【特步国际（1368.HK）】剥离KP业务、索康尼实现高增，聚焦跑步、推进零售改革——2024年业绩点评（姜浩/孙未未/朱洁宇）

Core Viewpoint - The company reported a revenue of 13.58 billion RMB for 2024, reflecting a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.24 billion RMB, which is a 20.2% increase compared to the previous year [2] Financial Performance - The company achieved a net profit margin of 9.1%, an increase of 1.0 percentage points year-on-year, after divesting the KP business [2] - The earnings per share (EPS) for 2024 was 0.49 RMB, with a total dividend payout ratio of 138.2% [2] - The main brand's revenue showed a high single-digit growth in Q1, approximately 10% in Q2, mid-single-digit growth in Q3, and high single-digit growth in Q4, leading to an overall high single-digit growth for the year [2] Revenue Breakdown - In 2024, the revenue from the main brand and professional sports segments grew by 3.2% and 57.2%, respectively [3] - Revenue contributions by category were 59.3% from footwear, 38.5% from apparel, and 2.2% from accessories, with footwear revenue increasing by 15.9% and apparel decreasing by 5.7% [3] - E-commerce revenue for the main brand grew by approximately 20%, accounting for over 30% of the main brand's total revenue [3] Profitability Metrics - The gross profit margin improved by 1.4 percentage points to 43.2% in 2024, with the professional sports segment's gross margin rising significantly due to acquisitions [4][5] - The operating profit margin for the company was 14.5%, an increase of 0.4 percentage points year-on-year, with the professional sports segment achieving a profit margin of 6.3%, up by 5.2 percentage points [5] Inventory and Cash Flow - Inventory at the end of 2024 decreased by 11.0% to 1.6 billion RMB, with inventory turnover days reduced by 22 days to 68 days [6] - Operating net cash flow for 2024 was 1.23 billion RMB, a decrease of 2.1% year-on-year [6]