Core Viewpoint - Guosheng Securities reports that Xtep International (01368) is a leading sportswear company in China with significant advantages in the professional running sector, and expects the company's net profit attributable to shareholders to reach 1.365 billion, 1.504 billion, and 1.631 billion yuan for 2025-2027, corresponding to a PE of 11 times in 2025, maintaining a "Buy" rating [1] Group 1: Revenue Performance - Xtep's main brand revenue showed low single-digit year-on-year growth in Q3 2025, with the running category experiencing strong growth of over 20% [2][3] - The e-commerce channel is expected to outperform offline sales, with the company optimizing its offline channel by closing underperforming stores and opening high-quality image stores [2] Group 2: Inventory and Discount Management - Xtep's channel inventory turnover days remained healthy at around 4 to 4.5 months as of the end of Q3 2025, consistent with Q2 2025 and slightly higher than Q3 2024 [3] - The overall terminal discount for Q3 2025 was between 70% to 75%, stable compared to Q2 2025 but slightly deeper than Q3 2024 [3] Group 3: Future Outlook - For 2025, the company expects a revenue growth of around 7% and a net profit growth of approximately 10%, driven by a cautiously optimistic operational strategy and the advancement of DTC (Direct-to-Consumer) business [4]
国盛证券：维持特步国际“买入”评级 主品牌流水稳健增长