证券研究报告 | 2026年01月23日 2026年01月24日 2026年01月27日 特步国际（01368.HK） 第四季度主品牌流水持平，索康尼增长超 30% |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | 执证编码：S0980523070003 | 事项： 公司公告：1 月 23 日，公司发布 2025 年第四季度及全年营运状况，第四季度特步主品牌线上线下全渠道 零售销售流水同比持平，零售折扣7.0-7.5折；索康尼品牌线上线下全渠道零售销售流水同比增长超过30%； 2025 全年，特步主品牌全渠道零售销售流水同比增长低单位数，年末渠道库销比约 4.5 个月；索康尼品牌 线上线下全渠道零售销售流水同比增长超 ...

Core Viewpoint - The company reported stable growth in retail sales for its main brand and the Saucony brand in Q3 2025, with the main brand's sales increasing by a low single-digit percentage year-on-year and Saucony's sales exceeding 20% growth [1][2]. Group 1: Sales Performance - The main brand's retail sales discount was maintained at 7.0-7.5, with a channel inventory turnover ratio of 4.0-4.5 months, indicating stable inventory levels [2]. - The main brand's sales growth in Q3 was better in July and August compared to September, with online sales outperforming offline sales [1][2]. - The children's category outperformed the adult category, and footwear sales surpassed apparel sales, with functional products, especially running and outdoor categories, leading the growth [1]. Group 2: Brand Strategy and Management Outlook - Saucony implemented strategic adjustments to its online business by reducing low-priced products and tightening discounts to synchronize online and offline offerings, achieving over 30% growth in offline sales [2]. - The management maintained its guidance for 2025, expecting the main brand to continue growing and Saucony's revenue to increase by over 30%, with profits projected to grow by more than 10% [2]. Group 3: Investment Recommendations - The company is optimistic about the main brand leveraging its running category advantages for steady sales growth, while professional sports brands are expected to see rapid growth and profit improvement [3]. - The company forecasts net profits of 1.4 billion, 1.49 billion, and 1.6 billion yuan for 2025-2027, representing year-on-year growth of 13.2%, 5.9%, and 7.7% respectively [3]. - A reasonable valuation range of 6.1-6.6 HKD is maintained, corresponding to a 2025 PE of 11-12x, with an "outperform" rating upheld [3].