Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The main brand's revenue is accelerating, with a 10% year-on-year growth in Q2 2024, driven by the successful launch of the cost-effective running shoe 360X, which sold 800,000 pairs since its release [4] - The company is focusing on optimizing its multi-brand matrix and strengthening its core running business, which is expected to enhance its competitive position [5] - The divestiture of the fashion sports business is progressing steadily, which is anticipated to improve the company's net profit despite potential delays in the transaction [5] Summary by Sections Market Data - Closing price (HKD): 5.21 - H-share market value (billion HKD): 137.78 - 52-week high/low (HKD): 9.38/3.61 [2] Operational Performance - Q2 2024 saw a 25% year-on-year increase in e-commerce revenue, with significant growth during the 618 shopping festival [4] - The inventory turnover ratio improved to approximately 4 months as of June 2024, down from 4-4.5 months in Q1 2024 [4] - The discount rate for the main brand tightened from 7-7.5 in Q1 2024 to 7.5 in Q2 2024, indicating healthier overall operations [4] Financial Projections - Revenue projections for FY2024E: 15.99 billion RMB, with a year-on-year growth rate of 11% [6] - Net profit projections for FY2024E: 1.15 billion RMB, with a year-on-year growth rate of 12% [6] - Expected earnings per share for FY2024E: 0.44 RMB [6] Brand Performance - The professional sports brands, such as Saucony and Merrell, experienced over 50% revenue growth in Q2 2024, indicating strong market positioning [4] - The company aims for a revenue growth target of high single digits to 10% for the full year, excluding the K&P brands [5]
特步国际：主品牌流水加速增长，专业运动延续强劲表现