Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain a high growth momentum, with projected revenue of 135.77 billion yuan in 2024, representing a year-on-year increase of 6.5%. The net profit attributable to shareholders is forecasted to be 12.38 billion yuan, reflecting a growth of 20.2% [5] - The main brand is increasing its Direct-to-Consumer (DTC) strategy, which is anticipated to enhance store efficiency and maintain high growth in revenue, particularly in children's clothing and e-commerce segments [6][7] - The company has adjusted its profit forecasts slightly downward for 2025-2026 but has introduced a new forecast for 2027, with net profits expected to be 13.7 billion yuan, 15.3 billion yuan, and 16.9 billion yuan for the respective years [5] Financial Summary and Valuation Metrics - Revenue projections for the company are as follows: - 2023: 12,743 million yuan - 2024: 13,577 million yuan (YOY +6.5%) - 2025: 14,446 million yuan (YOY +6.4%) - 2026: 15,896 million yuan (YOY +10.0%) - 2027: 17,375 million yuan (YOY +9.3%) [8] - Net profit projections are: - 2023: 1,030 million yuan - 2024: 1,238 million yuan (YOY +20.2%) - 2025: 1,373 million yuan (YOY +10.8%) - 2026: 1,530 million yuan (YOY +11.5%) - 2027: 1,693 million yuan (YOY +10.6%) [8] - The company's gross margin is expected to improve from 41.8% in 2024 to 45.5% in 2027, while the net profit margin is projected to increase from 9.1% in 2024 to 9.7% in 2027 [8]
特步国际：港股公司信息更新报告：索康尼规模及盈利大幅提升，主品牌加大DTC战略-20250319