Investment Rating - The report maintains a "Buy" rating for the company [2][6][25] Core Views - The company's main brand shows steady growth, with a notable performance in professional sports, particularly in the children's segment, which is growing faster than the adult segment [6] - The company plans to optimize its multi-brand matrix by focusing on core running business and transitioning to a Direct-to-Consumer (DTC) model, which is expected to enhance its competitive position in the professional sports sector [6] - The company has healthy inventory levels and stable discount rates, maintaining its annual profit growth guidance of over 10% [6] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 143 billion RMB - FY2024: 136 billion RMB - FY2025E: 146 billion RMB - FY2026E: 158 billion RMB - FY2027E: 169 billion RMB - Net profit forecasts for the same period are: - FY2023: 10.3 billion RMB - FY2024: 12.4 billion RMB - FY2025E: 13.7 billion RMB - FY2026E: 15.0 billion RMB - FY2027E: 16.3 billion RMB - The company expects a gross margin improvement, with projections of 42% in FY2023, increasing to 45% by FY2027 [5][6][16]
特步国际（01368）：主品牌稳健增长，专业运动延续亮眼表现