Core Viewpoint - 招银国际 has raised the net profit forecast for Xtep International (01368) for the fiscal year 2025 by 3%, while lowering the forecast for fiscal year 2027 by 3% to reflect better-than-expected interim earnings, lower-than-expected gross margins, and better-than-expected operating profit margins for Saucony [1] Group 1 - The company maintained a "Buy" rating for Xtep International, increasing the target price from HKD 7.2 to HKD 7.39 [1] - Xtep International's performance in the first half of the year exceeded expectations, and despite concerns about the macro environment, the company is expected to achieve its cautious full-year guidance, with overall sales growth and net profit growth of over 10% [1] - Saucony's sales are projected to increase by 30% to 40%, with the third quarter retail sales growth trend appearing favorable [1] Group 2 - Management indicated that the retail sales growth rate for the core Xtep brand and Saucony brand accelerated year-on-year in July [1]
招银国际：升特步国际(01368)目标价至7.39港元 中期业绩胜预期