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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]

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[特I Tnaf 步bol]e 国_Ti际tle]（ 1368） [评Tab级le_：Inv est] 增持 当前价格（港元）： 4.46 Q1 流水符合预期，Q2 至今持续改善 2024.04.19 海 ——2024Q1 经营数据点评 [ 交Ta易bl数e_M据a rket] 外 王佳(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 3.68-9.62 当前股本（百万股） 2,641 公 010-83939781 0755-23976666 010-83939831 当前市值（百万港元） 11,781 司 wangjia025750@gtjas.com caodongqing026730@gtjas.c zhaobo026729@gtjas.com （ 证书编号 S0880524010001 oSm08 80122070070 S0880122070053 中 本报告导读： 国 Q1流水符合预期，库存折扣维持健康，4月至今流水表现较好，期待Q2流水表现， 香 预计2024年集团营收增速 1 ...

纺织服饰/服装家纺 公 司 研 特步国际（01368.HK） 2024Q1 新品及电商带动流水，经营指标持续改善 究 2024年04月19日 ——港股公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 张霜凝（联系人） lvming@kysec.cn zhangshuangning@kysec.cn 日期 2024/4/18 证 书编号：S0790520030002 证书编号：S0790122070037 港 当前股价(港元) 4.460  2024Q1新品及电商带动流水，经营指标持续改善，维持“买入”评级 股 一年最高最低(港元) 9.810/3.610 2024Q1主品牌流水在高基数下实现高单增长（2023Q1流水增长20%+），主要系 公 司 总市值(亿港元) 117.81 电商及功能性产品带动。分月度看，1-2 月及 3 月上旬流水中单增长，3 月中后 信 流通市值(亿港元) 117.81 期在新品360X及260的带动下流水提速，4月前两周流水双位数增长，预计全 息 总股本(亿股) 26.41 年流水有望实现双位数增长。报表收入端，新品带动下预计催化Q2补单需求， 更 新 流通港股(亿股) ...

Investment Rating - The report maintains a BUY rating for Xtep with a target price of HK$6.31, indicating a potential upside of 41.4% from the current price of HK$4.46 [4]. Core Insights - Xtep's retail sales in 1Q24 increased by high single digits year-over-year, aligning with market expectations, and showing signs of acceleration in growth due to new product launches and e-commerce support [2][3]. - The company expects improved retail sales growth, better discounts, and inventory levels from 2Q24E onward, supported by the popularity of new products like the 360X running shoes [2][3]. - The stock is currently trading at an undemanding valuation of 9x FY24E P/E, which is attractive compared to its 8-year average of 15x [2][4]. Earnings Summary - Xtep's revenue for FY24E is projected at RMB 15,913 million, with a year-over-year growth of 10.9% [12]. - The net profit for FY24E is estimated at RMB 1,230 million, reflecting a net profit margin of 7.7% [12]. - The company anticipates a compound annual growth rate (CAGR) of 10% for sales and 18% for net profit during FY23-26E [2][4]. Retail Performance - Retail sales growth for offline, online, and kids segments was reported at low single digits, over 25%, and 10% respectively in 1Q24 [2]. - Retail discounts narrowed to 25%-30% in 1Q24, showing improvement from 30% in 4Q23, with expectations for further reduction in 2Q24E [2][3]. Market Position - Xtep's new products, particularly the 360X running shoes, have been well-received, with over 500,000 pairs sold in just one month [2]. - The e-commerce segment is expected to rebound as the company increases the supply of entry-level and value-for-money products [2]. Financial Projections - The report conservatively estimates a revenue of RMB 17,587 million for FY25E and RMB 19,322 million for FY26E, maintaining the same growth expectations as previous estimates [8][9]. - Gross profit margin is projected to improve to 42.7% in FY25E and 43.1% in FY26E [12].