Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's Q3 2024 operating data met expectations, with the main brand's retail sales growing at a mid-single-digit rate year-over-year (YoY) [2] - The children's wear segment outperformed adult wear, growing at a low double-digit rate [2] - Saucony's retail sales grew over 50% YoY in Q3 2024, continuing its strong performance [2] - Online sales growth outperformed offline sales, with e-commerce growing at a double-digit rate [2] - Retail sales improved in Q4, driven by the National Day holiday and Double Eleven shopping festival, with both online and offline channels achieving double-digit growth [2] - The company's inventory levels remained healthy, with a stock-to-sales ratio of around 4 months as of September 2024 [2] - The main brand's discount rate remained stable at 7.5% off, indicating robust operational quality [2] - The company is confident in achieving over 50% growth in its professional sports segment for the full year [2] - The K&P brand's divestment is expected to be completed by the end of November 2024, with a special dividend to be distributed [3] - The company expects profit certainty to be higher than revenue certainty in Q4 due to cost control measures [3] - The company has slightly lowered its revenue and profit forecasts for 2024-2026, with expected net profits of 1.24/1.39/1.51 billion RMB, respectively [3] Financial Performance - The company's revenue for 2024E is projected to be 13.346 billion RMB, with a YoY decline of 7% [4] - Net profit for 2024E is expected to be 1.24 billion RMB, a 20% YoY increase [4] - Gross margin is expected to remain stable at 45% from 2024E to 2026E [4] - In H1 2024, the company's revenue grew 10.4% YoY to 7.2 billion RMB, while net profit grew 13% YoY to 750 million RMB [6] - The sales expense ratio increased by 0.3 percentage points to 23.5% in H1 2024, while the management expense ratio rose by 0.2 percentage points to 10.4% [7] - Gross margin improved by 3.1 percentage points to 46.0% in H1 2024, with net margin increasing to 10.4% [7] Retail Performance - In Q3 2024, the main brand's retail sales grew at a mid-single-digit rate, with children's wear growing at a low double-digit rate [2] - Saucony's retail sales grew over 50% YoY in Q3 2024 [2] - Online sales grew at a double-digit rate, while offline sales saw slight growth due to weather-related disruptions [2] - Retail sales improved in Q4, with double-digit growth during the National Day holiday and Double Eleven shopping festival [2] - The company's stock-to-sales ratio remained stable at around 4 months as of September 2024 [2] - The main brand's discount rate remained at 7.5% off, consistent with previous quarters [2] Strategic Focus - The company is focusing on its core running business and optimizing its multi-brand portfolio [3] - The divestment of the K&P brand is expected to improve profitability, with the brand's impact on 2024 performance limited to a Q1 loss of $9 million [3] - The company plans to expand Saucony's presence in high-tier cities, with a new concept store opening in Shenzhen in September 2024 [2] - The company is confident in achieving over 50% growth in its professional sports segment for the full year [2]

