[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 07 月 24 日 | --- | --- | |------------------------------------------|-----------| | [Table_StockInfo]7 月24 日收盘价（港元） | 4.72 | | 52 周股价波动（港元） | 3.62-8.44 | | 总股本（百万股） | 2645 | [《Ta24bQle1_流R水ep增o长rtI稳nf健o，] 渠道库存同比改善》 《2023 主品牌稳固跑鞋地位，Saucony 率先 《 Q4 零 售 环 比 加 速 ， 库 存 显 著 改 善 》 《 2023Q3 零 售 表 现 持 续 领 跑 行 业 》 [Table_QuoteInfo] | --- | |-------------------------| | 总市值（百万港元）12482 | | 相关研究 | | 2024.4.25 | | 实现盈利》2024.3.20 | | 2024.1.24 | | 2023.10.25 ...

Investment Rating - The report maintains a "Buy" rating for Xtep International (1368 HK) with a target price of HKD 6.29 [3][4] Core Views - Xtep's main brand achieved a 10% YoY growth in retail sales in 2Q24, demonstrating strong operational resilience despite market challenges [4] - The company's online sales grew by 25% YoY in 2Q24, driven by successful e-commerce strategies and popular products like the carbon plate running shoe 360X [5] - Professional sports brands, particularly Saucony, showed robust growth in 2Q24, with plans for further expansion and marketing activities [6] - The potential divestment of the KP business in 3Q24 is expected to contribute positively to profitability, given its RMB 184 million pre-tax loss in 2023 [6] Financial Forecasts - Revenue is projected to grow to RMB 15.085 billion, RMB 15.620 billion, and RMB 17.309 billion in 2024E, 2025E, and 2026E respectively [4][10] - Net profit attributable to shareholders is expected to increase to RMB 1.291 billion, RMB 1.491 billion, and RMB 1.711 billion in 2024E, 2025E, and 2026E respectively [4][10] - EPS is forecasted to rise to RMB 0.49, RMB 0.56, and RMB 0.65 in 2024E, 2025E, and 2026E respectively [7][10] Operational Highlights - The main brand's offline sales remained stable despite weather-related challenges, supported by store optimization strategies [5] - The company's inventory turnover ratio improved to around 4 months, returning to pre-pandemic healthy levels [4] - Discounts were effectively controlled, improving from 7-7.5% in 1Q24 to 7.5% in 2Q24 [4] Segment Performance - Mass sports products, accounting for 83.3% of 2023 revenue, are expected to grow at 8.0%, 9.4%, and 8.8% in 2024E, 2025E, and 2026E respectively [10] - Professional sports products, with a 99% YoY growth in 2023, are projected to grow at 40.0%, 35.0%, and 30.0% in 2024E, 2025E, and 2026E respectively [10] - The KP business, expected to be divested in 3Q24, contributed RMB 1.07 billion in revenue in 2024E before divestment [10] Valuation - The target price of HKD 6.29 is based on a 12.0x 2024E PE, derived from the past 12-month average PE of 13.9x minus 0.5 standard deviations [4][15]

2024 年 7 月 15 日 耐用消费品及服装: 超配 证券研究报告 / 公司更新报告 特步国际 (1368 HK, 买入, 目标价: HK$6.05) | --- | --- | --- | |-------------------------------|-------|-----------| | 目标价: HK$6.05 | | : HK$5.21 | | 股价上行/下行空间 | | +16% | | 52 周最高/最低价 (HK$) | | 9.38/3.61 | | 市值 (US$mn) | | 1,765 | | 当前发行数量(百万股) | | 2,645 | | 三个月平均日交易額 (US$mn) | | 6 | | 流通盘占比 (%) | | 100 | | 主要股东 (%) | | | | 群成投资 | | 47 | | 按 2024 年 7 月 12 日收市数据 | | | | 资料来源: FactSet | | | | 主要调整 | | | | | 原值 | 变动 | | 评级 | 买入 | N/A | | 目标价 (HK$) | 6.72 | -10% | | 2024E EPS ...

