Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The professional sports segment is experiencing rapid revenue growth, with net profit attributable to the parent company increasing by 20% [5] - The company has completed the strategic divestiture of KP Global, with a revenue growth of 6.5% year-on-year for 2024 [7] - The company focuses on the running segment, enhancing resource allocation to optimize operations [7] Financial Performance Summary - Revenue for 2024 is projected at RMB 135.77 billion, a year-on-year increase of 6.5%, with gross profit of RMB 58.65 billion, up 10.0% [7] - The net profit attributable to the parent company for 2024 is expected to be RMB 12.38 billion, reflecting a 20.2% increase [7] - The gross margin and net profit margin for 2024 are projected to be 43.2% and 9.1%, respectively, improving by 1.36 percentage points and 1.04 percentage points compared to 2023 [7] Brand and Product Analysis - The company’s main brand, Xtep, shows steady growth with 2024 revenue of RMB 123.27 billion, up 3.2%, driven by strong online channel performance [7] - The professional sports segment (including Saucony and Merrell) is growing rapidly, with 2024 revenue of RMB 12.50 billion, a 57.2% increase [7] - The footwear segment achieved revenue of RMB 80.54 billion in 2024, a 15.9% increase, and accounted for 59.3% of total revenue [7] Earnings Forecast and Valuation - The company’s projected net profit for 2025 is RMB 13.63 billion, with a year-on-year growth of 10.07% [6][7] - The projected earnings per share for 2025 is RMB 0.49, with a price-to-earnings ratio of 10.46 [6] - The company is expected to maintain a strong return on equity (ROE) of 13.54% in 2025 [6]
特步国际：专业运动分部营收快速增长，归母净利润同增20%-20250319