Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved revenue of 13.577 billion, net profit of 1.238 billion, and operating cash flow of 1.228 billion in 2024, with year-on-year growth of 6.5%, 20.2%, and -2.1% respectively [2] - The net profit growth was primarily due to a significant reduction in losses from the KP brand, which decreased by 70.1% to 67 million [2] - The company plans to continue expanding its product matrix and develop retro and commuting series to meet diverse consumer needs, while also focusing on high-end store openings in first and second-tier cities [7] Financial Performance Summary - In 2024, the company's revenue from the mass sports segment (Xtep) and professional sports segment (Saucony, Myle) was 12.327 billion and 1.25 billion respectively, with year-on-year growth of 3.2% and 57.2% [3] - The gross profit margin for 2024 was 43.2%, an increase of 1.4 percentage points, driven by the higher contribution from e-commerce in the mass sports segment [4] - The company’s inventory improved, with year-end inventory at 1.596 billion, a decrease of 11.0% [5] Earnings Forecast and Valuation - The company’s revenue is projected to reach 14.286 billion in 2025, with a year-on-year growth of 5.22% [9] - The net profit for 2025 is estimated at 1.374 billion, reflecting a year-on-year increase of 10.92% [9] - The earnings per share (EPS) for 2025 is forecasted to be 0.50, with a price-to-earnings (PE) ratio of 10.69 [9]
特步国际（01368）：索康尼快速开店，推进主品牌DTC战略