Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 10x for 2025 [4][5] Core Views - The company's main brand, Xtep, achieved high single-digit year-over-year (YoY) growth in Q4 2024, with retail discounts ranging between 70-75% and inventory turnover days around 4 months, indicating stable operations [3] - E-commerce sales grew over 20% YoY in Q4 2024, driven by product structure optimization and the "Double 11" shopping festival, while offline sales grew at a low single-digit rate [3] - Saucony, a sub-brand, saw a 50% YoY growth in Q4 2024 and over 60% growth for the full year, with potential for long-term scale expansion due to improved product mix and store optimization [9] - The company is expected to achieve over 20% YoY growth in net profit attributable to shareholders in 2024, supported by the successful divestment of the KP business [9] Financial Performance and Projections - Revenue is projected to decline by 7.2% YoY in 2024 but rebound with 11.4% and 11.6% growth in 2025 and 2026, respectively [10] - Net profit attributable to shareholders is expected to grow by 20.5% YoY in 2024, followed by 11.9% and 12.5% growth in 2025 and 2026 [10] - Gross margin is forecasted to improve from 42.2% in 2023 to 44.7% in 2026, while net margin is expected to remain stable at around 9.4% from 2025 onwards [7] - ROE is projected to increase from 11.6% in 2023 to 12.2% in 2024, then stabilize at around 12% in the following years [10] Operational Highlights - The company optimized its offline store structure in 2024 by opening larger stores and closing smaller ones, with the proportion of ninth-generation stores gradually increasing [3] - Inventory levels remained healthy, with channel inventory turnover days at around 4 months by the end of Q4 2024, reflecting efficient retail operations and inventory management [9] - The company continued to enhance its e-commerce business by increasing the proportion of high-value-for-money products, contributing to strong online sales growth [3]
特步国际：主品牌Q4流水增长稳健，索康尼增速优异