金吾财讯 | 开源证券发研指，特步国际(01368)2024Q4流水高单增长，其中电商好于线下、儿童好于成人，电商增长20%+，线下流水轻微增长，儿童双位数增长。2024年按季看流水分别增长高单/10%/中单/高单，预计2024年功能性跑鞋增长30%左右，带动全年流水增长高单位数。
该行指，索康尼聚焦双精英人群，保持高速增长，逐渐成为驱动集团收入的第二增长曲线，Q4全渠道录得50%+流水增长，2024年全年预计增长60%+，品牌规模突破10亿元。
该行表示，2024Q4特步主品牌流水高单增长、索康尼流水50%+增长，流水表现符合预期。该行维持盈利预测，预计2024-2026年归母净利润分别为12.4/13.98/15.7亿元，当前股价对应PE为11.0/9.8/8.7倍。主品牌围绕跑步生态，投入高性价比产品、渠道形象升级及投放新店型，当前经营指标稳健，流水有望稳健增长，此外索康尼突品牌升级阶段，门店、营销及产品投入加大，预计品牌势能提升下流水延续高增势头、利润率持续改善，维持“买入”评级。
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