Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's 2024 performance met expectations with a revenue growth of 6.5% and a net profit growth of 20.2%, indicating a solid operational performance [1] - The company is expected to achieve a revenue growth of approximately 7% and a net profit growth of around 10% in 2025, driven by the transformation towards direct-to-consumer (DTC) sales and the strong performance of its professional sports segment [9] Financial Performance Summary - In 2024, the company's revenue from continuing operations increased by 6.5% to 13.577 billion yuan, with a gross margin improvement of 1.4 percentage points to 43.2% [1] - The net profit attributable to the parent company rose by 20.2% to 1.238 billion yuan, with a net profit margin increase of 1 percentage point to 9.1% [1] - The company's earnings per share (EPS) for 2024 was 0.45 yuan, with a projected EPS of 0.49 yuan for 2025 [10] Brand and Product Development - The main brand's revenue grew by 3.2% to 12.3 billion yuan in 2024, with a focus on enhancing product and brand strength to meet diverse consumer needs [1] - The professional sports segment, including brands like Saucony, saw a remarkable revenue increase of 57.2% to 1.25 billion yuan in 2024, with a gross margin improvement of 17.2 percentage points to 57.2% [2] Market Position and Strategy - The company has established a robust running ecosystem with 72 running clubs and over 2.2 million members, reinforcing its brand moat [1] - The DTC transformation is expected to significantly enhance retail efficiency and drive long-term business growth [1] Future Outlook - The company anticipates a cautious yet optimistic operational strategy for its main brand in 2025, with continued growth in the professional sports segment [9] - The projected net profit for 2025 is estimated at 1.365 billion yuan, with further growth expected in subsequent years [10]
特步国际（01368）：2024年业绩符合预期，2025年期待公司稳健增长