【券商聚焦】国盛证券维持特步国际(01368)买入评级指主品牌流水承压

金吾财讯

Jul 20

金吾财讯 | 国盛证券发布研报指，特步国际(01368)发布2026年第二季度经营情况公告，期内主品牌特步流水同比下跌中单位数，索康尼流水则录得低单位数增长。

报告指出，特步主品牌Q2流水承压，主要因春节后居民消费意愿较弱及天气波动影响终端客流。分渠道看，电商业务仍实现稳健增长，表现优于线下。品牌持续优化产品与渠道，核心跑步品类表现较好，线下积极推动DTC门店回收及购物中心进驻以改善店铺结构。运营层面，终端零售折扣维持7-7.5折，同比及环比基本持平，渠道库存周转天数约4.5-5个月，虽同比略有延长，整体仍处健康水平。

专业运动品牌索康尼方面，2026年上半年流水增长低双位数。Q2品牌积极推进高端化转型，对线上价格体系进行管控导致电商流水有所波动。线下深化优质形象店开拓，并借助私域跑团及重点赛事构建强链接，强化品牌调性，同时丰富服装和生活类产品以拓宽增长动能。

公司作为国内领先的体育用品企业，在专业跑步领域具有较大优势，索康尼经营规模逐步扩张，国盛证券预计公司2026-2028年归母净利润为12.12/13.31/14.82亿元，对应2026年PE为7.5倍，维持“买入”评级。

风险提示：消费环境波动、渠道优化不及预期、索康尼表现不及预期等。

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