特步国际：Cautiously optimistic after a resilient 2Q24

12 Jul 2024 CMB International Global Markets | Equity Research | Company Update Xtep (1368 HK) Cautiously optimistic after a resilient 2Q24 The sportswear industry remains under great pressure, but we believe Xtep is still one of a few brands that can mildly outperform and improve sequentially in 2H24E, because of: 1) successful new product launches such as the 360X, 2) robust e-commerce sales growth (esp. the Douyin platform), 3) wholesale business nature (therefore drags from operating deleverage is limit ...