Core Viewpoint - Cathay Securities maintains its profit forecast for Xtep International (01368) for 2025-2027, projecting net profits of RMB 1.37 billion, 1.49 billion, and 1.61 billion respectively, and sets a target price of HKD 8.74 for 2026, maintaining a "Buy" rating [1][2] Group 1: Financial Projections - The company is projected to achieve a positive revenue growth for its main brand in 2025, with a forecasted growth of over 30% for Saucony [2] - The overall profit growth for the group is expected to be around 10% [2] - The inventory level is considered healthy, with expectations to drop below RMB 2 billion by the end of 2025 [2] Group 2: Brand Performance - The main brand experienced low single-digit growth in Q3, with discounts ranging from 70% to 75%, and inventory levels at 4-4.5 months [1] - Functional products showed strong performance, with revenue growth in running and other functional categories expected to outpace lifestyle products [1] - Saucony's Q3 revenue grew over 20% year-on-year, with offline sales growth outpacing online due to proactive adjustments in e-commerce strategies [1]