Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 6.58 [1][2][9] Core Views - The company's main brand experienced low single-digit growth in Q2 2025, while the Saucony brand showed strong growth potential [6][8] - The company is focusing on accelerating its direct-to-consumer (DTC) strategy for its main brand and expanding the Saucony product matrix, which is expected to create a second growth curve [6][9] Financial Performance Summary - Revenue projections for the company are as follows: - 2024: RMB 13,577 million - 2025E: RMB 14,486 million (growth of 6.69%) - 2026E: RMB 15,789 million (growth of 9.00%) - 2027E: RMB 17,385 million (growth of 10.10%) [5] - Net profit attributable to the parent company is projected to be: - 2024: RMB 1,238 million - 2025E: RMB 1,372 million (growth of 10.82%) - 2026E: RMB 1,530 million (growth of 11.52%) - 2027E: RMB 1,711 million (growth of 11.81%) [5] - The company’s EPS is expected to increase from RMB 0.45 in 2025 to RMB 0.61 in 2027 [5] Operational Insights - In Q2 2025, the main brand's overall channel revenue showed low single-digit year-on-year growth, while the Saucony brand's revenue grew over 20% year-on-year [6][8] - The main brand's running category continues to be a significant growth driver, with expectations of double-digit growth in the first half of the year [7] - The company anticipates a healthy inventory turnover ratio of 4-4.5 months, maintaining a stable operational rhythm [7] Market Positioning - The Saucony brand is expected to achieve 30%-40% revenue growth for the year, driven by channel optimization and product upgrades [8] - The company is focusing on high-end brand positioning and expanding its product offerings to include lifestyle and leisure products [8]
特步国际（01368）：Q2主品牌同增低单位数，索康尼成长可期