纺织服饰 2024 年 08 月 25 日 特步国际 (01368) ——主品牌运营质量稳健，专业运动上调增长目标 司 公 市 上 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 证 券 研 究 报 告 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 23 日 | | 收盘价（港币） | 5.06 | | 恒生中国企业指数 | 6219.24 | | 52 周最高/最低（港币） | 8.30/3.61 | | H 股市值（亿港币） | 133.81 | | 流通 H 股（百万股） | 2,644.52 | | 汇率（人民币/港币） | 1.0926 | 一年内股价与基准指数对比走势： -52% -2% 48% 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 (8621)23297 ...

主品牌电商表现亮眼，专业运动保持高增 特步国际(1368.HK)/纺织服 饰证券研究报告/公司点评 2024 年 8 月 22 日 [Table_Title] 评级：买入（维持） [Table_Finance] 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|------------|------------------------------|------------|-------------|------------|------------|------------| | 市场价格：5.00 港元 | | 指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：张潇 | | 营业收入（百万元） | 12,930 | 14,346 | 14,977 | 15,225 | 16,634 | | 执业证书编号：S0740523030001 | | 增长率 yoy% 净利润（百万元） | 29.1% 922 | 10.9% 1, ...

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].

Investment Rating - The report maintains a "Buy" rating for Xtep with a target price of HKD 7.32, reflecting a potential upside of 44% from the current price of HKD 5.08 [2][7]. Core Insights - Despite cautious sales growth, the report expresses confidence in Xtep's ability to outperform the market in the medium to long term, driven by new product launches, strong e-commerce sales, and a high proportion of wholesale business [1][7]. - The retail sales trend for Xtep is expected to remain resilient, with anticipated growth in the second half of 2024, supported by strategic initiatives and strong performance from the Saucony brand [1][7]. - The report highlights a significant improvement in profit margins due to cost control measures and increased sales of star products, projecting a net profit growth target of 20% or more for FY24E [1][7]. Financial Summary - For FY24E, revenue is projected at RMB 14,994 million, with a year-on-year growth rate of 4.5% [2][8]. - The operating profit is expected to reach RMB 1,903 million, while net profit is forecasted at RMB 1,273 million, reflecting a year-on-year increase of 18.4% [2][8]. - The report indicates a P/E ratio of 10.1 for FY24E, which is attractive compared to the historical average of 15 times [7][8]. Sales Performance - Xtep's sales revenue for the first half of 2024 increased by 10% year-on-year, reaching RMB 7.2 billion, with net profit rising by 13% to RMB 752 million [7][10]. - The gross profit margin improved significantly, driven by the strong sales of key products like the 360X [7][10]. - The report notes that online sales performed best, followed by the children's market, with respective growth rates of 7% and 10% [7][10]. Market Position - Xtep is positioned well within the sportswear industry, benefiting from a strong brand presence and effective marketing strategies, particularly in the running category [1][7]. - The report emphasizes the importance of the Saucony brand, which saw sales growth exceeding 70% in the first half of 2024, leading to an upward revision of its sales growth target to 50% or more [1][7]. Future Outlook - The report maintains a cautious outlook for FY25E, anticipating moderate growth due to macroeconomic uncertainties, but still expects Xtep to outperform the industry [7][11]. - The company is expected to achieve high single-digit to low double-digit sales growth for its core brands, supported by ongoing product upgrades and a focus on value [7][11].