Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The main brand of the company shows steady growth, with a low single-digit increase in revenue for Q2 2025, while Saucony's revenue grew by over 20% year-on-year, with a strategic adjustment in e-commerce channels leading to a reduction in low-priced products and tighter discounts [1][2] - The company expects Saucony's revenue to grow by 30-40% for the full year, maintaining its guidance despite a slowdown in Q2 due to strategic adjustments [2] - The Direct-to-Consumer (DTC) strategy will officially start in Q4 2025, aiming to optimize retail structure and improve operational efficiency [2] Financial Summary - The projected revenue for 2025 is approximately 14.39 billion, with a year-on-year growth of 6% [4] - The expected net profit for 2025 is around 1.37 billion, reflecting a year-on-year increase of 10.92% [4] - The earnings per share (EPS) is projected to be 0.50 yuan for 2025, with a price-to-earnings (P/E) ratio of 9.86 [4]
特步国际（01368）：点评报告：主品牌稳健，索康尼主动调整电商策略