Q3 天气扰动流水表现，维持全年预期 特步国际(1368) ——特步国际 2025Q3 经营数据点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 曹冬青(分析师) | 0755-23976666 | caodongqing@gtht.com | S0880524080001 | 本报告导读： Q3 主品牌低单流水增长，索康尼流水增速超 20%，我们维持全年预期。 投资要点： | | | [Table_Industry] 纺织服装业 | [Table_Invest] 评级： | 增持 | | --- | --- | | [当前价格 Table_CurPrice] (港元)： | 5.80 | [Table_Market] 交易数据 | 52 周内股价区间(港元) | 4.49-6.74 | | --- | --- | | 当前股本(百万股) | 2,802 | | 当前市值(百万港元) | 16, ...

Core Viewpoint - Cathay Securities maintains its profit forecast for Xtep International (01368) for 2025-2027, projecting net profits of RMB 1.37 billion, 1.49 billion, and 1.61 billion respectively, and sets a target price of HKD 8.74 for 2026, maintaining a "Buy" rating [1][2] Group 1: Financial Projections - The company is projected to achieve a positive revenue growth for its main brand in 2025, with a forecasted growth of over 30% for Saucony [2] - The overall profit growth for the group is expected to be around 10% [2] - The inventory level is considered healthy, with expectations to drop below RMB 2 billion by the end of 2025 [2] Group 2: Brand Performance - The main brand experienced low single-digit growth in Q3, with discounts ranging from 70% to 75%, and inventory levels at 4-4.5 months [1] - Functional products showed strong performance, with revenue growth in running and other functional categories expected to outpace lifestyle products [1] - Saucony's Q3 revenue grew over 20% year-on-year, with offline sales growth outpacing online due to proactive adjustments in e-commerce strategies [1]

申万宏源发布研报称，特步国际(01368)持续优化多品牌矩阵，24年剥离时尚运动品牌，聚焦核心跑步 业务，优化资源分配，25年开启DTC转型，探索更加高效优质的渠道布局，有利于夯实专业运动优势地 位，维持"买入"评级。维持盈利预测，预计25-27年净利润分别为13.7/14.9/16.0亿元，对应PE11/10/9 倍。公司在时尚品牌剥离后业务更加聚焦跑步赛道，有助于强化跑步业务优势，发挥品牌的协同效应， 继续看好未来发展。 申万宏源主要观点如下： 三季度主品牌库销比为4-4.5个月，折扣水平维持在7-7.5折，库存健康因而折扣压力较小，反映出公司 良好的供应链管理和终端动销效率。同期，索康尼品牌库存与折扣亦处于可控范围，为四季度促销节点 预留了灵活空间。 主品牌渠道创新持续进行，加大奥莱业态布局 特步持续优化渠道结构，升级门店形象，新形象9代店及领跑店占比已超70%。同时加快在购物中心与 奥莱的布局。奥莱渠道以领跑奥莱和精选奥莱为代表，领跑奥莱面积超200平，主要在高端奥莱商场， 筛选优质跑步产品呈现高端跑步形象。精选奥莱面积600-800平，在产品的丰富度、SKU深度上优势明 显目前已开店铺月店效可达百万 ...