Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is strategically selling its loss-making brands "Gai Shi Wei" and "Pa La Ding" under KP Global for USD 151 million to its major shareholder, the Ding family, and will distribute the entire amount as a special dividend to enhance shareholder returns [3] - The sale is expected to improve the company's financial performance by eliminating ongoing losses from these brands, which have accumulated over USD 100 million in losses since their acquisition in 2019 [3] - The company plans to focus on its core running business, enhancing its competitive position in the market [3] Financial Data and Earnings Forecast - The company reported a revenue of RMB 143.5 billion for FY2023, representing a year-on-year growth of 10.9% [6] - The net profit for FY2023 was RMB 10.3 billion, with a year-on-year increase of 11.8% [6] - The forecasted net profits for FY2024, FY2025, and FY2026 are RMB 11.5 billion, RMB 13.0 billion, and RMB 14.6 billion respectively, with corresponding PE ratios of 11, 10, and 9 [4][12] - The company aims for a double-digit revenue growth target for the year, supported by strong sales performance in Q1 2024 [3][10] Shareholder Returns - The special dividend from the sale will amount to approximately HKD 0.447 per share, resulting in a dividend yield of about 8.2% based on the latest closing price [3] - The transaction is expected to be completed in the second half of the year, with benefits reflected in the 2024 financial results [3] Business Focus - The company will streamline its brand portfolio to concentrate on the running segment, with plans to leverage its main brand for the mass market and other brands for niche markets [3] - The overall business structure will be simplified, allowing for more focused resource allocation and accelerated brand development [3]

2024 年 5 月 13 日 CMB 国际全球市场 | 股票研究 | 公司更新 Xtep （ 1368 香港 ） 短期增长的巨大推动与高产量 总体而言 ， 我们发现短期内 Xtep 的安排增加 （ 因此将 FY24E - 26E NP 上调 2 ％ 至 5 ％ 目标价 7.63 港元 ） ， 并对其近期前景变得更加积极。由于其相当不苛刻的估值 （ 10 倍 FY24E P / E 和 14 （ 先前 TP 6.31 港元 ） ％ 收益率 ） ， 我们维持买入新的 TP 为 7.63 港元 ， 基于 14 倍 FY24E P / E 。 涨 / 跌 40.4%  有什么新消息 ？ 丁先生提议收购 K ＆ P ， 并与 Hillhouse 重组交易 ； 还将支付特别股 CurrentPrice 5.43 港元 息。Xtep 宣布了一系列行动 ： 1 ） 先生Dig 将以 1.51 亿美元的价格 （ 23 财年 P / S 约 中国非必需消费品 0.7 倍 ） 从 Xtep 购买 K ＆ P，2 ） 所有对价将作为特别股息 （ 每股 0.447 港元，约为 沃尔特 · 吴 当前市值的 8 ％ ） ，3 ） Xt ...

Investment Rating - The report maintains a BUY rating for Xtep with a new target price of HK$7.63, reflecting a 40.4% upside from the current price of HK$5.43 [4][7]. Core Views - The strategic disposal of K&P is expected to enhance short-term growth and improve cash flow, leading to a revision of FY24E-26E net profit estimates upwards by 2% to 5% [2][7]. - The valuation remains attractive at 10x FY24E P/E, compared to an 8-year average of 15x, alongside a 14% dividend yield for FY24E [7]. Financial Summary - Revenue projections for FY24E are set at RMB 15,371 million, with a growth forecast of 10.1% for FY26E [3][9]. - Operating profit is expected to increase from RMB 1,464.3 million in FY24E to RMB 2,557.2 million by FY26E, indicating a positive trend in profitability [3]. - Net profit is forecasted to rise from RMB 912.3 million in FY24E to RMB 1,775.7 million in FY26E, reflecting a strong growth trajectory [3]. Earnings Revision - The report revises FY24E net profit to RMB 1,275 million, FY25E to RMB 1,479 million, and FY26E to RMB 1,763 million, with respective growth rates of 3.6%, 2.2%, and 4.6% [8][9]. - Gross margin is expected to remain stable around 42.3% for FY24E, while EBIT margin is projected to improve to 14.1% by FY25E [8]. Market Performance - Xtep's stock has shown a 39.9% increase over the past three months, outperforming the market [5]. - The company has a market capitalization of HK$14,307.2 million, with significant shareholding by Mr. Ding Shui Po and family at 49% [5].

