金吾财讯 | 天风证券发研报指，特步国际(01368)零售销售增长(包括线上线下)同比增速位于中单位数；折扣约七五折；渠道库存周转，约四个月。索康尼零售销售增长(包括线上线下渠道)同比增长超50%。该行表示，在宏观经济不确定背景下，对价格敏感消费者会根据产品性价比和功能性来评估购买决策。他们对优质国内品牌的偏爱为特步增添不少市场优势。作为大众市场品牌，特步主品牌完美地迎合消费者对高性价比的专业跑步产品日益增长的需求。特步大众跑鞋的成功及受欢迎程度，从品牌位列中国马拉松赛事穿着率榜首中可见一斑，多年来助力公司不断扩大市场份额。该行预计公司24-26年收入分别为160亿人民币、179亿人民币、198亿人民币；净利分别为12.1亿人民币、14.1亿人民币、16.5亿人民币；对应EPS分别为0.46人民币/股、0.53人民币/股、0.63人民币/股；对应PE分别为11/10/8X。维持“买入”评级。
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