Core Viewpoint - Goldman Sachs released a report indicating that Xtep International (01368) reported its operational performance for Q3 2025, with core brand Xtep retail sales growth meeting expectations, while Saucony brand growth exceeded 20%, slightly below expectations [1] Group 1: Financial Performance - Xtep International's full-year performance guidance was reaffirmed, with Xtep brand achieving positive growth and Saucony brand growth exceeding 30%, alongside a net profit increase of over 10% [1] - Goldman Sachs adjusted the net profit forecast for Xtep International for the fiscal years 2025 to 2027 down by 2% to 3%, primarily reflecting a decline in the profitability of the Bubugao brand and a slowdown in Saucony's growth [1] Group 2: Market Sentiment and Valuation - The target price for Xtep International was reduced from HKD 7.1 to HKD 6.8, reflecting overall industry demand weakness and short-term market sentiment under discount trends [1] - The current expected price-to-earnings ratio for 2026 is 9 times, which is considered reasonable, maintaining a "Buy" rating [1]
高盛：降特步国际(01368)目标价至6.8港元 维持“买入”评级