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Insights - The main brand's Q3 revenue met expectations, with healthy operational metrics, and the performance of Saucony was particularly strong, leading to optimistic expectations for Q4 [3]. - The company maintains its net profit forecasts for 2024-2026 at 1.26 billion, 1.43 billion, and 1.60 billion RMB, corresponding to PE ratios of 10, 9, and 8 times respectively [3]. - The main brand's Q3 revenue showed a single-digit year-on-year growth, with offline sales slightly increasing and e-commerce sales growing at a high double-digit rate [3]. - Saucony's Q3 revenue grew by over 50% year-on-year, continuing its rapid growth trajectory [3]. - The overall consumption environment remains under pressure, with a slight decline in foot traffic and single-store performance for the main brand's offline stores compared to H1 [3]. - The company plans to maintain its store count for 2024, with upgrades to store image and size expected to enhance average store efficiency [3]. - There is an expectation for double-digit revenue growth for the main brand in October, driven by strong performance during the National Day holiday and the upcoming Double Eleven sales [3]. - The company anticipates a high probability of 50% year-on-year revenue growth for Saucony in 2024 [3]. Financial Summary - The company reported revenues of 14.35 billion RMB for 2023, with a projected growth of 4% for 2024 [5]. - The net profit for 2023 was 1.03 billion RMB, with an expected growth of over 20% for 2024 [5]. - The PE ratio for 2024 is projected at 10.0, decreasing to 8.6 by 2026 [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slowdown in the main brand's retail sales growth in Q3 2024, with a retail discount of approximately 75% and inventory turnover of about 4 months [2] - The main brand's sales growth has slowed compared to the previous quarter, but there has been an improvement in sales since October, benefiting from government stimulus policies [2] - The company has effectively controlled discounts and inventory levels, with a retail discount of about 75% in Q3 2024, which is an improvement compared to the same period last year [2] - The subsidiary brand, Saucony, has shown strong growth with a year-on-year increase of around 50% in Q3 2024, and is expected to expand its presence in high-tier cities [2] - The company is focused on enhancing profitability through cost reduction and efficiency measures, alongside the divestiture of K&P, which is anticipated to improve profit margins [2] Summary by Sections Financial Forecasts and Valuation - Total revenue (in million) is projected to be 14,957 in 2024E, with a year-on-year growth of 4.26% [1] - Net profit attributable to the parent company (in million) is forecasted to be 1,235.47 in 2024E, reflecting a year-on-year growth of 19.95% [1] - The latest diluted EPS is expected to be 0.47 in 2024E, with a corresponding P/E ratio of 11.24 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The main brand of the company has shown stable operational metrics, with a recovery in sales since October, achieving double-digit growth both online and offline [3][4] - The company has slightly adjusted its profit forecast for 2024-2026, expecting net profits of 1.24 billion, 1.40 billion, and 1.57 billion RMB respectively, with the current stock price corresponding to P/E ratios of 11.2, 9.9, and 8.8 times [3][4] Financial Summary and Valuation Metrics - Revenue (in million RMB) is projected to be 13,925 in 2024, with a year-over-year change of -2.9% [4] - Net profit (in million RMB) is expected to be 1,239 in 2024, reflecting a year-over-year growth of 20.3% [4] - Gross margin is forecasted to be 44.0% in 2024, with a net margin of 8.9% [4] - Return on equity (ROE) is anticipated to be 13.2% in 2024, increasing to 15.2% by 2026 [4] - Earnings per share (EPS) is projected at 0.5 RMB for 2024, with P/E ratios decreasing from 11.2 in 2024 to 8.8 in 2026 [4]

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted earnings forecast for 2024-2026 set at 1.237 billion, 1.395 billion, and 1.526 billion respectively, corresponding to a PE of 11 times for 2024 [2][3]. Core Insights - The company's revenue for Q3 2024 showed a mid-single-digit year-on-year growth, with retail discount levels around 75%. The inventory turnover days were approximately 4 months, indicating stable operational quality. The company expects a double-digit growth in terminal revenue due to improved consumer environment and holiday spending [1][2]. - E-commerce sales are projected to grow significantly, with high double-digit growth expected, driven by an improved e-commerce environment and optimized product structure. Offline channel revenue is expected to remain flat due to fluctuations in customer traffic [1][2]. - The company has successfully maintained healthy inventory levels, with terminal discounts remaining stable compared to Q2 2024. The inventory turnover days have improved year-on-year, reflecting effective management measures [1][2]. - The domestic business of Saucony is developing smoothly, with a revenue growth of over 50% in Q3 2024, continuing the strong growth trend from the first half of the year [1]. - The progress of the KP business divestiture is on track, with an expected 20% growth in net profit attributable to shareholders for 2024. The actual sales performance during the "Double Eleven" shopping festival will be crucial for achieving the annual sales plan [1][2]. Financial Summary - The company's revenue for 2022 was 12.93 billion, with a growth rate of 29.1%. In 2023, revenue increased to 14.35 billion, reflecting a growth rate of 10.9%. The forecast for 2024 is 13.54 billion, indicating a decline of 5.6% [3][6]. - The net profit attributable to shareholders for 2022 was 922 million, increasing to 1.03 billion in 2023, with a projected growth of 20.1% to 1.24 billion in 2024 [3][6]. - The latest diluted EPS for 2024 is expected to be 0.47, with a net asset return rate of 12.2% [3][6].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][6] Core Views - The company reported a steady growth in its main brand's retail sales in the third quarter, with a year-on-year increase in the mid-single digits, while the Saucony brand saw over 50% growth [2][4][5] - The retail discount for the main brand was 25% (7.5折), with a healthy inventory turnover ratio of 4 months, indicating stable discount rates and improved inventory health compared to the previous year [4][6] - The company is expected to benefit from its focus on the running category, with steady growth in its main brand and rapid growth in professional brands, especially after the divestiture of KP, which had incurred annual losses of approximately 180 million yuan [6][7] Financial Forecasts - The company maintains its profit forecasts, expecting net profits of 1.24 billion, 1.44 billion, and 1.61 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 20.3%, 16.0%, and 12.3% [6][7] - The revenue for 2024 is projected to be 15.03 billion yuan, with a growth rate of 4.8% [7] - The company’s reasonable valuation range has been adjusted to 6.1-6.6 HKD, corresponding to a PE ratio of 12-13x for 2024 [6][7] Operational Performance - The main brand's retail sales in the third quarter showed a mid-single-digit year-on-year increase, with online sales growing at a high double-digit rate and offline sales experiencing slight growth [4][5] - The company’s management anticipates achieving the full-year growth target of over 50% for the Saucony brand, despite overall revenue growth pressures [5][6]

