智通财经APP获悉，浙商证券发布研报称，特步国际(01368)旗下品牌矩阵定位鲜明，特步品牌作为大众跑步领域龙头其专业性及高性价比持续受到消费者青睐，160X系列为代表的明星跑鞋以及丰富的跑步相关赛事、运动员资源持续带动品牌出圈，Saucony及Merrell作为高端及越野跑步品牌代表持续拓展客群，继续看好中长期稳健增长趋势，预计25年分红率50%，对应股息率4.6%，维持“买入”评级。
报告中称，公司发布2025Q3运营情况，特步主品牌流水低单增长，维持稳健增长态势;索康尼流水同比+20%以上，线下仍高速增长，电商调整基本近尾声。该行预计25/26/27归母净利润同比+10.6%/+11.0%/+11.0%至13.7/15.2/16.9亿元，对应当前市值的PE为11/10/9X。
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