main brand's sales growth has slowed compared to the previous quarter, but there has been an improvement in sales since October, benefiting from government stimulus policies [2] - The company has effectively controlled discounts and inventory levels, with a retail discount of about 75% in Q3 2024, which is an improvement compared to the same period last year [2] - The subsidiary brand, Saucony, has shown strong growth with a year-on-year increase of around 50% in Q3 2024, and is expected to expand its presence in high-tier cities [2] - The company is focused on enhancing profitability through cost reduction and efficiency measures, alongside the divestiture of K&P, which is anticipated to improve profit margins [2] Summary by Sections Financial Forecasts and Valuation - Total revenue (in million) is projected to be 14,957 in 2024E, with a year-on-year growth of 4.26% [1] - Net profit attributable to the parent company (in million) is forecasted to be 1,235.47 in 2024E, reflecting a year-on-year growth of 19.95% [1] - The latest diluted EPS is expected to be 0.47 in 2024E, with a corresponding P/E ratio of 11.24 [1]
特步国际：24Q3流水点评：主品牌流水环比放缓、折扣及库存控制较好，索康尼延续高增