Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main brand experienced a slowdown in sales growth in Q3, but the overall performance remains positive with improvements in online and offline sales due to consumer promotion policies [1][2] - The subsidiary brand, Saucony, continues to show strong growth, with retail sales increasing by over 50% year-on-year [1] - The company is expected to benefit from the gradual divestment of non-core businesses, which will enhance overall profitability [1] Financial Performance Summary - Revenue Forecasts: - 2023A: 14,346 million - 2024E: 14,977 million (growth rate: 4%) - 2025E: 15,225 million (growth rate: 2%) - 2026E: 16,634 million (growth rate: 9%) [1][2] - Net Profit Forecasts: - 2023A: 1,030 million - 2024E: 1,254 million (growth rate: 22%) - 2025E: 1,352 million (growth rate: 8%) - 2026E: 1,542 million (growth rate: 14%) [1][2] - Earnings Per Share (EPS): - 2023A: 0.39 - 2024E: 0.47 - 2025E: 0.51 - 2026E: 0.58 [1][2] - Price-to-Earnings (P/E) Ratio: - 2023A: 13.4 - 2024E: 11.0 - 2025E: 10.2 - 2026E: 9.0 [1][2] - Price-to-Book (P/B) Ratio: - 2023A: 1.6 - 2024E: 1.3 - 2025E: 1.2 - 2026E: 1.0 [1][2] Market Position and Strategy - The company is focusing on a multi-brand strategy, with the main brand concentrating on the running segment, which has shown significant improvements in product, brand, and channel strength [1] - The company plans to enhance the Saucony brand's market presence by expanding its franchise channels [1] - The overall discount control remains healthy, with a retail discount of approximately 25% [1]
特步国际：主品牌10月流水提速，索康尼延续高增