Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 6.34 based on a 12x PE valuation for 2025 [4][5]. Core Insights - The company has adjusted its revenue and gross margin forecasts for 2025-2026, introducing a new forecast for 2027, with expected earnings per share of RMB 0.49, 0.56, and 0.63 for 2025-2027 respectively [4][5]. - The main brand is focusing on increasing Direct-to-Consumer (DTC) investments to enhance customer interaction and brand loyalty [7][8]. - The professional sports segment, particularly the Saucony brand, has shown significant revenue growth and improved profitability, indicating the effectiveness of the DTC strategy [7][8]. Financial Performance Summary - For 2023, the company reported revenue of RMB 14,346 million, with a year-on-year growth of 10.9%. The projected revenues for 2024, 2025, 2026, and 2027 are RMB 13,577 million, RMB 14,452 million, RMB 15,795 million, and RMB 17,244 million respectively, with growth rates of -5.4%, 6.4%, 9.3%, and 9.2% [4][8]. - The operating profit for 2023 was RMB 1,580 million, with a year-on-year growth of 7.9%. The expected operating profits for the following years are RMB 1,966 million, RMB 1,980 million, RMB 2,309 million, and RMB 2,593 million, reflecting growth rates of 24.4%, 0.7%, 16.6%, and 12.3% [4][8]. - The net profit attributable to the parent company for 2023 was RMB 1,030 million, with a year-on-year increase of 11.8%. The forecasts for the next four years are RMB 1,238 million, RMB 1,369 million, RMB 1,558 million, and RMB 1,745 million, with growth rates of 20.2%, 10.6%, 13.8%, and 12.0% [4][8]. - The gross margin is expected to improve from 42.2% in 2023 to 45.0% by 2027, while the net margin is projected to increase from 7.2% to 10.1% over the same period [4][8].
特步国际：年报点评：索康尼收入高增+盈利改善，主品牌加大DTC投入-20250320