Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6]. Core Insights - The company reported a mid-single-digit year-on-year growth in retail sales for its main brand in Q1 2025, with retail discounts ranging from 7% to 75% and channel inventory turnover of approximately four months. The subsidiary brand, Saucony, achieved over 40% year-on-year growth in retail sales [1]. - The company has been actively promoting public health and sports development since 2007, sponsoring 44 top marathon and road running events across China in 2024, including the prestigious Xiamen Marathon [2]. - The company aims to enhance its direct-to-consumer (DTC) business model to foster deeper and more personalized interactions with customers, thereby increasing brand loyalty and retention rates [3]. - Saucony has quickly become a prominent player in the running market, ranking among the top three in terms of wearing rates in Chinese marathons. The DTC strategy has driven over 100% compound annual growth in the professional sports segment's revenue from 2020 to 2024 [4]. Financial Projections - The company forecasts revenues of RMB 14.7 billion, RMB 15.8 billion, and RMB 17 billion for the years 2025 to 2027, with net profits of RMB 1.36 billion, RMB 1.52 billion, and RMB 1.69 billion respectively. Corresponding EPS is projected to be RMB 0.49, RMB 0.55, and RMB 0.61, with PE ratios of 9x, 8x, and 8x [5].
特步国际：库存优化，索康尼继续发力-20250419