Tiger Brokers

中信建投：维持特步国际(01368)“买入”评级 25Q3索康尼品牌零售额超20%增长

智通财经
Oct 21

智通财经APP获悉，中信建投发布研报称，维持特步国际(01368)“买入”评级，预计公司2025-2027年营收143.2、152.6、163.7亿元，同比+5.5%、+6.6%、+7.2%;归母净利润为13.7、15.2、16.7亿元，同增10.5%、+11.1%、+10.0%，利润率分别为9.6%、10.0%、10.2%。公司发布2025年第三季度营运表现报告：25Q3特步主品牌零售额同比低单位数增长，零售折扣水平约7-7.5折、库存周转约4-4.5个月。25Q3索康尼品牌零售额超20%增长。

报告中称，25Q3主品牌特步流水增长低单位数，线上增速继续快于线下、儿童快于成人。25Q3终端折扣在7-7.5折之间，环比持平。截至Q3末，公司渠道库存周转天数为4-4.5个月，环比持平。产品端持续推进跑步全产品线，线下渠道持续升级店铺形象、重点推进奥莱布局。25Q3索康尼品牌流水增长20%+，线下仍保持30%+强劲增长势头、电商仍在调整，截至9月底，索康尼门店数170余家/较年初+近30家。展望25Q4：1)特步主品牌规划2025H2及2026年向约400-500家特步店铺收回分销权(25年约100家)，预计短期对于收入影响将有所显现;2)索康尼品牌继续线下开店(全年规划新开30-50家线下门店)，并适当减少线上低价、折扣深的产品。

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