【券商聚焦】申万宏源维持特步国际(01368)买入评级指三季度主品牌流水表现稳健

金吾财讯

Oct 20, 2025

金吾财讯 | 申万宏源研报指，特步国际(01368)25年三季度主品牌全渠道流水同比增长低单位数，延续二季度的稳健态势，表现符合预期。其中，线上优于线下，线上销售基本保持双位数增长；儿童优于成人。就品类而言，跑步与户外产品实现双位数增长，生活类产品受宏观环境影响略有波动，但特步品牌功能性产品占比超六成，稳定基本盘。该机构提到，主品牌渠道创新持续进行，加大奥莱业态布局。奥莱渠道以领跑奥莱和精选奥莱为代表，领跑奥莱面积超200平，主要在高端奥莱商场，筛选优质跑步产品呈现高端跑步形象。精选奥莱面积600-800平，在产品的丰富度、SKU深度上优势明显，目前已开店铺月店效可达百万级别，反馈积极，至26年规划门店数量拓展至70-100家，契合当下奥莱渠道客流较好、动销积极的市场趋势，有望为线下销售贡献增量。该机构指，公司持续优化多品牌矩阵，24年剥离时尚运动品牌，聚焦核心跑步业务，优化资源分配，25年开启DTC转型，探索更加高效优质的渠道布局，有利于夯实专业运动优势地位。维持盈利预测，预计25-27年净利润分别为13.7/14.9/16.0亿元，对应PE 11/10/9倍。公司在时尚品牌剥离后业务更加聚焦跑步赛道，有助于强化跑步业务优势，发挥品牌的协同效应，继续看好未来发展，维持买入评级。

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