丨证券研究报告丨 港股研究丨公司点评丨特步国际(1368.HK) [Table_Title] 流水如期高增,库存&折扣恢复健康 报告要点 [Table_Summary] 公司发布 2024Q2 零售数据,特步主品牌流水同比增长~10%,折扣~75 折,库销比~4 个月, 流水表现符合预期。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC:S0490518020002 SFC:BUU942 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 特步国际(1368.HK) [Table_Title2] 流水如期高增,库存&折扣恢复健康 港股研究丨公司点评 [Table_Summary2] 事件描述 公司发布 2024Q2 零售数据,特步主品牌流水同比增长~10%,折扣~75 折,库销比~4 个月, 流水表现符合预期。 事件评论 主品牌稳步增长,360X 销售亮眼。Q2 特步主品牌流水~10%增长,线下 4 月以来受暴雨 影响销售偏疲软,预计同店承压略有下滑,但店铺结构优化带动线下流水低单增长,线上 低基数下延续高增趋势。此外 3 月中下旬发布的 360 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main brand showed accelerated growth in Q2 2024, with retail sales increasing by 10% YoY, driven by the e-commerce channel and the launch of the cost-effective carbon plate running shoe 360X series [2] - The retail discount improved to approximately 75% in Q2 2024, compared to 70-75% in Q1 2024, and the inventory turnover ratio returned to a healthy level of 4 months [2] - The company is expected to achieve revenue of RMB 15,420 million, RMB 16,255 million, and RMB 18,438 million in 2024, 2025, and 2026, respectively, with net profits attributable to the parent company of RMB 1,218 million, RMB 1,397 million, and RMB 1,619 million [2] - The PE ratios for 2024, 2025, and 2026 are projected to be 10X, 9X, and 8X, respectively, based on the closing price of HKD 5.21 on July 12, 2024 [2] Financial Performance Summary Revenue and Profit Growth - The company's revenue is expected to grow by 7%, 5%, and 13% in 2024, 2025, and 2026, respectively, reaching RMB 15,420 million, RMB 16,255 million, and RMB 18,438 million [4] - Net profit attributable to the parent company is projected to grow by 18%, 15%, and 16% in 2024, 2025, and 2026, respectively, reaching RMB 1,218 million, RMB 1,397 million, and RMB 1,619 million [4] Profitability Metrics - ROE is expected to increase from 11.6% in 2023 to 12.8%, 13.7%, and 14.7% in 2024, 2025, and 2026, respectively [5] - Gross margin is projected to improve slightly from 42.2% in 2023 to 42.4%, 42.8%, and 43.2% in 2024, 2025, and 2026, respectively [5] - Net profit margin is expected to increase from 7.2% in 2023 to 7.9%, 8.6%, and 8.8% in 2024, 2025, and 2026, respectively [5] Valuation Metrics - The P/E ratio is expected to decrease from 12.18X in 2023 to 10.30X, 8.98X, and 7.75X in 2024, 2025, and 2026, respectively [5] - The P/B ratio is projected to decrease from 1.41X in 2023 to 1.31X, 1.22X, and 1.13X in 2024, 2025, and 2026, respectively [5] - The P/S ratio is expected to decrease from 0.87X in 2023 to 0.81X, 0.77X, and 0.68X in 2024, 2025, and 2026, respectively [5] Operational Efficiency - The inventory turnover ratio is expected to remain stable at 4.2 times in 2024, 2025, and 2026 [5] - The accounts receivable turnover ratio is projected to improve from 2.9 times in 2023 to 3.6 times in 2024 and remain stable in 2025 and 2026 [5] Balance Sheet and Cash Flow - The company's cash and cash equivalents are expected to increase from RMB 3,295 million in 2023 to RMB 4,156 million, RMB 5,000 million, and RMB 6,717 million in 2024, 2025, and 2026, respectively [5] - Operating cash flow is projected to improve significantly from RMB 683 million in 2023 to RMB 2,408 million in 2024, before stabilizing at around RMB 1,400 million in 2025 and 2026 [5] Debt and Liquidity - The debt-to-asset ratio is expected to increase from 48.5% in 2023 to 52.8%, 53.1%, and 55.9% in 2024, 2025, and 2026, respectively [5] - The current ratio is projected to decrease slightly from 2.06 in 2023 to 1.92 in 2024, before improving to 2.01 and 2.16 in 2025 and 2026, respectively [5]

证券研究报告·海外公司点评·纺织及服饰(HS) 特步国际(01368.HK) 24Q2 流水点评:运营质量改善,稳健增长符 合预期 2024 年 07 月 14 日 买入(维持) | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 12930 | 14346 | 15399 | 16083 | 18020 | | 同比(%) | 29.13 | 10.94 | 7.34 | 4.44 | 12.04 | | 归母净利润(百万元) | 921.69 | 1,030.01 | 1,271.68 | 1,383.99 | 1,612.60 | | 同比(%) | 1.47 | 11.75 | 23.46 | 8.83 | 16.52 | | EPS-最新摊薄(元/股) | ...

