国信证券：维持特步国际(01368)“买入”评级 目标价下调至5.7-6.2港元
国信证券发布报告称，维持特步国际(01368)“买入”评级，由于索康尼和迈乐并表后对利润有小幅贡献，小幅上调2024-2025年盈利预测，预计2023-2025年净利润分别为10.4/12.4/14.5亿元(原10.4/12.3/14.3亿元)，同比增长13%/19%/17%，由于近期板块估值回调，目标价下调至5.7-6.2港元。
该行认为，特步国际收购索康尼中国知识产权并对索康尼中国合资公司实现全资控股，有望助力特步集团第二成长曲线快速发展;管理层维持主品牌及集团全年指引，主品牌全年流水预计增长20%以上，四季度零售折扣7左右，年底集团报表存货下降至20亿元以内。
报告中称，看好索康尼在中国的发展前景与主品牌的协同效应，关注集团库存健康后经营回归正轨的机遇。公司收购索康尼相关资产并明确未来发展目标，彰显新品牌发展信心，索康尼快速增长将为中长期业绩带来增量。同时特步主品牌定位大众市场、深耕跑步领域强化品牌势能，随着库存健康度改善，明年经营有望逐步回归正轨。
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