Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][20] Core Views - The company is expected to achieve a net profit growth of 20% in 2024, with a revenue increase of 6.5% to 13.577 billion yuan. The net profit attributable to shareholders is projected to reach 1.238 billion yuan [1][3] - The main brand's revenue grew by 3.2%, while the professional sports brand saw a significant increase of 57.2%. The footwear category experienced a revenue growth of 15.9%, while the apparel category declined by 5.7% [2][3] - The company has strategically divested non-core assets, focusing resources on running and professional sports, which is expected to enhance profitability [2][3] Summary by Sections Financial Performance - In 2024, the company reported a net profit of 1.238 billion yuan, a year-on-year increase of 20.2%. The operating cash flow remained stable at 1.228 billion yuan, with a net cash ratio of 1.0 [1][4] - The gross profit margin improved by 1.4 percentage points to 43.2%, driven by a higher proportion of high-margin professional sports brands and supply chain optimization [1][4] Brand Performance - The main brand's revenue reached 12.327 billion yuan, with a notable performance from the core running shoe series "160X," which led in wearing rates at major marathons [2][3] - The professional sports brands, including Saucony and Merrell, achieved a revenue of 1.250 billion yuan, with a significant improvement in operating profit margin [2][3] Future Projections - For 2025, the company anticipates a net profit growth of over 10%, with the main brand maintaining positive growth and the professional sports brand expected to grow by 30-40% [3][17] - The projected net profits for 2025-2027 are 1.402 billion yuan, 1.485 billion yuan, and 1.600 billion yuan, respectively, reflecting year-on-year growth rates of 13.2%, 5.9%, and 7.7% [3][4]
特步国际（01368）：024年净利润增长20%，专业运动品牌盈利显著改善