Core Insights - Goldman Sachs reported that Xtep International's net profit for the first half exceeded their forecast by 12%, primarily due to higher-than-expected other income and revenue, while core business revenue met expectations [1] - The company reaffirmed its guidance, expecting net profit to grow by over 10% year-on-year by 2025, based on positive sales growth and a cautiously optimistic outlook for the consumer environment in the second half of 2025 [1] - Goldman Sachs maintained its view after listening to Xtep International's earnings briefing, expressing encouragement regarding the robust growth in the running market and a constructive outlook on the long-term sales and profitability of the Saucony brand [1] - The target price for Xtep was slightly raised from HKD 7 to HKD 7.1, based on a projected price-to-earnings ratio of 13 times for 2025, with an attractive risk-reward profile leading to a "Buy" rating [1]
大行评级｜高盛：微升特步国际目标价至7.1港元 维持“买入”评级