Investment Rating - The report maintains an "Accumulate" rating for the company [6][12]. Core Views - The main brand experienced low single-digit revenue growth in Q3, while the Saucony brand saw revenue growth exceeding 20%. The overall annual expectations remain unchanged [2][12]. - The report anticipates a healthy inventory level, projecting it to decrease to below 2 billion by the end of 2025. The dividend payout ratio is expected to be no less than 50% for the year [12]. Financial Summary - Total revenue is projected to be 14,470 million RMB in 2025, reflecting a 6.6% increase from 2024. Net profit is expected to reach 1,373 million RMB, a 10.8% increase from the previous year [11][12]. - The company is expected to maintain a PE ratio of 10.9 in 2025, with a target price of 8.74 HKD based on a 15X PE for 2026 [12][15]. - The financial ratios indicate a projected ROE of 14.6% and a sales net profit margin of 9.49% for 2025 [13].
特步国际（01368）：2025Q3经营数据点评：Q3 天气扰动流水表现，维持全年预期