中信里昂发布研报称,上调特步国际(01368)目标价3.5%,从5.7港元上调至5.9港元,维持评级“跑赢大市”。该行称,特步2024财年销售/纯利符合其预期。特步的指引为集团销售额增长积极,在出售KPGlobal之后纯利增长超过10%。专业运动领域销售的指引为增长30-40%。展望2025年,特步品牌面向消费者(DTC)业务模式转型,简化渠道结构及海外扩张是战略性重点。品牌索康尼销售额去年达到10亿元人民币,其产品供给将进一步扩大,今年另有门店扩张及选择性的新开张。
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