Core Viewpoint - CICC initiates coverage of Yue Yuen Industrial Holdings with an "outperform industry" rating and a target price of HKD 19.46, corresponding to a 10.5x P/E ratio for 2026 [1] Group 1: Company Overview - Yue Yuen is the world's leading manufacturer of athletic footwear and is expanding its retail business in Greater China [1] - The company holds over 10% of the global footwear shipment market share, with its subsidiary, Pou Chen Corporation, being a leading athletic apparel retailer in Greater China [1] Group 2: Industry Insights - According to Euromonitor, the global athletic footwear market is projected to reach USD 167.7 billion in 2024, with a forecasted mid-single-digit growth over the next five years [1] - The market is highly concentrated, with the top 10 brands expected to account for 57% of the market share by 2025 [1] Group 3: Financial Projections - CICC anticipates that tariff disruptions will weaken by 2026, and major brand clients' inventory levels are manageable [1] - Brands like Nike are accelerating product innovation, which, along with the growth of several premium brands, is expected to stabilize revenue growth in the manufacturing segment by 2026 [1] - Improvements in newly built capacity and uneven capacity utilization issues are expected to enhance manufacturing performance [1]
研报掘金｜中金：首予裕元集团“跑赢行业”评级及目标价19.46港元