证券研究报告 | 2025年10月20日 特步国际（01368.HK） 第三季度主品牌流水增长低单位数，索康尼增长超 20% |  | 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：2025 年 10 月 17 日，公司发布 2025 年第三季度营运状况，第三季度特步主品牌线上线下全渠 道零售销售流水同比增长低单位数，零售折扣 7.0-7.5 折，渠道库销比 4.0-4.5 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过 20%。 国信纺服观点： 1、第三季度特步主品牌、索康尼流水增长环比保持稳定，折扣和库存保持稳定，管理层维持全年指引； 2、风险提示 ...

智通财经APP获悉，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。 索康尼增长快速，渠道与产品优化持续推进 索康尼品牌三季度全渠道流水同比增长超20%，其中，线下流水增幅超30%。三季度新开16家门店，主 要布局于一、二线城市核心商圈，全年开店目标维持在30-50家。线上业务自二季度开始主动调整，减 少低价产品、收紧折扣，以强化高端品牌定位，为四季度旺季销售蓄力。产品方面，索康尼持续深耕跑 步场景，拓展服装与OG系列，获得市场积极反馈。公司对全年30%以上的增长目标保持信心并维持 2027年收入翻倍、经营利润率15%-20%的中长期规划。 申万宏源主要观点如下： 三季度主品牌流水表现稳健，儿童与线上增长 25年三季度特步主品牌全渠道流 ...

Group 1: Xtep International Performance - Xtep's main brand retail revenue in 2Q25 achieved low single-digit year-on-year growth, with overall revenue growth in 1H25 also in single digits [1] - Offline sales remained stable with slight growth, while online sales outpaced offline; children's products grew faster than adult products, and footwear outperformed apparel [1] - Functional products accounted for over 60% of the main brand's offerings, with running and outdoor categories leading the growth [1] Group 2: Market Trends and Strategies - The sales performance in April and May was better than in June, attributed to the May Day holiday and the earlier start of the 618 shopping festival compared to the previous year [1] - The company maintained a discount rate of 70-75%, with expectations for the annual discount to remain at current levels due to healthy inventory [1] - The DTC (Direct-to-Consumer) strategy is set to launch in 2H25, with plans to recover approximately 500 stores, representing about 8% of the total store count [1] Group 3: Competitor Analysis - Saucony's revenue in 1H25 grew over 30%, with 1Q growth exceeding 40% and 2Q growth over 20%, maintaining a target of 30%-40% growth for the year [2] - Saucony focuses on high-end positioning and brand upgrades, tightening online discounts and reducing low-priced product offerings [2] - The brand aims to enhance its presence in high-tier cities with new store openings and plans to increase investment in trail running products [2] Group 4: Financial Projections - Xtep is projected to achieve revenues of 144.14 billion, 154.32 billion, and 165.17 billion RMB for 2025-2027, with year-on-year growth rates of 6.2%, 7.1%, and 7.0% respectively [3] - The expected net profit for Xtep for 2025-2027 is 13.8 billion, 15.1 billion, and 16.6 billion RMB, with growth rates of 11.3%, 9.7%, and 9.7% respectively [3] - The company maintains a valuation of 11.5X PE for 2025, with a target price of 6.1 HKD, indicating a potential upside of 15.0% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][8] Core Views - The company's main brand saw low single-digit growth in retail sales for the second quarter, while the Saucony brand experienced over 30% growth [3][4] - The overall performance for the first half of the year aligns with the annual guidance, with stable discounts and inventory levels [4][5] - The management maintains the annual guidance, aiming for over 10% profit growth [6][8] Summary by Sections Sales Performance - In the second quarter, the main brand's retail sales growth was low single-digit year-on-year, with discounts ranging from 7.0 to 7.5 [3][5] - The Saucony brand's retail sales grew over 20% year-on-year, with a focus on reducing low-priced products in e-commerce to synchronize online and offline offerings [6][8] Financial Forecasts - The company expects net profits for 2025, 2026, and 2027 to be 1.4 billion, 1.5 billion, and 1.6 billion respectively, with year-on-year growth rates of 13.2%, 5.9%, and 7.7% [4][9] - Revenue projections for 2025 are set at 14.3 billion, with a growth rate of 5.4% [9] Market Positioning - The company is focusing on the running category to leverage its professional advantages, with expectations for steady growth in the main brand and rapid growth in professional sports brands like Saucony and Maile [4][8] - The management anticipates that the main brand will achieve stable growth in the mass market, while Saucony and Maile will target specific elite groups and outdoor markets for faster growth [4][8]