HelloHello 今天下午刚刚我们在港交所发布公告宣布战略性出售K-Swiss和帕拉丁并优化财务结构今天的电话会议CFO Ricky会先为大家讲解这次交易的具体内容然后问答环节丁总会和Ricky一起解答投资者的提问现在我把时间先交给CFO Ricky有请Ricky 谢谢Sophia各位投资的大家好不好意思就是这么晚这么赶来发这个公告可能也影响到大家吃饭真的不好意思先说一下这个背景我们于2019年年中以2.61美元就购买了K3和帕丁这两个品牌回来我往后会称这两个品牌作为减分PP 那购买回来以后,多久就经历了三年的疫情,还有中国经济开始放缓,然后消费也开始下沉,因此对于KB的业务产生了巨大的负面影响。 而KB从2019年购买回来以后就一直处在亏损的状态里面过去四年的时间内积亏损超过了1亿美元而今年头三个月也继续亏损了几百多万美元 那过去几年上市公司的损益和现金流一直被KD这两个品牌拖累而我们预计今年两年KD应该还会是继续的亏损那我们预计2024年的亏损总额跟过去这两年也会是差不多的 那为了处理这个问题呢特步的控股的大股东丁水波还有他的家族就建议他们家族会以KP三月底的2024年三月底的账面价值约为1.51美金 ...

证券研究报告 | 公司点评 2024年05月10日 特步国际（01368.HK） 公司拟剥离盖世威&帕拉丁品牌，利润表现或逐步改善 特步国际拟剥离盖世威&帕拉丁品牌。特步国际发布公告称，将 KP 买入（维持） Global（为特步国际全资子公司，拥有盖世威和帕拉丁品牌）出售给丁 股票信息 氏家族控股公司Ding Shun Investment，代价为1.51亿美元，同时特 行业 鞋类 步国际拟派发特别股息1.51亿美元以感谢所有股东的长期支持。 前次评级 买入 为了推动该剥离事项的实施，KP Global提前赎回2021年向投资者高 5月9日收盘价(港元) 5.40 瓴发行的 6500 万美元的可换股债券，并由特步国际向高瓴发行 5 亿 总市值(百万港元) 14,263.87 港元可换股债券（2030 年到期），利率为 3.5%。同时 Ding Shun 总股本(百万股) 2,641.46 Investment授予高瓴认购期权，待出售事项完成后5年内，Ding Shun 其中自由流通股(%) 100.00 Investment将以期权价6500万美元向高瓴出售KP Global 20%已发 30日日均成交量( ...

[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04月25日 [Table_InvestInfo] 投资评级 优于大市 维持 24Q1 流水增长稳健，渠道库存同比改善 股票数据 [投Ta资ble要_S点um：m ary] [Table_StockInfo] 04月24日收盘价（港元） 4.79 52周股价波动（港元） 3.61-9.38  24Q1流水增长稳健，渠道库存同比改善。Q1特步主品牌零售销售实现高单 位数同比增长，23Q1同比增速20%高基数。判断主品牌儿童业务延续23趋 总股本（百万股） 2641 势，增速快于成人。零售折扣水平7-7.5折，同比持平，环比23Q4改善（23Q4:7 总市值（百万港元） 12943 折）。渠道库存健康，达4-4.5个月水平，同比改善（23Q1:5个月）。 相关研究 [《Ta 20b 2le 3_主R品ep牌o稳rt固In跑fo鞋] 地位，Saucony率先  高性价比新品有望助力主品牌市占率提升。3月20日特步与中国田协共同举 实现盈利》2024.3.20 办“321跑步节暨冠军版跑 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨特步国际（ ） 1368.HK [特Ta步b国le_际Ti2tl0e2] 4Q1 点评： Q1 流水符合预期，经 营质量改善 报告要点 [公Ta司bl发e_布Su2m0m24aQry1]零售数据，特步主品牌流水同比高单位数增长，折扣70-75折，库销比4-4.5 个月，流水表现符合预期。 ...

