投资评级:增持(维持) 核心观点 | --- | --- | |------------------|------------| | 基本数据 | 2024-08-20 | | 收盘价(港元) | 5.08 | | 流通股本(亿股) | 26.45 | | 每股净资产(港元) | 3.57 | | 总股本(亿股) | 26.45 | 最近 12 月市场表现 -53% -40% -27% -14% -1% 11% 特步国际 恒生指数 分析师 于健 SAC 证书编号：S0160522060001 yujian@ctsec.com 联系人 王瑾瑜 wangjy03@ctsec.com 相关报告 1. 《运营指标改善，Q2 增长提速》 2024-07-15 2. 《剥离 KP 亏损业务，聚焦跑步赛道》 2024-05-15 3. 《库存优化明显，新品牌快速发展》 2024-03-19 特步国际(01368) / 纺织服饰 / 公司点评 / 2024.08.21 毛利率明显改善，专业运动板块高增 证券研究报告 ❖ 事件：公司 2024H1 营收 72.03 亿元，同比+10.4%，归母净利润 7.52 亿元， 同比+1 ...

2024 年 8 月 21 日 公司研究 主品牌稳健增长、专业运动板块表现亮眼，坚持聚焦跑步赛道 ——特步国际（1368.HK）2024 年中期业绩点评 买入（维持） 当前价：5.08 元港币 要点 作者 事件： 24 年上半年收入、归母净利润同比+10.4%、+13.0% 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 股价相对走势 市场数据 | --- | --- | |-----------------------|-----------| | 总股本(亿股) | 26.45 | | 总市值(亿港元)： | 134.34 | | 一年最低/最高(港元)： | 3.61/8.30 | | 近 3 月换手率： | 24.8% | -60% -50% -40% -30% -20% -10% 0% 1 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 21 年 月 日 特步国际（01368.HK） 主品牌 H1 稳健增长，索康尼表现超预期 公司 2024H1 营收增长 10.4%，业绩增长 13%，整体表现符合预期。 公司 2024H1 营收同比增长 10.4%至 72 亿元，毛利率同比提升 3.1pcts 至 46%，销售费用率同比提升 0.3pcts 至 23.5%，管理费用率同比提升 1.4pcts 至 11.1%，综上归母净利率同比提升 0.2pcts 至 10.4%，归母净 利润同比增长 13%至 7.5 亿元，整体表现符合预期，公司上半年经营活动 现金流净额同比增长 212%至 8.3 亿元，波动环境下公司同下游渠道伙伴 整体仍保持稳健经营态势。上半年董事会宣派中期股息 15.6 港仙/股，派 息比率为 50%，同比保持稳定，同时公司建议宣派特别股息 44.7 港仙/ 股。 特步主品牌：上半年收入稳健增长，长期专业跑步品牌势能持续提升。 2024H1 主品牌营收同比增长 6.6%至 57.9 亿元，毛利率同比提升 0.8pcts 至 43.9%，经营利润率同比提升 0.2p ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 的 內 容 概 不 負 責，對 其 準 確 性 或 完 備 性 亦 無 發 表 聲 明，並 表 明 不 會 就 本 公 佈 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Xtep International Holdings Limited （於開曼群島註冊成立的有限公司） 特步國際控股有限公司 （股份代號：1368） 二 零 二 四 年 度 中 期 業 績 公 佈 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Xtep International Holdings Limited (01368) H1 2024 Earnings Call August 19, 2024 08:00 PM ET Speaker0 Investors and media friends, good afternoon. Welcome to XTEP's twenty twenty Form Interim Results Presentation Webcast and Conference Call. I am Sofia, Director of IR Department. Online, we have our management, including Chairman and CEO, Mr. Ding Xue Bo President, Mr. Tian Zhong CFO, Mr. Yan Rubin. In today's webcast and conference call, it will be conducted in Mandarin with English simultaneous interpret ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 特步国际（1368）公司公告点评 2024 年 07 月 24 日 | --- | --- | |------------------------------------------|-----------| | [Table_StockInfo]7 月24 日收盘价（港元） | 4.72 | | 52 周股价波动（港元） | 3.62-8.44 | | 总股本（百万股） | 2645 | [《Ta24bQle1_流R水ep增o长rtI稳nf健o，] 渠道库存同比改善》 《2023 主品牌稳固跑鞋地位，Saucony 率先 《 Q4 零 售 环 比 加 速 ， 库 存 显 著 改 善 》 《 2023Q3 零 售 表 现 持 续 领 跑 行 业 》 [Table_QuoteInfo] | --- | |-------------------------| | 总市值（百万港元）12482 | | 相关研究 | | 2024.4.25 | | 实现盈利》2024.3.20 | | 2024.1.24 | | 2023.10.25 ...

