金吾财讯 | 东吴证券发研指，特步国际(01368)24Q3特步主品牌全渠道零售流水同比增长中单位数，零售折扣约7.5折，存货周转约4个月。该行指，分渠道看，Q3线上增长高双位数、线下流水微增，线上保持较快增长、主要受益于电商平台客流恢复，线下流水微增主要来自渠道结构优化、店效提升带动。分品类看，Q3儿童增长低双位数、表现好于成人。10月以来受益于政府相关刺激政策，线上线下流水均提升至双位数增长，目前双十一预售表现符合预期。该行续指，24Q3索康尼流水同比增长50%左右，保持强劲增长势头，预计未来将加大高线城市开店。产品方面，在聚焦专业跑步的同时，索康尼拓展复古潮流产品辅助满足市场需求。K&P预计11月底完成出售，有望改善公司盈利。该行表示，公司深耕国内大众体育市场，打造跑鞋优势品类，构建多品牌矩阵，24Q3受宏观消费环境转弱影响主品牌流水增长放缓，但索康尼品牌保持强劲增速。10月以来销售呈改善趋势，结合公司折扣和库存有效控制、降本增效措施持续推进、剥离KP，利润率有望如期改善。考虑Q3流水增速不及预期、公司库存及折扣控制较好，该行将24-26年归母净利润预测值从12.7/13.8/16.1亿元调整为12.4/14.2/16.5亿元、对应PE为11/10/9X，维持“买入”评级。
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