Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6][14][18]. Core Insights - The company reported a 10.4% year-on-year revenue growth to 7.2 billion RMB in the first half of 2024, with a net profit increase of 13% to 750 million RMB, driven by robust performance from the main brand and strong growth from new brands in mainland China [6][14]. - The main brand's revenue grew by 6.6% to 5.79 billion RMB, accounting for 80.4% of total revenue, with children's revenue increasing by 18% [6][14]. - The company has adjusted its growth target for the professional sports segment, which saw a 72.2% revenue increase to 590 million RMB, exceeding its initial growth target [6][14]. - The operational metrics show improvement, with a gross margin increase to 46% and a significant improvement in cash flow, with net operating cash flow rising by 212% to 830 million RMB [6][14]. - The company has approved the divestiture of the K&P brand, which is expected to reduce losses and improve overall profitability [6][14]. Summary by Sections Financial Performance - Revenue for FY2024E is projected at 13.646 billion RMB, with a year-on-year growth rate of -5% [6][14]. - Net profit for FY2024E is estimated at 1.252 billion RMB, reflecting a 21% increase compared to the previous year [6][14]. - The gross margin is expected to improve to 45% in FY2024E, maintaining this level through FY2026E [6][14]. Brand Performance - The main brand's revenue growth is supported by a strong online presence, with e-commerce sales growing over 20% and accounting for more than 30% of main brand revenue [6][14]. - The professional sports segment's revenue growth has led to an upward revision of its annual growth target to over 50% [6][14]. - The fashion sports segment also showed significant growth, with a 9.7% increase in revenue to 820 million RMB, particularly strong in mainland China [6][14]. Operational Efficiency - The company has improved its operational efficiency, with a decrease in average inventory turnover days by 21 days to 94 days [6][14]. - The overall operating profit margin has increased to 15.2%, with a net profit margin of 10.4% [6][14]. - The divestiture of the K&P brand is expected to enhance the company's financial performance by reducing losses associated with that brand [6][14].

Investment Rating - The report maintains a "Buy" rating for the company with a market price of 5.00 HKD [2]. Core Insights - The company reported a revenue of 7.203 billion HKD for the first half of 2024, representing a year-on-year increase of 10.44%, and a net profit of 752 million HKD, up 13.03% year-on-year, aligning with expectations. The company plans to distribute a dividend of 15.6 HKD per share, with a payout ratio of 50%, and additionally proposes a special dividend of 44.7 HKD per share [2][3]. Financial Performance Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 12.93 billion HKD in 2022 to 16.634 billion HKD by 2026, with a compound annual growth rate (CAGR) of approximately 9.3% [2]. - **Net Profit Forecast**: Net profit is expected to increase from 922 million HKD in 2022 to 1.542 billion HKD in 2026, reflecting a CAGR of about 14.1% [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 0.35 HKD in 2022 to 0.58 HKD in 2026 [2]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to decrease from 13.1 in 2022 to 7.8 in 2026, indicating an attractive valuation over time [2]. Business Segment Performance - **Main Brand Performance**: The main brand, Xtep, achieved a revenue of 5.789 billion HKD in the first half of 2024, growing by 6.6% year-on-year. The e-commerce segment saw a revenue increase of over 20%, contributing more than 30% to total revenue [3][4]. - **Fashion Sports Segment**: This segment reported a revenue of 821 million HKD, up 9.7%, with significant growth in the domestic market driven by brand repositioning [3]. - **Professional Sports Segment**: Revenue surged by 72.2% to 593 million HKD, attributed to strong same-store sales growth and robust online performance [3]. Profitability and Cost Management - **Gross Margin Improvement**: The gross margin increased by 3.1 percentage points to 46.0% in the first half of 2024, driven by higher e-commerce sales and improved profitability in the fashion and professional sports segments [4]. - **Net Profit Margin**: The net profit margin rose by 0.2 percentage points to 10.4% [4]. - **Inventory Management**: As of June 30, 2024, inventory stood at 2.199 billion HKD, reflecting a year-on-year increase of 22.57%, primarily due to acquisitions [4]. Strategic Outlook - The company is focusing on enhancing its brand image and operational efficiency while maintaining a strong emphasis on the running segment. The multi-brand strategy is expected to drive growth, particularly with the successful integration of Saucony and the expansion into the mid-to-high-end market [5].

