Investment Rating - The report maintains a "Buy" rating for the company with a market price of 5.00 HKD [2]. Core Insights - The company reported a revenue of 7.203 billion HKD for the first half of 2024, representing a year-on-year increase of 10.44%, and a net profit of 752 million HKD, up 13.03% year-on-year, aligning with expectations. The company plans to distribute a dividend of 15.6 HKD per share, with a payout ratio of 50%, and additionally proposes a special dividend of 44.7 HKD per share [2][3]. Financial Performance Summary - Revenue Forecast: The company’s revenue is projected to grow from 12.93 billion HKD in 2022 to 16.634 billion HKD by 2026, with a compound annual growth rate (CAGR) of approximately 9.3% [2]. - Net Profit Forecast: Net profit is expected to increase from 922 million HKD in 2022 to 1.542 billion HKD in 2026, reflecting a CAGR of about 14.1% [2]. - Earnings Per Share (EPS): EPS is forecasted to rise from 0.35 HKD in 2022 to 0.58 HKD in 2026 [2]. - Valuation Ratios: The price-to-earnings (P/E) ratio is projected to decrease from 13.1 in 2022 to 7.8 in 2026, indicating an attractive valuation over time [2]. Business Segment Performance - Main Brand Performance: The main brand, Xtep, achieved a revenue of 5.789 billion HKD in the first half of 2024, growing by 6.6% year-on-year. The e-commerce segment saw a revenue increase of over 20%, contributing more than 30% to total revenue [3][4]. - Fashion Sports Segment: This segment reported a revenue of 821 million HKD, up 9.7%, with significant growth in the domestic market driven by brand repositioning [3]. - Professional Sports Segment: Revenue surged by 72.2% to 593 million HKD, attributed to strong same-store sales growth and robust online performance [3]. Profitability and Cost Management - Gross Margin Improvement: The gross margin increased by 3.1 percentage points to 46.0% in the first half of 2024, driven by higher e-commerce sales and improved profitability in the fashion and professional sports segments [4]. - Net Profit Margin: The net profit margin rose by 0.2 percentage points to 10.4% [4]. - Inventory Management: As of June 30, 2024, inventory stood at 2.199 billion HKD, reflecting a year-on-year increase of 22.57%, primarily due to acquisitions [4]. Strategic Outlook - The company is focusing on enhancing its brand image and operational efficiency while maintaining a strong emphasis on the running segment. The multi-brand strategy is expected to drive growth, particularly with the successful integration of Saucony and the expansion into the mid-to-high-end market [5].
特步国际：主品牌电商表现亮眼，专业运动保持高增