Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has shown steady revenue growth in Q1 2025, with a year-on-year increase in revenue in the single digits. The retail discount level is between 70-75%, and inventory turnover days are around 4 months, indicating stable operational quality [1][2]. - The e-commerce business is performing exceptionally well, with expected sales growth of over 20% due to the Spring Festival. The company is optimizing its store structure and plans to initiate a Direct-to-Consumer (DTC) transformation in the second half of 2025 to enhance retail efficiency [1][2]. - The company's subsidiary, Saucony, has become a new growth driver, with revenue growth exceeding 40% in Q1 2025. The brand has already surpassed 1 billion yuan in revenue in 2024 and is undergoing a brand revitalization process [2]. - For 2025, the company is expected to achieve a revenue growth of approximately 7% and a net profit growth of around 10% [2][3]. Financial Summary - The company's projected financials for 2025 include: - Revenue: 14,519 million yuan, a year-on-year growth of 6.9% - Net profit: 1,365 million yuan, a year-on-year growth of 10.3% - Earnings per share (EPS): 0.49 yuan [4][3]. - The company is expected to maintain a Price-to-Earnings (P/E) ratio of 9 times in 2025, indicating a favorable valuation [3][4].
特步国际：2025Q1特步流水稳健增长，库存健康，索康尼表现优异-20250418