海 外 公 司 ( 中 国 香 港 ) 证 券 研 究 报 告 股 票 研 究 Q2 流水符合预期,折扣库存持续改善 特步国际(1368)[Table_Invest] 评级: 增持 [当前价格 Table_CurPrice] :(港元) 5.00 [Table_Date] 2024.07.14 ——特步国际 2024Q2 经营数据点评 | --- | --- | --- | |-----------------|---------------------------|-----------------------------| | [table_Authors] | 刘佳昆(分析师) | 曹冬青(研究助理) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880122070070 | 本报告导读: 主品牌 Q2 流水符合预期,经营质量持续改善,7 月至今流水延续 6 月趋势,预计全年 收入中到高单位数增长; ...

纺织服饰 上 市 公 司 2024 年 07 月 12 日 特步国际 (01368) 公 司 点 评 / 公 司 点 评 ——主品牌流水加速增长,专业运动延续强劲表现 报告原因:有业绩公布需要点评 买入(维持)投资要点: 证 券 研 究 报 告 | --- | --- | |----------------------|---------------------| | 市场数据: | 2024 年 07 月 12 日 | | 收盘价(港币) | 5.21 | | 恒生中国企业指数 | 6532.63 | | 52 周最高/最低(港币) | 9.38/3.61 | | H 股市值(亿港币) | 137.78 | | 流通 H 股(百万股) | 2644.52 | | 汇率(人民币/港币) | 1.0948 | 一年内股价与基准指数对比走势: -51% -1% 49% HSCEI 特步国际 资料来源:Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 (8 ...

纺织服饰/服装家纺 特步国际(01368.HK) 2024Q2 电商表现亮眼,高质量运营下流水稳健增长 2024 年 07 月 13 日 ——港股公司信息更新报告 投资评级:买入(维持) | --- | --- | --- | |-------------------------|-------------------------|--------------------------| | 吕明(分析师) | 周嘉乐(分析师) | 张霜凝(联系人) | | lvming@kysec.cn | zhoujiale@kysec.cn | zhangshuangning@kysec.cn | | 证书编号:S0790520030002 | 证书编号:S0790522030002 | 证书编号:S0790122070037 | 2024Q2 电商表现亮眼,高质量运营下流水稳健增长,维持"买入"评级 公司 2024Q2 全渠道流水增长 10%,2024H1 全渠道流水高单增长,预计 2024H1 在产品组合调整下 ASP 保持稳定。2024Q2 高质量运营下流水稳健增长,折扣环 比改善,库销比恢复至疫情前水平,我们维持 ...

港股公司报告 | 公司点评 战略聚焦,主品牌强化性价比,改善利润率 24Q2 流水同增 10%,零售折扣约 75 折 24H1 零售销售同比增长高单位数,渠道库存周转约 4 个月。 剥离 KP 减轻负担,改善盈利水平 公司此前发布公告,盖世威和帕拉丁品牌自 2019 年起持续亏损,2024 年 一季度亏损约 900 万美元。因此,公司决定战略性出售资产,以消除 KP Global 亏损对特步盈利能力及现金流的持续性影响。 我们认为,此次出售一方面有望减轻公司财务负担,改善盈利能力;另一 方面或有助于公司聚焦业务至跑步领域,精简业务矩阵,有效增强品牌间 协同效应。其中,特步主品牌面向大众市场,迈乐专注越野跑和户外运动, 索康尼瞄准高端客户群体。 具体来看,迈乐作为全球户外鞋服领域的领导者,致力于将性能、时尚和 舒适度融为一体,提升用户的户外探索体验。 索康尼跑鞋以卓越性能闻名,得到中国内地专业和大众跑者的青睐。索康 尼的受欢迎程度反映于各项大型马拉松赛事的穿着率。在中国内地重点马 拉松赛事中,索康尼的穿着率于所有跑者中位列所有品牌第三。品牌受欢 迎程度的显著增长,一方面验证了索康尼的品质和性能,另一方面巩固了 ...