Investment Rating - The report maintains a "Buy" rating for Xtep International (1368 HK) with a target price of HKD 6.29 [3][4] Core Views - Xtep's main brand achieved a 10% YoY growth in retail sales in 2Q24, demonstrating strong operational resilience despite market challenges [4] - The company's online sales grew by 25% YoY in 2Q24, driven by successful e-commerce strategies and popular products like the carbon plate running shoe 360X [5] - Professional sports brands, particularly Saucony, showed robust growth in 2Q24, with plans for further expansion and marketing activities [6] - The potential divestment of the KP business in 3Q24 is expected to contribute positively to profitability, given its RMB 184 million pre-tax loss in 2023 [6] Financial Forecasts - Revenue is projected to grow to RMB 15.085 billion, RMB 15.620 billion, and RMB 17.309 billion in 2024E, 2025E, and 2026E respectively [4][10] - Net profit attributable to shareholders is expected to increase to RMB 1.291 billion, RMB 1.491 billion, and RMB 1.711 billion in 2024E, 2025E, and 2026E respectively [4][10] - EPS is forecasted to rise to RMB 0.49, RMB 0.56, and RMB 0.65 in 2024E, 2025E, and 2026E respectively [7][10] Operational Highlights - The main brand's offline sales remained stable despite weather-related challenges, supported by store optimization strategies [5] - The company's inventory turnover ratio improved to around 4 months, returning to pre-pandemic healthy levels [4] - Discounts were effectively controlled, improving from 7-7.5% in 1Q24 to 7.5% in 2Q24 [4] Segment Performance - Mass sports products, accounting for 83.3% of 2023 revenue, are expected to grow at 8.0%, 9.4%, and 8.8% in 2024E, 2025E, and 2026E respectively [10] - Professional sports products, with a 99% YoY growth in 2023, are projected to grow at 40.0%, 35.0%, and 30.0% in 2024E, 2025E, and 2026E respectively [10] - The KP business, expected to be divested in 3Q24, contributed RMB 1.07 billion in revenue in 2024E before divestment [10] Valuation - The target price of HKD 6.29 is based on a 12.0x 2024E PE, derived from the past 12-month average PE of 13.9x minus 0.5 standard deviations [4][15]

2024 年 7 月 15 日 耐用消费品及服装: 超配 证券研究报告 / 公司更新报告 特步国际 (1368 HK, 买入, 目标价: HK$6.05) | --- | --- | --- | |-------------------------------|-------|-----------| | 目标价: HK$6.05 | | : HK$5.21 | | 股价上行/下行空间 | | +16% | | 52 周最高/最低价 (HK$) | | 9.38/3.61 | | 市值 (US$mn) | | 1,765 | | 当前发行数量(百万股) | | 2,645 | | 三个月平均日交易額 (US$mn) | | 6 | | 流通盘占比 (%) | | 100 | | 主要股东 (%) | | | | 群成投资 | | 47 | | 按 2024 年 7 月 12 日收市数据 | | | | 资料来源: FactSet | | | | 主要调整 | | | | | 原值 | 变动 | | 评级 | 买入 | N/A | | 目标价 (HK$) | 6.72 | -10% | | 2024E EPS ...

