Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Viewpoints - The main brand, Xtep, shows steady performance with a revenue increase of 3% to 12.3 billion, while professional sports revenue (including Saucony) surged by 57% to 1.3 billion [1] - The overall revenue for 2024 is projected at 13.6 billion, reflecting a 7% year-on-year growth [1] - The company is focusing on a Direct-to-Consumer (DTC) strategy to enhance brand loyalty and customer retention, with plans to reclaim distribution rights for 400-500 stores by 2026 [3] - The running trend in China continues to grow, with Xtep achieving the highest wearing rate in major marathons, solidifying its position as a leading running brand [2] Summary by Sections Financial Performance - Total revenue for 2024 is 13.6 billion, up 7% year-on-year; main brand revenue is 12.3 billion, up 3%, and professional sports revenue is 1.3 billion, up 57% [1] - Footwear revenue is 8.1 billion (59% of total), up 16%, while apparel revenue is 5.2 billion, down 6% [1] - The overall gross margin for 2024 is 43%, an increase of 1.4 percentage points [1] - Net profit attributable to shareholders is projected at 1.2 billion, a 20% increase [1] Market Position and Strategy - The company operates 6,382 adult brand stores and 1,584 children's stores in China, with plans to enhance its DTC strategy [3] - Saucony is positioned as a secondary growth driver, ranking among the top three in marathon shoe wearing rates [2] Future Outlook - Revenue forecasts for 2025-2027 are 14.7 billion, 15.8 billion, and 17 billion respectively, with net profit estimates of 1.36 billion, 1.52 billion, and 1.69 billion [4]
特步国际（01368）：主牌加强DTC，索康尼加速成长