特步国际：主牌稳中向好，索康尼亮眼

Investment Rating - Maintain "Buy" rating [1] Core Views - The company is expected to achieve revenues of RMB 16 billion, RMB 17.9 billion, and RMB 19.8 billion in 2024-2026, with net profits of RMB 1.21 billion, RMB 1.41 billion, and RMB 1.65 billion respectively [1] - EPS is projected to be RMB 0.46, RMB 0.53, and RMB 0.63 per share for 2024-2026, with corresponding P/E ratios of 12x, 11x, and 9x [1] - Saucony is a key growth driver for the company, with retail sales growing over 60% in 2024, and is expected to continue expanding its product matrix and opening new stores in high-tier cities [2] - The company's leading position in the running sector is reinforced by its performance in major marathons, with a 49.8% wear rate among sub-3-hour runners in the Xiamen Marathon [14] - The synergy between the main brand, Saucony, and Merrell is expected to further enhance market share and expand the customer base [2] Financial Performance - The main brand of the company recorded high single-digit year-on-year growth in retail sales for Q4 2024 and the full year 2024 [12] - Saucony's retail sales grew approximately 50% year-on-year in Q4 2024 and over 60% for the full year 2024 [12] - The main brand's inventory turnover remained healthy at around four months, with retail discount levels improving slightly to 70-75% off in Q4 2024 compared to 70% off in Q4 2023 [13] Market Position and Strategy - The company's main brand continues to dominate the running sector, with a strong presence in major marathons and a leading position in the minds of runners [14] - The company operates through three brands: the main brand targeting the mass market, Saucony serving high-end and mature customers, and Merrell focusing on trail running and outdoor sports [14] - The company plans to leverage its running ecosystem and brand synergy to further increase market share and expand its customer base [2] Stock Performance - The stock price of the company has shown significant growth, with a 52% increase over the period from January 2024 to September 2024 [4]