金吾财讯 | 中信建投发研报指，24Q3特步(01368)主品牌流水增长中单位数，较24Q2的10%+有所降速，其中线上增速继续快于线下，预估线上双位数增长，主要得益于线上高性价比产品逐步丰富带动，预估线下持平略增，主要系线下终端消费较为疲软。24Q3折扣率为75折，同比23Q3的7-75折有所加深、环比24Q2持平，截至Q3末公司渠道库存周转天数为4个月左右，同比23Q3的4.5-5个月改善明显、环比持平。新品牌索康尼流水50%+增长。展望24Q4：1）十一以来伴随着客流改善，客单价和流水环比提升明显，预计公司终端流水增速或在双位数；2）运营方面，公司将继续平衡库存、盈利和销售，保障库存整体的健康；3）利润方面，KP业务剥离有望助力公司整体减亏并集中资源发展特步主品牌&索康尼及迈乐。考虑到资产剥离的影响，预计公司2024-2026年营收135.5、144.5、154.6亿元（考虑资产剥离影响后），同比-5.6%、+6.7%、+7.0%；归母净利润为12.36、13.94、15.29 亿元，同增 20.0%、+12.8%、+9.7%，利润率分别为9.2%、9.7%、9.9%，对应PE 为11.2x、9.9x、9.0x，维持“买入”评级。
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