Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's 2024 performance met expectations with a revenue growth of 6.5% and a net profit growth of 20.2%, indicating a solid operational performance [1] - The company is expected to achieve a revenue growth of approximately 7% and a net profit growth of around 10% in 2025, driven by the ongoing transformation towards direct-to-consumer (DTC) strategies and the strong performance of its professional sports segment [9] Financial Performance Summary - In 2024, the company's revenue from continuing operations increased by 6.5% to 13.577 billion yuan, with a gross margin improvement of 1.4 percentage points to 43.2% [1] - The net profit attributable to shareholders rose by 20.2% to 1.238 billion yuan, with a net profit margin increase of 1 percentage point to 9.1% [1] - The company maintained a dividend payout ratio of 138.2% for 2024, with a stable payout ratio of 50% when excluding special dividends [1] Brand and Product Development - The main brand's revenue grew by 3.2% to 12.3 billion yuan in 2024, with a slight decline in gross margin to 41.8% [1] - The professional sports segment, including brands like Saucony, saw a remarkable revenue increase of 57.2% to 1.25 billion yuan, with a gross margin improvement of 17.2 percentage points to 57.2% [2][9] - The company is enhancing its product and brand strength, establishing a stable running ecosystem with 72 running clubs and over 2.2 million members [1] Market Position and Strategy - The company is focusing on DTC transformation to improve retail efficiency and drive long-term business growth, especially in a fluctuating retail environment [1] - The children's segment is performing well, with 1,584 stores by the end of 2024, and a strategic partnership with Shanghai University of Sport to enhance product development [8]
特步国际：2024年业绩符合预期，2025年期待公司稳健增长-20250319