2024 年回顾,终端流水稳健增长,库存健康。2024 年四家港股运动鞋服公司合计营收同比增长9%至1232 亿元,合计归母净利润同比增长36.21%至210 亿元,若剔除安踏体育因Amer 上市和增发带来的一次性利得后,四家公司合计归母净利润同比增长12%至173.3 亿元,在波动的消费环境下,业绩仍实现了稳健的增长。从终端营运层面来看,我们判断截至2024 年末安踏/Fila/特步/361 ...
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