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] Financial Performance Summary - For 2024, the company reported a net profit of 1.238 billion yuan, a 20.2% increase year-on-year. 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] - The company plans to maintain a dividend payout ratio of 50%, with a total dividend yield of 138.2% for the year [1] Earnings Forecast and Financial Indicators - The projected earnings for 2025 are expected to grow by 10%, with net profits estimated at 1.402 billion yuan, reflecting a 13.2% increase [3][4] - The company anticipates a revenue increase of 5.4% in 2025, reaching 14.311 billion yuan, with a net profit margin of 9.8% [4][18] - The price-to-earnings (P/E) ratio is projected to be between 11-12x for 2025, with a reasonable valuation range of 6.1 to 6.6 HKD [3][5][20]
特步国际：2024年净利润增长20%，专业运动品牌盈利显著改善-20250320