Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The main brand of the company shows steady growth, with a high single-digit year-on-year increase in Q4 retail sales, and discounts ranging from 70% to 75%. The inventory turnover ratio is approximately 4 months, with an overall year-on-year increase in retail sales for the year [2][4]. - The subsidiary brand, Saucony, experienced a remarkable performance with a year-on-year sales increase of approximately 50% in Q4 and over 60% for the entire year [2][4]. - The company maintains a healthy inventory and discount level, leading the industry. The inventory turnover ratio remains stable compared to Q3 2024, and the discount levels are considered healthy [5][7]. Summary by Sections Retail Performance - The main brand's Q4 sales growth is driven by pre-holiday sales, particularly during the Golden Week and Double Eleven shopping festival. E-commerce channels are expected to outperform offline channels due to holiday promotions, while offline sales may face pressure from weak foot traffic [5][6]. Inventory and Discount Management - The inventory turnover ratio is around 4 months, indicating a healthy inventory level. The discount range of 70% to 75% is viewed as sustainable and healthy for the industry [5][6]. Future Outlook - The company is expected to continue benefiting from healthy inventory and discount levels, with projections for net profit growth of 24%, 17%, and 13% for the years 2024, 2025, and 2026, respectively. The corresponding price-to-earnings ratios are projected to be 11, 9, and 8 times [5][9].
特步国际：主品牌稳健增长，索康尼表现亮眼