智通财经APP获悉，中金发布研究报告称，维持特步国际(01368)"跑赢行业"评级，2024/25年EPS预测 0.45/0.52元不变。考虑行业估值中枢有所提升，目标价上调16%至5.47港元。公司公布一季度经营情 况，特步主品牌零售流水同比增长高单位数，零售折扣七至七五折，渠道库存周转4-4.5个月。 报告主要观点如下： 电商渠道带动特步主品牌高基数下实现较好增长。 1Q24特步主品牌零售流水在1Q22/1Q23的高基数下同比增长高单位数(1Q22/1Q23分别同比增长30- 35%、约20%)。分渠道看，线上渠道季内加强性价比产品布局，流水同比增长25%+，好于线下渠道的 同比增长低单位数。特步主品牌深耕专业跑步产品，新推出的高性价比大众碳板跑鞋360X系列销售好 于预期。 公司持续布局运动童装业务，季内特步童装业务流水在高基数下同比增长约10%。折扣方面，虽然 1Q24有春节等传统促销季节，特步主品牌零售折扣七至七五折，环比有所改善(4Q23为七折)。截至3月 底，渠道库存周转4-4.5个月，保持健康水平。 索康尼继续实现亮眼表现。 专业运动板块索康尼、迈乐和时尚运动板块盖世威、帕拉丁1Q24中国内地 ...

证券研究报告 | 2024年04月18日 特步国际（01368.HK） 买入 第一季度流水增长 6%-9%，经营指标较良性  公司研究·海外公司快评  纺织服饰·服装家纺  投资评级：买入（维持评级） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 关竣尹 0755-81982834 guanjunyin@guosen.com.cn 执证编码：S0980523110002 事项： 公司公告：2024年4月18日，公司发布2024年第一季度营运状况，第一季度特步主品牌线上线下全渠道 零售销售流水同比增长高单位数，零售折扣7-7.5折，渠道库存周转4-4.5个月。 国信纺服观点： 1、第一季度特步主品牌表现符合预期，流水增长高单位数，零售折扣7-7.5折，库销比保持良性； 2、风险提示：消费需求复苏不及预期；品牌形象受损；品牌恶性竞争加剧；市场的系统性风险； 投资建议：第一季度稳健增长，经营良性，中长期关注主品牌势能提升和多品牌布局下成长机遇。第一季 度主品牌流水在高基数上增长高单位数，表现略好于公司目 ...