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 [【Table_T广itle] 发 纺 服 & 海 外 】 特 步 国 际 [公Tab司le_I评nves级t] 买入 当前价格 4.55港元 （01368.HK） 合理价值 7.32港元 前次评级 买入 电商驱动主品牌稳健增长，新品牌表现强劲 报告日期 2024-04-22 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 公司披露 24Q1 运营公告：24Q1 特步主品牌全渠道流水同增高单位 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -10% 数，符合预期；零售折扣70-75折，库销比为4-4.5健康水平。 -23% ⚫ 特步主品牌稳步增长。根据业绩会，拆分来看，由于23Q1同期线下基 -35% 数较高，24Q1特步主品牌线上流水增速好于线下，线上流水增速超过 -48% 25%；库存水平健康，新品库存占比超 70%。在产品方面，公司推出 -60% 特步国际 恒生指数 的大众碳板 360X 跑鞋表现超于预期，有望助力主品牌抢占中低价格 带份额，同时 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1] Core Viewpoints - The company has successfully positioned itself in the running sector through brand upgrades and a mature product matrix, driving group growth. Revenue projections for 2024-2026 are estimated at 16 billion RMB, 17.9 billion RMB, and 19.8 billion RMB respectively, with net profits of 1.17 billion RMB, 1.34 billion RMB, and 1.51 billion RMB, corresponding to EPS of 0.44 RMB, 0.51 RMB, and 0.57 RMB, and PE ratios of 10, 8, and 7 times [2] Summary by Relevant Sections Company Overview - The company reported a significant increase in retail sales for its main brand in Q1 2024, with a high single-digit year-on-year growth and discount levels between 7-75% [1] - The company launched the "360X" carbon plate running shoes aimed at the mass running market, which features advanced midsole technology and improved stability, reducing injury risk by 4.2% compared to the previous model [1] Market Position - The company has solidified its leading position in the Chinese running market, with its shoes being the top choice among marathon runners in major events in 2023 [1] - The acquisition of 40% of Saucony's intellectual property and the full acquisition of Wolverine Group's stake in a joint venture enhances the company's confidence in the growth potential of its brands in the Chinese market [1] Product Development - The company is expanding its product offerings beyond functional series to include retro and commuting series, catering to the growing demand for personalized and multifunctional products [1] - The newly launched "2KCAVALRY" retro shoes combine a fashionable appearance with modern technology to appeal to young consumers [1] Financial Projections - The company anticipates continued revenue growth, with projected revenues of 16 billion RMB, 17.9 billion RMB, and 19.8 billion RMB for 2024, 2025, and 2026 respectively, alongside corresponding net profits and EPS figures [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The sales performance of the company met expectations, with a high single-digit year-on-year growth in the main brand's total channel revenue for Q1 2024, driven primarily by sales volume growth [2] - The company has seen strong growth in its new brands, with all four new brands achieving over 50% growth in Q1 2024, indicating a successful strategy to create a second growth curve [2][3] - The inventory levels are healthy, with a discount rate gradually improving, and the company expects to maintain double-digit growth guidance for the main brand throughout the year [2][3] Summary by Sections Sales Performance - In Q1 2024, the main brand's total channel revenue grew by a high single-digit percentage year-on-year, with stable pricing and significant sales volume growth [2] - The children's clothing segment outperformed the adult segment, with approximately 10% growth in revenue, while e-commerce growth exceeded 25% [2] New Brand Development - The professional sports division's brands, such as Saucony and Myle, saw a revenue increase of 98.9% to 800 million yuan, while fashion sports brands like Gaiswei and Paladin grew by 14.3% to 1.6 billion yuan [2] - Saucony has established a strong position in the high-end running market, with an average monthly store efficiency of 300,000 yuan [2][3] Inventory and Discount Management - The main brand's discount rate was between 70-75% in Q1, with an inventory turnover ratio of 4-4.5 months, indicating a healthy inventory level [2] - The company anticipates a further reduction in inventory turnover to around 4 months in Q2, which will support an increase in discount rates to 75% [2] Market Strategy - The company focuses on third- and fourth-tier cities, with over 70% of its stores located in lower-tier markets, leveraging its first-mover advantage [3] - The average monthly store efficiency for the main brand is approximately 195,000 yuan, with upgraded stores performing significantly better [3] Financial Projections - The company forecasts revenues of 12.93 billion yuan for FY2022, 14.35 billion yuan for FY2023, and 15.99 billion yuan for FY2024, with corresponding net profits of 922 million yuan, 1.03 billion yuan, and 1.15 billion yuan [9][4] - The projected PE ratios for FY2024 to FY2026 are 12, 11, and 9 respectively, indicating a favorable valuation outlook [4]