Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$6.95, representing a 24% increase from the previous target price of HK$5.61 [1][7]. Core Insights - The company's brand, Xtep, has shown a month-to-date (MTD) revenue growth of over 10% in October, indicating a strong performance that is expected to meet the annual guidance [4][6]. - For the fiscal year 2024, the overall revenue and net profit attributable to the parent company are projected to grow by 1.5% and 21.3%, reaching RMB 14.56 billion and RMB 1.25 billion, respectively [6][9]. - The report highlights that the company's inventory and discount levels are healthy, with expectations for continued improvement in gross margin [5][6]. Financial Projections - The revenue forecast for 2024 has been adjusted to RMB 14.56 billion, reflecting a 3.6% decrease from previous estimates, while the net profit forecast has been adjusted to RMB 1.25 billion, a decrease of 3.0% [9]. - The earnings per share (EPS) for 2024 is projected at RMB 0.47, with subsequent years showing growth to RMB 0.53 in 2025 and RMB 0.59 in 2026 [8][9]. - The report anticipates a gross margin improvement of 2.1 percentage points to 44.2% for 2024, alongside a net profit margin increase of 1.4 percentage points to 8.6% [6][9].
特步国际：10月MTD流水低双位数增长，有望完成全年指引