Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Insights - The main brand's Q3 revenue met expectations, with healthy operational metrics, and the performance of Saucony was particularly strong, leading to optimistic expectations for Q4 [3]. - The company maintains its net profit forecasts for 2024-2026 at 1.26 billion, 1.43 billion, and 1.60 billion RMB, corresponding to PE ratios of 10, 9, and 8 times respectively [3]. - The main brand's Q3 revenue showed a single-digit year-on-year growth, with offline sales slightly increasing and e-commerce sales growing at a high double-digit rate [3]. - Saucony's Q3 revenue grew by over 50% year-on-year, continuing its rapid growth trajectory [3]. - The overall consumption environment remains under pressure, with a slight decline in foot traffic and single-store performance for the main brand's offline stores compared to H1 [3]. - The company plans to maintain its store count for 2024, with upgrades to store image and size expected to enhance average store efficiency [3]. - There is an expectation for double-digit revenue growth for the main brand in October, driven by strong performance during the National Day holiday and the upcoming Double Eleven sales [3]. - The company anticipates a high probability of 50% year-on-year revenue growth for Saucony in 2024 [3]. Financial Summary - The company reported revenues of 14.35 billion RMB for 2023, with a projected growth of 4% for 2024 [5]. - The net profit for 2023 was 1.03 billion RMB, with an expected growth of over 20% for 2024 [5]. - The PE ratio for 2024 is projected at 10.0, decreasing to 8.6 by 2026 [5].
特步国际：2024Q3业绩点评：Q3流水符合预期，索康尼表现亮眼