Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 5.08 and a fair value of HKD 6.02 [5]. Core Insights - The main brand of the company shows steady growth, while the subsidiary brand, Saucony, has accelerated its growth on a quarter-over-quarter basis [9]. - The company's revenue for 2023 is projected at RMB 12.743 billion, with a growth rate of -1.5%. Revenue is expected to increase to RMB 16.868 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.7% [4]. - The net profit attributable to shareholders is forecasted to grow from RMB 1.030 billion in 2023 to RMB 1.668 billion in 2027, with a notable growth rate of 20.2% in 2024 [4]. Financial Summary - Revenue Forecast: - 2023A: RMB 12,743 million - 2024A: RMB 13,577 million (6.5% growth) - 2025E: RMB 14,416 million (6.2% growth) - 2026E: RMB 15,516 million (7.6% growth) - 2027E: RMB 16,868 million (8.7% growth) [4] - Net Profit Forecast: - 2023A: RMB 1,030 million - 2024A: RMB 1,238 million (20.2% growth) - 2025E: RMB 1,362 million (10.0% growth) - 2026E: RMB 1,514 million (11.1% growth) - 2027E: RMB 1,668 million (10.2% growth) [4] - Earnings Per Share (EPS): - 2023A: RMB 0.39 - 2024A: RMB 0.46 - 2025E: RMB 0.49 - 2026E: RMB 0.54 - 2027E: RMB 0.60 [4] - Valuation Ratios: - Price-to-Earnings (P/E) ratio is projected to decrease from 10.1 in 2023 to 7.7 in 2027 [4]. - Return on Equity (ROE) is expected to improve from 11.6% in 2023 to 15.1% in 2027 [4]. - Market Position: The company is expected to maintain a strong position in the running shoe market, with a projected sales volume of over 25 million pairs by 2025 [9].
特步国际（01368）：25Q4主品牌稳健，索康尼环比提速