特步国际(1368.HK)：零售保持平稳产品矩阵优化

长江证券2025-04-23

事件描述特步发布2025Q1 零售情况，特步主品牌Q1 流水同比增长中单位数，折扣70-75 折，库销比~4 个月，索康尼流水同比增长超40%。事件评论主品牌零售平稳，索康尼强劲增长。2025Q1 特步主品牌流水同比增长中单位数，预计主要依靠鞋类增长带动，功能性跑鞋延续较优增长表现。此外预计线上增速高于线下，线下连带率和客单价保持稳定，折扣70~75 折，库销比4 个月，整体零售表现平稳。索康尼...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2529508036?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-04-23 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2529508036","market":"hk","top_or_hot":-1,"title":"特步国际(1368.HK)：零售保持平稳 产品矩阵优化","media":"长江证券","content":"<div>\n<p>事件描述特步发布2025Q1 零售情况，特步主品牌Q1 流水同比增长中单位数，折扣70-75 折，库销比~4 个月，索康尼流水同比增长超40%。事件评论主品牌零售平稳，索康尼强劲增长。2025Q1 特步主品牌流水同比增长中单位数，预计主要依靠鞋类增长带动，功能性跑鞋延续较优增长表现。此外预计线上增速高于线下，线下连带率和客单价保持稳定，折扣70~75 折，库销比4 个月，整体零售表现平稳。索康尼...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250423183650a6c509fe&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特步国际(1368.HK)：零售保持平稳 产品矩阵优化</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特步国际(1368.HK)：零售保持平稳 产品矩阵优化\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-23 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250423183650a6c509fe&s=b><strong>长江证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>事件描述特步发布2025Q1 零售情况，特步主品牌Q1 流水同比增长中单位数，折扣70-75 折，库销比~4 个月，索康尼流水同比增长超40%。事件评论主品牌零售平稳，索康尼强劲增长。2025Q1 特步主品牌流水同比增长中单位数，预计主要依靠鞋类增长带动，功能性跑鞋延续较优增长表现。此外预计线上增速高于线下，线下连带率和客单价保持稳定，折扣70~75 折，库销比4 个月，整体零售表现平稳。索康尼...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250423183650a6c509fe&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1168","symbol_name":"鞋类","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250423183650a6c509fe&s=b","article_id":"2529508036","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250423183650a6c509fe&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2529508036","pubTimestamp":1745337600,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"事件描述特步发布2025Q1 零售情况，特步主品牌Q1 流水同比增长中单位数，折扣70-75 折，库销比~4 个月，索康尼流水同比增长超40%。事件评论主品牌零售平稳，索康尼强劲增长。2025Q1 特步主品牌流水同比增长中单位数，预计主要依靠鞋类增长带动，功能性跑鞋延续较优增长表现。新品持续推出，产品矩阵优化。综合我们预计2025-2027 年特步国际实现归母净利分别为14.1、16.0、18.2 亿元，现价对应PE 分别为9/8/7 倍，维持“买入”评级。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK1168":"鞋类","01368":"特步国际","BK1512":"体育用品","BK1502":"双十一","BK1583":"高瓴概念"},"translate_title":"Xtep International (1368. HK): Retail sales remain stable, product matrix optimization","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01368":1},"content_text":"事件描述特步发布2025Q1 零售情况，特步主品牌Q1 流水同比增长中单位数，折扣70-75 折，库销比~4 个月，索康尼流水同比增长超40%。事件评论主品牌零售平稳，索康尼强劲增长。2025Q1 特步主品牌流水同比增长中单位数，预计主要依靠鞋类增长带动，功能性跑鞋延续较优增长表现。此外预计线上增速高于线下，线下连带率和客单价保持稳定，折扣70~75 折，库销比4 个月，整体零售表现平稳。索康尼Q1 流水同比增长超40%，延续强劲增长表现。新品持续推出，产品矩阵优化。碳板跑鞋方面，特步推出全民适配的碳板跑鞋360X 2.0，相较于上一代进一步升级，完善特步冠军跑鞋矩阵；大众缓震跑鞋方面，推出特步青云缓震旗舰跑鞋，进一步完善跑鞋矩阵。展望未来，短期来看，公司逐步布局DTC 渠道战略，收入及利润后续有望迎来增长，2025年税率对业绩弹性较大，业绩有望高增。中长期来看，主品牌直营渠道精炼内功，索康尼仍保持强劲势头增长，预计未来3 年有望达到15%-20%高利润率水平成为公司增长第二极。综合我们预计2025-2027 年特步国际实现归母净利分别为14.1、16.0、18.2 亿元，现价对应PE 分别为9/8/7 倍，维持“买入”评级。风险提示1、终端零售疲软；2、专业运动增速不及预期；3、DTC 转型不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2529508036","isCrawlerRequest":true}

特步国际(1368.HK)：零售保持平稳 产品矩阵优化

精彩评论

特步国际(1368.HK)：零售保持平稳产品矩阵优化