Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company's main brand revenue performance in Q3 is stable, with children's and online sales showing growth. The overall channel revenue for the main brand increased by a low single-digit percentage year-on-year, consistent with Q2's performance. Online sales outperformed offline, maintaining double-digit growth, while children's products outperformed adult products. Running and outdoor categories achieved double-digit growth, and functional products accounted for over 60% of the brand's offerings, stabilizing the core business [5][8] - The company is actively optimizing its channel structure and accelerating its layout in outlet stores. The new store formats have already exceeded 70% of the total store count, with a focus on high-end outlet malls. The company plans to expand its outlet store count to 70-100 by 2026, aligning with positive market trends in outlet channels [8][8] - The company is progressing steadily in its Direct-to-Consumer (DTC) transformation, planning to reclaim approximately 100 stores in Q4, with a total of 400 stores by the end of 2025. This move is expected to enhance long-term channel competitiveness [8] - The company is optimizing its multi-brand matrix by divesting from fashion sports brands and focusing on core running business, which is expected to strengthen its competitive position in the running segment [8] Financial Data and Profit Forecast - The company's revenue for FY2023 is projected at 143 billion RMB, with a year-on-year growth rate of 11%. The net profit attributable to shareholders is expected to be 10.3 billion RMB, reflecting a 12% increase year-on-year. The earnings per share (EPS) is forecasted to be 0.41 RMB [6][18] - For FY2024, revenue is expected to decline by 5% to 136 billion RMB, while net profit is projected to increase by 20% to 12.4 billion RMB. The EPS is anticipated to remain at 0.49 RMB [6][18] - The company forecasts a gradual increase in revenue and net profit from FY2025 to FY2027, with net profits expected to reach 16.0 billion RMB by FY2027, corresponding to a price-to-earnings (PE) ratio of 9 [6][18]
特步国际(01368):流水延续稳健增长,渠道加快奥莱布局