丨证券研究报告丨 港股研究丨公司点评丨特步国际(1368.HK) [Table_Title] 流水如期高增,库存&折扣恢复健康 报告要点 [Table_Summary] 公司发布 2024Q2 零售数据,特步主品牌流水同比增长~10%,折扣~75 折,库销比~4 个月, 流水表现符合预期。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC:S0490518020002 SFC:BUU942 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 特步国际(1368.HK) [Table_Title2] 流水如期高增,库存&折扣恢复健康 港股研究丨公司点评 [Table_Summary2] 事件描述 公司发布 2024Q2 零售数据,特步主品牌流水同比增长~10%,折扣~75 折,库销比~4 个月, 流水表现符合预期。 事件评论 主品牌稳步增长,360X 销售亮眼。Q2 特步主品牌流水~10%增长,线下 4 月以来受暴雨 影响销售偏疲软,预计同店承压略有下滑,但店铺结构优化带动线下流水低单增长,线上 低基数下延续高增趋势。此外 3 月中下旬发布的 360 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main brand showed accelerated growth in Q2 2024, with retail sales increasing by 10% YoY, driven by the e-commerce channel and the launch of the cost-effective carbon plate running shoe 360X series [2] - The retail discount improved to approximately 75% in Q2 2024, compared to 70-75% in Q1 2024, and the inventory turnover ratio returned to a healthy level of 4 months [2] - The company is expected to achieve revenue of RMB 15,420 million, RMB 16,255 million, and RMB 18,438 million in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of RMB 1,218 million, RMB 1,397 million, and RMB 1,619 million [2] - The PE ratios for 2024, 2025, and 2026 are projected to be 10X, 9X, and 8X, respectively, based on the closing price of HKD 5.21 on July 12, 2024 [2] Financial Performance Summary Revenue and Profit Growth - The company's revenue is expected to grow by 7%, 5%, and 13% in 2024, 2025, and 2026, respectively, reaching RMB 15,420 million, RMB 16,255 million, and RMB 18,438 million [4] - Net profit attributable to the parent company is projected to grow by 18%, 15%, and 16% in 2024, 2025, and 2026, respectively, reaching RMB 1,218 million, RMB 1,397 million, and RMB 1,619 million [4] Profitability Metrics - ROE is expected to increase from 11.6% in 2023 to 12.8%, 13.7%, and 14.7% in 2024, 2025, and 2026, respectively [5] - Gross margin is projected to improve slightly from 42.2% in 2023 to 42.4%, 42.8%, and 43.2% in 2024, 2025, and 2026, respectively [5] - Net profit margin is expected to increase from 7.2% in 2023 to 7.9%, 8.6%, and 8.8% in 2024, 2025, and 2026, respectively [5] Valuation Metrics - The P/E ratio is expected to decrease from 12.18X in 2023 to 10.30X, 8.98X, and 7.75X in 2024, 2025, and 2026, respectively [5] - The P/B ratio is projected to decrease from 1.41X in 2023 to 1.31X, 1.22X, and 1.13X in 2024, 2025, and 2026, respectively [5] - The P/S ratio is expected to decrease from 0.87X in 2023 to 0.81X, 0.77X, and 0.68X in 2024, 2025, and 2026, respectively [5] Operational Efficiency - The inventory turnover ratio is expected to remain stable at 4.2 times in 2024, 2025, and 2026 [5] - The accounts receivable turnover ratio is projected to improve from 2.9 times in 2023 to 3.6 times in 2024 and remain stable in 2025 and 2026 [5] Balance Sheet and Cash Flow - The company's cash and cash equivalents are expected to increase from RMB 3,295 million in 2023 to RMB 4,156 million, RMB 5,000 million, and RMB 6,717 million in 2024, 2025, and 2026, respectively [5] - Operating cash flow is projected to improve significantly from RMB 683 million in 2023 to RMB 2,408 million in 2024, before stabilizing at around RMB 1,400 million in 2025 and 2026 [5] Debt and Liquidity - The debt-to-asset ratio is expected to increase from 48.5% in 2023 to 52.8%, 53.1%, and 55.9% in 2024, 2025, and 2026, respectively [5] - The current ratio is projected to decrease slightly from 2.06 in 2023 to 1.92 in 2024, before improving to 2.01 and 2.16 in 2025 and 2026, respectively [5]