6 特步国际（1368） 更新报告 买入 2024 年 08 月 22 日 2024 年上半年业绩符合预期, 预计全年利润能达 20%的增长 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|-----------------|-----------------|----------------|----------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 8 月 23 日 特步国际（1368.HK） 上半年业绩超预期，KP 剥离后预计利润持续改善 事件：特步国际 2024 上半年收入同比增长 10.4%，归母净利润同比增长 13%， 整体业绩表现好于市场预期。我们预测 2024/2025/2026 年 EPS 为 0.48/0.55/ 0.61 元，给予目标价 6.8 港元，维持"买入"评级。 报告摘要 主品牌表现稳健，索康尼持续贡献高增长 2024 年上半年公司录得收入 72.03 亿 元，同比增长 10.4%。拆分来看，大众运动（特步主品牌）收入同比增长 6.6%至 57.89 亿元，主要系跑步产品及童装表现稳健，线上收入也实现了 20%+的增长； 专业运动（索康尼和迈乐）收入同比快速提升 72.2%至 5.93 亿元，主要得益于 索康尼通过签约代言人、产品创新、渠道升级等实现了快速增长；时尚运动（盖 世威和帕拉丁）收入同比增加 9.7%至 8.22 亿元，海外业务持续承压，国内业务 相对稳健。毛利率方面，公司毛利率同比提升 3.1pp 至 46%，其中大众运动毛利 率同比提升 0.8pp 至 43.9%，专业运动毛利率同比提升 11.4pp ...

2024 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 马川琪S0350523050001 | | | macq@ghzq.com.cn | | 证券分析师： | 廖小慧S0350524080002 | | | liaoxh@ghzq.com.cn | [Table_Title] 专业运动增长强劲，盈利水平提升 ——特步国际（01368）2024H1 中报点评 最近一年走势 相对恒生指数表现 2024/08/21 表现 1M 3M 12M 特步国际 3.1% -13.2% -34.5% 恒生指数 -0.2% -9.5% -1.3% 市场数据 2024/08/21 当前价格（港元） 5.00 52 周价格区间（港元） 3.61-8.30 总市值（百万港元） 13,222.59 流通市值（百万港元） 13,222.59 总股本（万股） 264,451.79 流通股本（万股） 264,451.79 日均成交额（百万港元） 83.34 换手率（%） 0.63 相关报告 纺 ...

纺织服饰/服装家纺 特步国际（01368.HK） 2024 年 08 月 22 日 2024H1 电商及童装亮眼，上调专业运动分部指引 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/21 | | 当前股价(港元) | 5.000 | | 一年最高最低(港元) | 8.300/3.610 | | 总市值(亿港元) | 132.23 | | 流通市值(亿港元) | 132.23 | | 总股本(亿股) | 26.45 | | 流通港股(亿股) | 26.45 | | 近 3 个月换手率(%) | 16.71 | 股价走势图 特步国际 恒生指数 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 2024-08 数据来源：聚源 相关研究报告 《2024Q2 电商表现亮眼，高质量运营 下流水稳健增长 —港股公司信息更 新报告》-2024.7.13 《拟剥离 KP 改善盈利，聚焦跑步市场 发展三大品牌—港股公司信息更新报 告》-2024. ...

专业运动板块表现亮眼，下半年专注高质 量增长 核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 72.03 亿，同比增长 10.4%，实现归母净利润 7.5 亿，同比增长 13%。中期拟现金分红 3.78 亿，分红率为 50.3%。 ⚫ 主品牌稳健，专业运动板块表现亮眼。1）大众运动（主品牌）：24H1 收入同比增 长 6.6%，其中电商渠道实现 20%的收入增长，占主品牌收入超过 30%；此外，我 们预计儿童品类的增速也较快。24H1 主品牌门店数量为 6,578 家，相较年初仅净开 7 家。2）专业运动：24H1 收入同比高增长 72.2%，同时实现 3,180 万元的净利 润。3）时尚运动：24H1 收入同比增长 9.7%，低于预期，其中中国内地收入快速增 长 85.7%，海外业务表现较差影响整体增速，24H1 经营利润率为-12.1%，去年同 期为-8.9%，亏损同比进一步扩大。 ⚫ 毛利率同比明显提升，整体盈利能力微增。1）毛利率：24H1 毛利率同比增长 3.1pct 至 46%，拆分来看，大众运动、时尚运动和专业运动分别同比增长 0.8、 11.4 和 14.8pct，其中大众运动提升源于相 ...