Investment Rating - The investment rating for the company is "Buy" with a target price set at HKD 7.41, reflecting a potential upside from the current closing price of HKD 5.71 [1]. Core Insights - The company reported a mid-single-digit growth in retail sales for its main brand in Q3 2024, with a discount rate of 75%. The channel inventory turnover remained stable at approximately four months [2]. - The brand "Saucony" achieved over 50% year-on-year growth in retail sales for Q3 2024, benefiting from its strong positioning in professional running gear and outdoor performance [2]. - The company plans to further develop retro and commuting series products to meet diverse consumer needs and expand high-end store openings in first and second-tier cities [3]. Summary by Sections Event Overview - The company announced Q3 2024 operational data, indicating a mid-single-digit growth in retail sales for its main brand, with a stable discount rate and inventory turnover [1]. Analysis and Judgments - Retail sales growth for the main brand showed a slowdown in growth rate compared to previous quarters, but inventory discounts remained healthy. The company aims to enhance brand promotion through various strategies, including celebrity endorsements and product innovation [2]. - The company is cautious about the overall growth expectations for the main brand due to short-term consumer confidence issues [3]. Financial Projections - The company maintains its revenue forecasts for 2024, 2025, and 2026 at HKD 154.84 billion, HKD 161.40 billion, and HKD 182.93 billion, respectively. The projected net profits for the same years are HKD 13.30 billion, HKD 15.56 billion, and HKD 17.75 billion, with EPS estimates of HKD 0.50, HKD 0.59, and HKD 0.67 [3][5].

Core Viewpoint - Xtep International reported a mid-single-digit year-on-year growth in retail sales for its main brand in mainland China for the third quarter of 2024, ending September 30, 2024 [1] Summary by Categories Sales Performance - The retail sales growth includes both online and offline channels [1] - The retail discount level was approximately 75% [1] Inventory Management - Channel inventory turnover was four months [1]

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 [4]. Core Insights - The company reported a 10% year-on-year increase in revenue for H1 2024, reaching 7.2 billion HKD, and a 13% increase in net profit to 750 million HKD [4]. - The performance of the main brand, fashion sports, and professional sports segments showed growth rates of 7%, 10%, and 72% respectively, with the strong growth of the Saucony brand attributed to improved same-store sales and net new store contributions [4]. - The gross margin improved by 0.8 percentage points to 43.9%, driven by better margins in the popular carbon plate running shoes and children's clothing [4]. - The company achieved a significant improvement in operating cash flow, with a net cash flow of 830 million HKD, a 212% increase year-on-year, and a net cash ratio of 1.1 [4]. - Looking ahead, the company plans to focus on cost control in H2, especially in light of a weaker retail environment expected to slow overall growth [4]. - The upcoming spin-off of KP is anticipated to enhance earnings, with a special dividend of 151 million USD expected, corresponding to a dividend yield of approximately 9% [4]. - The company forecasts net profits of 1.27 billion, 1.46 billion, and 1.62 billion HKD for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 24%, 15%, and 11% [4][7]. Summary by Sections Financial Performance - H1 2024 revenue reached 7.2 billion HKD, a 10% increase year-on-year, with net profit at 750 million HKD, up 13% [4]. - The main brand's inventory turnover ratio is approximately 4 months, with discounts maintained at a healthy level of 25% [4]. Future Outlook - The company expects a slowdown in overall growth due to a weak retail environment, but sees potential for margin improvement in the main brand and advertising expenses [4]. - The spin-off of KP is expected to bolster performance, with a special dividend planned [4]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 10, 9, and 8 times respectively [7].