Group 1 - The main brand of the company, Xtep, showed steady growth in Q3, with retail sales experiencing low single-digit growth year-on-year, which is a slowdown compared to the same period last year [1] - The discount level for Xtep was between 70% to 75%, remaining stable compared to the previous quarter but slightly deepened year-on-year [1] - The inventory turnover ratio is estimated to be between 4 to 4.5 months, indicating a healthy inventory management [1] Group 2 - Saucony maintained a rapid growth rate in Q3, with sales increasing by over 20% year-on-year, although the growth rate has slowed compared to Q1 and Q3 of the previous year [2] - The sales growth in Q3 is attributed to the overall consumer environment and the company's strategic adjustment in e-commerce product structure and discount control since Q2 [2] - The company expects to achieve over 30% sales growth for the entire year of 2025, with a potential for revenue to double in the next three years [2] Group 3 - The company maintains its earnings forecast, projecting earnings per share of 0.49, 0.56, and 0.62 RMB for 2025-2027 [3] - Based on comparable companies, a 15x PE valuation for 2025 is applied, resulting in a target price of 8.01 HKD [3] - The company maintains a "buy" rating based on its growth prospects [3]
特步国际(01368.HK)：三季度经营保持韧性 看好公司在跑步领域的竞争力