【券商聚焦】光大证券维持特步国际(01368)“买入”评级指主品牌及索康尼协同增长

金吾财讯

Aug 20, 2025

金吾财讯 | 光大证券研报指，特步国际(01368)2025年上半年实现营业收入68.4亿元（人民币，下同），同比增长7.1%，归母净利润9.1亿元，同比增长21.5%，公司于去年11月剥离KP业务，KP业务去年上半年有所亏损，若不考虑该影响，2025年上半年公司归母净利润同比增长6.4%。EPS为0.35元，拟每股派发现金红利0.18港元、派息比率为50.0%。公司持续聚焦跑步领域，特步主品牌深耕大众市场，索康尼和迈乐发力高端市场。在2025年上半年重点马拉松赛事中（厦门、无锡、兰州），特步主品牌穿着率保持第一，索康尼穿着率位居前三名。特步主品牌不断拓宽产品矩阵，上半年推出新一代360X 2.0碳板跑鞋、青云缓震旗舰跑鞋系列，8月全新发布160X 7.0 PRO，为跑者提供更强的回弹力、推进力与防滑性能。专业运动板块方面，索康尼继续推出高性能跑鞋产品，如胜利23/啡翼2/菁华16/啡速5等，并拓展服装及OG产品矩阵。我们维持公司25~27年盈利预测，按最新股本计算，对应25/26/27年EPS分别为0.49/0.55/0.60 元，当前股价对应PE分别为11/10/9倍，维持“买入”评级。

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