证券研究报告 | 公司点评 2024年04月18日 特步国际（01368.HK） 流水稳健增长，营运质量持续改善 事件：特步2024Q1流水增长高单位数，整体表现符合预期。公司发布 买入（维持） 2024年Q1经营情况公告，特步品牌流水同比增长高单位数，零售折扣 股票信息 水平约7-7.5折，截至Q1末渠道存货周转天数在4-4.5个月之间，运营 质量持续改善，整体表现符合预期。 行业 鞋类 前次评级 买入 坚持大众品牌定位，立足跑步细分赛道，助力主品牌流水稳健增长。 4月18日收盘价（港元） 4.46 2024Q1特步品牌终端流水同比增长高单位数，分渠道和品类看：我们 总市值（百万港元） 11,780.90 预计线下流水增速弱于线上，其中线下流水预计增长低单位数，电商预 总股本（百万股） 2,641.46 计增长25%+，二者差异一方面由于线上线下渠道基数不同，另一方面 其中自由流通股（%） 100.00 进入2024年公司加强对于线上业务的优化力度，高性价比产品逐步丰 30 日日均成交量（百万 13.92 富，同时3月中下旬公司发布360X系列高性价比碳板跑鞋，或带动线 股） 上销售。展望2024年：特步主 ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 14,346 million, representing a 10.9% increase from RMB 12,930 million in 2022[11] - Net profit attributable to ordinary shareholders for the same period was RMB 1,030 million, up from RMB 921.7 million in 2022, reflecting a growth of 11.8%[11] - The gross profit margin improved to 42.2% in 2023, compared to 40.9% in 2022[14] - Operating profit for 2023 was RMB 1,579.9 million, an increase from RMB 1,464.3 million in 2022, indicating a growth of 7.9%[14] - The company reported a net profit margin of 7.2% for 2023, compared to 7.1% in 2022, showing slight improvement[14] - The overall gross profit increased by 14.3% to RMB 6,049.7 million, with a gross margin of 42.2%, up 1.3 percentage points from 40.9% in 2022[118] - The professional sports segment saw a remarkable revenue increase of 98.9%, reaching RMB 795.5 million, driven by strong demand for Saucony products[115] - Footwear revenue contributed RMB 8,171.9 million, accounting for 57.0% of total revenue, with a year-on-year increase of 5.3%[114] - Apparel revenue rose to RMB 5,903.5 million, representing 41.1% of total revenue, showing a significant growth of 20.6%[114] Strategic Initiatives - The company plans to acquire the remaining 40% intellectual property rights of Saucony in China, transitioning the joint venture into a wholly-owned subsidiary by January 2024[13] - The company acquired 40% of Saucony's intellectual property in China and the remaining stake in the joint venture with Wolverine, enhancing its strategic position in the market[68] - The company aims to strengthen its R&D capabilities and launch running shoes specifically designed for Chinese runners, enhancing its competitive edge in the market[113] - The company is strategically integrating the equity of its joint ventures with Saucony and Merrell to maximize synergies in product innovation and marketing[113] Market Position and Brand Development - The brand achieved a leading market position in China, with a wearing rate of 41.8% among all marathon participants and 43.8% among sub-three runners in the 2024 Xiamen Marathon[72] - The number of marathon events in China rebounded to 580 in 2023, with total participants reaching 5.5 million, indicating a strong recovery in the running market[69] - The company achieved a 36% market share among all runners in Shanghai[73] - The company is the only domestic brand in the top ten of the women's marathon at the World Championships in 2023[75] Product Innovation - The "260X" carbon plate running shoes launched in December 2023 improve propulsion by 14.5% compared to the previous model[78] - The "360X" carbon plate running shoes, set to launch in March 2024, enhance stability by 4.2% compared to the "360" series[79] - The company continues to innovate in footwear technology, introducing the "XTEP ACE" cushioning technology in its 160X and 260X series, enhancing rebound and comfort[87] - The introduction of the "PISA" supercritical foaming technology in footwear aims to significantly improve energy return and reduce energy loss[87] Corporate Social Responsibility - The company donated RMB 20 million worth of sportswear for disaster relief in response to severe flooding in the Beijing-Tianjin-Hebei region[104] - The company provided RMB 20 million in warm supplies to earthquake-affected areas in Gansu and Qinghai provinces[104] - The company is promoting environmental sustainability by providing 30,000 official T-shirts made from recycled fibers for the 2024 Xiamen Marathon[105] Retail Expansion - As of December 31, 2023, the total number of issued shares is 2,641,457,207, with a market capitalization of HKD 11,648,826,283[155] - As of December 31, 2023, the number of adult brand stores operated by the group in mainland China and overseas reached 6,571, an increase from 6,313 stores as of December 31, 2022[93] - The children's division continued to be a growth driver for the main brand, with 1,703 stores in mainland China as of December 31, 2023, up from 1,520 stores a year earlier[94] - The group expanded its retail network, opening new stores in first-tier cities and high-end shopping centers in second-tier cities, following the successful launch of the third-generation store in Shanghai[97] Governance and Management - The company is committed to establishing good corporate governance practices to enhance transparency and accountability to shareholders[168] - The board of directors emphasizes internal controls and fair disclosure to ensure operational transparency and accountability[168] - The company has received annual independence confirmations from all current independent non-executive directors, affirming their independence[182] - The company has established specific committees, including the audit committee, remuneration committee, nomination committee, and sustainability committee, to enhance governance[185] Investor Relations - The company engaged in various investor relations activities, including 29 reverse roadshows to enhance understanding of its operations and new retail experiences[151] - The management team actively communicated with investors through online and offline channels, aiming to strengthen stakeholder relationships and maintain investor confidence[143] - The company celebrated its 15th anniversary with an event in June 2023, sharing future development strategies with investors[143] Sustainability Efforts - The company emphasizes eco-friendly materials in its apparel line, utilizing biodegradable modal fibers and recycled plastics[88] - The company’s commitment to sustainability is reflected in its use of organic cotton and recycled materials in its clothing lines[88] - The introduction of the "New D Ball" eco-friendly series and "Half Sugar" women's series aimed to attract younger consumers and promote sustainability[92]

研究报告Research Report 29 Mar 2024 特步国际 XTEP INTERNATIONAL (1368 HK) 2023 年报业绩点评：收入利润符合预期，现金流和运营质量明显改善 2023 Annual report review: Revenue and profit in line with expectations, improvement in cash flow and operating quality [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 2023 年特步国际收入和利润符合预期。2023 年公司实现营业 评级 优于大市OUTPERFORM 现价 HK$4.85 总收入 143.5亿元，同比+10.9%符合市场预期，其中特步品牌收入 目标价 HK$6.70 119.5 亿，同比+7.4%，收入占比 83%；时尚运动 JV(盖世威&帕拉 丁)收入 16 亿，同比+14.3%；专业运 ...

