金吾财讯 | 国信证券研报指出，第二季度特步国际(01368)特步主品牌线上线下全渠道零售销售流水同比增长低单位数，零售折扣7.0-7.5折；索康尼品牌线上线下全渠道零售销售流水同比增长超过20%。上半年主品牌全渠道零售销售流水同比增长中单位数，渠道库销比4.0-4.5个月；索康尼品牌线上线下全渠道零售销售流水同比增长超过30%。该机构指，特步聚焦跑步领域、发挥跑步品类专业优势，2025年上半年主品牌流水保持中单位数的稳健增长，专业运动品牌索康尼保持30%以上、迈乐保持50%以上快速增长。看好未来主品牌聚焦大众市场获得稳健增速，索康尼和迈乐分别聚焦“双精英人群”和户外，保持较快增速，并在未来3-5年盈利持续提升。该机构维持盈利预测，预计2025-2027年净利润分别为14.0/14.9/16.0亿元，同比增长13.2%/5.9%/7.7%。维持6.1-6.6港元的合理估值区间，对应2025年11-12xPE，维持“优于大市”评级。
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