Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Views - The report emphasizes a strategic focus on the main brand to enhance cost-effectiveness and improve profit margins [1]. - Retail sales for Q2 2024 are expected to grow by 10%, with retail discounts around 25% [1]. - The company plans to divest KP Global to alleviate financial burdens and improve profitability, allowing a more focused approach on the running segment [1]. - The main brand targets the mass market, while the subsidiary brands, including Myle and Saucony, focus on niche markets such as outdoor and high-end running [1]. - The report forecasts revenue growth for 2024-2026, estimating revenues of 16 billion RMB, 17.9 billion RMB, and 19.8 billion RMB respectively, with net profits of 1.21 billion RMB, 1.41 billion RMB, and 1.65 billion RMB [1]. Summary by Sections Investment Rating - The company maintains a "Buy" rating with a target price set at 5.21 HKD [1]. Financial Data - Total shares outstanding: 2,644.52 million [1]. - Total market capitalization: 13,777.94 million HKD [1]. - Book value per share: 3.70 HKD [1]. - Debt-to-asset ratio: 48.50% [1]. - One-year high/low price: 9.38/3.61 HKD [1]. Business Strategy - The company aims to streamline its operations by focusing on the running sector and enhancing brand synergy among its subsidiaries [1]. - The main brand is positioned as a cost-effective option for consumers, while the subsidiaries are expected to leverage the group's resources for accelerated growth [1].
特步国际：战略聚焦，主品牌强化性价比，改善利润率