港股公司报告 | 公司点评 特步国际（01368） 证券研究报告 2024年03月 28日 投资评级 预计 2024 延续双位数增长 行业 非必需性消费/纺织及 服饰 23年收入143亿同增11%，归母净利10亿同增12% 6个月评级 买入（维持评级） 当前价格 4.85港元 公司发布23年财报，全年收入143.5亿同增10.9%；分品牌，特步主品牌 目标价格 港元 收入119.5亿同增7.4%，专业运动分部（索康尼、迈乐）收入8亿同增98.9%， 时尚运动分部（中国内地，包括盖世威、帕拉丁）收入4.7 亿同增224.3%。 基本数据 分品类，鞋类23 年收入81.7亿（占总57%），同增5.3%；服装收入59亿 港股总股本(百万股) 2,641.46 同增20.6%，配饰收入2.7亿同减1.2%。 港股总市值(百万港元) 12,811.07 每股净资产(港元) 3.70 资产负债率(%) 48.50 截止23年末公司库存17.9 亿，同减21.6%；23年平均存货周转天数90天 一 年内最高/最低(港元) 10.36/3.61 同比持平。 作者 23 年公司整体毛利率 42.2%同增 1.3pct；分品牌， ...

[Table_Title] 库存消化顺利，索康尼贡献利润 [Table_ReportDate] 特步国际（01368.HK）公司简评报告 | 2024.03.27 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [Tabl e_Summary] 陈梦 ⚫ 事件：公司发布2023年年报，2023年实现营业收入143.46亿元，同比 首席分析师 增长10.9%；实现归母净利润10.3亿元，同比增长11.8%；拟派发末期 SAC执证编号：S0110521070002 股息每股8港仙。 chenmeng@sczq.com.cn 电话：010-81152649 点评： ⚫ 主品牌增长稳健，盈利能力有所改善。2023年特步主品牌实现收入119.5 郭琦 亿元，同增7.4%，儿童业务增速预计快于大装；全年零售流水同增20% 分析师 以上，快于收入增速，助力库存顺利消化。产品：鞋/服收入分别同增 SAC执证编号：S0110523070001 2.7%/13.9%。特步主品牌持续夯实跑步领域优势，23年中国马拉松男子 guoqi@sczq.com.cn 电话：010-81152647 /女子运 ...

证券研究报告·海外公司研究简报·纺织及服饰(HS) 特步国际（01368.HK） 2023 年业绩符合预期，索康尼高增转盈 2024 年 03月 27日 买 入（维持） [Table_EPS] 证券分析师 李婕 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 执业证书：S0600521120003 营业总收入（百万元） 12,930 14,346 15,904 17,591 19,430 lijie@dwzq.com.cn 同比 29.13% 10.94% 10.86% 10.61% 10.45% 证券分析师 赵艺原 归母净利润（百万元） 921.69 1,030.01 1,171.40 1,330.57 1,513.15 同比 1.47% 11.75% 13.73% 13.59% 13.72% 执业证书：S0600522090003 EPS-最新摊薄（元/股） 0.35 0.39 0.44 0.50 0.57 zhaoyy@dwzq.com.cn P/E（现价&最新摊薄） 12.28 10.99 9.66 8.51 7.48 [ [TT aab bl le e_ _T Sa ug ...

%% 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 [业Ta绩b符le_合T预itle期] ，库存 现金流优化 & 报告要点 [特Ta步bl国e_际Su发m布ma2ry0]23 年年报，2023 年公司实现营收 143 亿元，同比+11%，归母净利润同比 +12%至10.3亿元，收入及业绩表现符合预期，全年派息比例达50%。 ...

6 特步国际（1368） 更新报告 买入 2024年03月25日 2023年全年业绩符合预期, 库存恢复到正常水平 王柏俊  2023 年全年业绩概况：公司收入同比增长 10.9%至 143.5 亿元(人民币,同下)，受益于所 有业务的增长， 尤其是内地业务。鞋类增长 5.3%, 服装类增长 20.6%。毛利率增加 852-25321915 1 .3pct到42.2%; 主要受益于功能产品的需求增长（其利润率较高）及时尚运动业务毛利 patrick.wong@firstshanghai.com.hk 率的明显提升。SG&A 费用率增加了 2.2 pct 至 34.2%,因为广告及推广费用和研发费用分 别 增加27.5%及33.1% (其比率分别提升1.8pct和0.5pct到13.7%和2.8%) 。经营利润 和归母净利润同比增长 7.9%及 11.8%至到 15.8 及 10.3 亿元, 归母净利润率为 7.2%；业 主要数据 绩符合预期。集团宣布派发末期股息每股 8 港仙，派息率为 50%。经营现金流同比增长 行业 服装纺织 119.5%到12.6亿元。库存金额减少21.6%到17.9亿元，恢复到正常水 ...