特步国际（01368）：经营韧性凸显，索康尼高增引领成长

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall performance is described as meeting market expectations, indicating a positive outlook for investors [2]. Core Insights - The company demonstrated resilience in its operations, achieving key performance indicators for revenue, profit, and inventory health in 2025, with the main brand showing low single-digit growth despite a high base and challenging consumer environment [2][3]. - The subsidiary brand, Saucony, continued its strong growth trajectory, achieving over 30% year-on-year growth, becoming a significant growth driver for the company [2][3]. - The company maintains a healthy inventory turnover of approximately 4.5 months, with retail discounts remaining stable, reflecting solid operational quality [2][3]. Brand Performance - The main brand focused on deepening its core running category, with the Champion series running shoes seeing sales double, showcasing product strength and market recognition [3]. - Saucony's high-end strategy has proven effective, with significant growth in key marathon events, enhancing brand influence and market position [3]. Channel and Operations - The company is advancing its Direct-to-Consumer (DTC) transformation, having closed approximately 200 stores in 2025 and planning to close an additional 300-400 in 2026 to improve operational efficiency and market responsiveness [4]. - The online business is thriving, with the main brand's e-commerce growth leading the way, and cross-border e-commerce revenue increasing by over 200% [4]. Outlook - The company has established a clear dual strategy focusing on consolidating the mass market with its main brand while pushing Saucony into the high-end segment, with confidence in doubling Saucony's revenue by 2027 [4]. - Marketing investments will be more focused in 2026, aligning with the anticipated sports year, which is expected to enhance brand visibility while maintaining profit levels [4]. Financial Forecast - The company forecasts net profits for 2025-2027 to be CNY 1.346 billion, CNY 1.460 billion, and CNY 1.630 billion, respectively, with corresponding P/E ratios of 9.49X, 8.75X, and 7.83X [4].