金吾财讯 | 中信建投发研报指，特步国际(01368)24Q4主品牌流水增长高单位数、环比提速（全年高单位数增长），其中线上增速继续快于线下，预估线上20%+增长，得益于线上高性价比产品逐步丰富带动以及大促活动，预估线下低单位数增长。24Q4终端折扣在7-7.5折之间，同比23Q4改善（7折）、环比有所加深（7-7.5折）。截至Q4末，公司渠道库存周转天数为4个月左右，同比23全年的4-4.5个月略有改善，环比持平。24Q4索康尼品牌流水增长约50%，延续24年以来的高增态势，对应全年超60%增长。
展望后续，特步主品牌公司将线下门店结构逐步优化，践行开大店关小店；索康尼在渠道端注重高质量拓店；产品端服装、复古OG、通勤系列不断增加。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，该行预计公司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12.37、13.95、15.31亿元，同增20.1%、+12.8%、+9.7%，利润率分别为9.2%、9.7%、9.9%，对应PE为11.2x、10.0x、9.1x，维持“买入”评级。
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