证券研究报告 | 2024年08月21日 c 优于大市 证券分析师：丁诗洁 证券分析师：刘佳琪 0755-81981391 010-88005446 dingshijie@guosen.com.cnliujiaqi@guosen.com.cn S0980520040004 S0980523070003 合理估值 5.60 - 6.10 港元 收盘价 5.08 港元 总市值/流通市值 13434/13434 百万港元 52 周最高价/最低价 8.06/3.55 港元 近 3 个月日均成交额 34.27 百万港元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |------------------------|-----------|----------|-----------|-----------|-------------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E ...

Investment Rating - The report maintains a "BUY" rating for Xtep with a target price of HK$7.32, indicating a potential upside of 44.0% from the current price of HK$5.08 [4][7]. Core Views - Despite challenges in the sportswear industry, Xtep is expected to outperform in the mid to long run due to successful new product launches, strong e-commerce sales, and growth from the Saucony brand [2][7]. - The company has reiterated its FY24E guidance, projecting high single-digit to low-teens sales growth and net profit growth of 20% or above [2][7]. Financial Performance - For FY24E, revenue is projected at RMB 14,994 million, with a gross profit of RMB 6,592 million, resulting in a gross margin of 44.0% [8][11]. - The net profit attributable to shareholders is expected to reach RMB 1,264 million, with a diluted EPS of RMB 0.463 [8][11]. - In 1H24, Xtep's sales rose by 10% YoY to RMB 7.2 billion, with net profit increasing by 13% YoY to RMB 752 million [7][10]. Sales Growth and Margins - Retail sales growth for the Xtep brand is anticipated to be resilient at high single digits in 2H24E, supported by new product launches and e-commerce initiatives [2][7]. - The Saucony brand has shown remarkable performance with over 70% sales growth in 1H24, prompting an upward revision of its sales growth guidance to 50% or above [2][7]. - The report highlights improved margins due to cost control measures, economies of scale, and reduced advertising expenses [2][7]. Market Position and Strategy - Xtep is positioned as a value-for-money brand with leadership in running categories, which is expected to help it outperform the industry despite macro uncertainties [7]. - The strategic disposal of K&P has allowed the company to refocus resources on its core brand and running segments, contributing to margin expansion [2][7]. Valuation Metrics - The stock is currently trading at a P/E ratio of 10x for FY24E, which is considered attractive compared to its historical average of 15x [7][8]. - The expected dividend yield for FY24E is 14%, further enhancing the stock's appeal [7].

Investment Rating - The report maintains a "Buy" rating for Xtep with a target price of HKD 7.32, reflecting a potential upside of 44% from the current price of HKD 5.08 [2][7]. Core Insights - Despite cautious sales growth, the report expresses confidence in Xtep's ability to outperform the market in the medium to long term, driven by new product launches, strong e-commerce sales, and a high proportion of wholesale business [1][7]. - The retail sales trend for Xtep is expected to remain resilient, with anticipated growth in the second half of 2024, supported by strategic initiatives and strong performance from the Saucony brand [1][7]. - The report highlights a significant improvement in profit margins due to cost control measures and increased sales of star products, projecting a net profit growth target of 20% or more for FY24E [1][7]. Financial Summary - For FY24E, revenue is projected at RMB 14,994 million, with a year-on-year growth rate of 4.5% [2][8]. - The operating profit is expected to reach RMB 1,903 million, while net profit is forecasted at RMB 1,273 million, reflecting a year-on-year increase of 18.4% [2][8]. - The report indicates a P/E ratio of 10.1 for FY24E, which is attractive compared to the historical average of 15 times [7][8]. Sales Performance - Xtep's sales revenue for the first half of 2024 increased by 10% year-on-year, reaching RMB 7.2 billion, with net profit rising by 13% to RMB 752 million [7][10]. - The gross profit margin improved significantly, driven by the strong sales of key products like the 360X [7][10]. - The report notes that online sales performed best, followed by the children's market, with respective growth rates of 7% and 10% [7][10]. Market Position - Xtep is positioned well within the sportswear industry, benefiting from a strong brand presence and effective marketing strategies, particularly in the running category [1][7]. - The report emphasizes the importance of the Saucony brand, which saw sales growth exceeding 70% in the first half of 2024, leading to an upward revision of its sales growth target to 50% or more [1][7]. Future Outlook - The report maintains a cautious outlook for FY25E, anticipating moderate growth due to macroeconomic uncertainties, but still expects Xtep to outperform the industry [7][11]. - The company is expected to achieve high single-digit to low double-digit sales growth for its core brands, supported by ongoing product upgrades and a focus on value [7][11].