Core Viewpoint - Goldman Sachs released a report stating 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] Financial Performance - Xtep brand achieved positive growth, and Saucony brand growth exceeded 30%, with net profit growth over 10% [1] - Goldman Sachs adjusted the net profit forecast for Xtep International for FY 2025 to 2027 by 2% to 3%, primarily reflecting the decline in profitability of the Bubugao (002251) brand and the slowdown in Saucony's growth [1] Market Sentiment - Target price was lowered from HKD 7.1 to HKD 6.8 to reflect the overall weak demand in the industry and short-term market sentiment influenced by discount trends [1] - The current expected P/E ratio for 2026 is 9 times, indicating a reasonable valuation, and the "Buy" rating is maintained [1]
高盛:降特步国际目标价至6.8港元 维持“买入”评级