Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance met expectations, with total revenue of 13.577 billion yuan, a year-over-year decrease of 5.36%. Excluding the impact of divesting the loss-making business, the revenue from continuing operations increased by 6.5% [8] - The net profit attributable to shareholders for 2024 was 1.238 billion yuan, reflecting a year-over-year increase of 20.23%, driven by the divestment of the loss-making business [8] - The main brand, Xtep, is focusing on direct-to-consumer (DTC) strategies, with e-commerce leading growth and offline channels being optimized. The company plans to convert 400-500 distributor stores to DTC by 2025 [8] - The subsidiary brand, Saucony, achieved revenue exceeding 1 billion yuan in 2024, with a year-over-year growth of 57.2%. The company plans to expand its flagship stores in high-tier cities [8] - The gross margin improved by 2.8 percentage points to 43.2% in 2024, with a healthy cash position reflected in a net cash of 985 million yuan, a year-over-year increase of 5.6% [8] - The profit forecasts for 2025 and 2026 have been slightly adjusted downwards to 1.37 billion yuan and 1.57 billion yuan, respectively, while a new forecast for 2027 is set at 1.77 billion yuan [8] Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 13.577 billion yuan, 14.313 billion yuan, 15.471 billion yuan, and 16.708 billion yuan, respectively [1] - The net profit attributable to shareholders is projected to be 1.369 billion yuan in 2025, 1.566 billion yuan in 2026, and 1.768 billion yuan in 2027 [1] - The earnings per share (EPS) are expected to be 0.49 yuan in 2025, 0.56 yuan in 2026, and 0.64 yuan in 2027 [1]
特步国际（01368）：2024年业绩点评：业绩符合预期，25H2主品牌推进DTC