2024年跑步驱动增长，巩固基础，务实发展，维持“买入”评级2024年公司实现营收286.76亿元(同比+3.9%，下同)，归母净利润30.13亿元(-5.5%)，净利率10.5%(-1.0pct)，符合预期，派息率从45%提至50%。考虑加盟渠道健康发展短期影响发货增速以及加大对运动资源的费用投入，我们下调2025-2026年并新增2027年盈利预测，预计2025-2027年归母净利润为24.6...
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