Investment Rating - The report maintains a "Buy" rating for the company [3][8] Core Views - The company's mid-year performance showed robust revenue growth, with a 21.5% increase in profit, slightly exceeding market expectations due to effective management cost control and increased government subsidies [7] - The overall gross margin saw a slight decline, but long-term prospects for improvement are anticipated as the company continues to expand its children's business and enhance the income share from the Saucony brand [7] - The Saucony brand demonstrated strong growth, with a projected doubling of revenue over the next three years, supported by the opening of new stores and a focus on high-end running products [7] - The company is expected to strengthen its outdoor brand, Merrell, in response to the growing outdoor industry, which could become a potential growth driver in the medium term [7] Financial Forecasts - The company forecasts earnings per share (EPS) of 0.49, 0.56, and 0.63 RMB for 2025, 2026, and 2027 respectively, with a target price of 8.54 HKD based on a 16x PE valuation for 2025 [2][8] - Revenue projections for the years 2023 to 2027 are as follows: 14,346 million RMB (2023), 13,577 million RMB (2024), 14,452 million RMB (2025), 15,795 million RMB (2026), and 17,244 million RMB (2027), reflecting a compound annual growth rate [2][12] - The company's net profit attributable to the parent company is expected to grow from 1,030 million RMB in 2023 to 1,745 million RMB in 2027, with corresponding growth rates of 11.8% (2023), 20.2% (2024), 10.6% (2025), 13.7% (2026), and 12.0% (2027) [2][12]
特步国际（01368）：中报业绩靓丽，索康尼增长势头强劲