特步国际：Better margins despite cautious sales growth

21 Aug 2024 CMB International Global Markets | Equity Research | Company Update Xtep (1368 HK) Better margins despite cautious sales growth The sportswear industry is still under immense pressure. However, we are still confident in the mid to long run. Going into 2H24E, we still believe Xtep can continue its outperformance, supported by: 1) successful new products, 2) robust e-commerce sales and platform expansion, 3) relatively more wholesale business nature, 4) robust growth from the Saucony brand and 5) ...