ffer fr 特步國際控股有限公司 (於開曼群島註冊成立的有限公司) 聯交所股份代號：1368 2024 中期報告 關於我們 特 步 國 際 控 股 有 限 公 司（香 港 聯 交 所 股 份 代 號： 1368）為一家領先的多品牌體育用品公司，於2008年在 香港聯合交易所主板上市。集團主要從事體育用品（涵蓋成 人及兒童鞋履、服裝和配飾）的設計、研發、製造、銷售、營 銷及品牌管理。憑藉多元化的品牌組合，包括特步主品牌、 K·SWISS、帕拉丁、索康尼及邁樂，集團戰略性地瞄準大眾運動、 時尚運動和專業運動分部，擁有龐大的全球分銷網絡，在亞太地 區、北美洲以及歐洲、中東和非洲擁有超過8,600家門店。 国人竞速 Stara 中期業績概覽 2 目錄 | --- | --- | |--------------------------|-------| | 里程碑 | 3 | | 五年財務摘要 | 4 | | 公司資料 | 5 | | 主席報告書 | 6 | | 管理層討論與分析 | 8 | | 企業管治及其他資料 | 39 | | 獨立審閱報告 | 45 | | 中期簡明綜合收益表 | 46 | | 中期簡明綜合 ...

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].