Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The report highlights that the divestiture of KP Global is expected to enhance profits, with a projected dividend yield of 12.3% for 2024. The divestiture is anticipated to be completed by the end of November 2023, which will simplify the company's business structure and focus resources on running, thereby improving profitability [4][7] - The main brand's revenue growth in Q3 has slowed down, attributed to consumer fatigue, but the report expects the revenue growth of the main brand to remain stable, with children's products outperforming adult products [6][7] - The report indicates that the Sakoni brand has shown significant growth, with a revenue increase of over 50% year-on-year in Q3, and is expected to continue contributing positively to profits [6][7] Summary by Sections Financial Performance - The company reported a revenue of 14,346 million HKD in 2023, with a projected increase to 14,966 million HKD in 2024, reflecting a year-on-year growth of 4.32% [8] - Net profit for 2023 is estimated at 1,044 million HKD, with projections of 1,263 million HKD for 2024, indicating a year-on-year growth of 21.05% [8] - The gross margin is expected to improve from 42.17% in 2023 to 42.81% in 2024 [8] Valuation and Estimates - The report assigns a PE valuation range of 12-13X for 2024, with a corresponding fair value range of 6.14-6.65 HKD per share [7] - The company is expected to maintain a dividend payout ratio of 50%, leading to a projected dividend of 0.70 HKD per share in 2024 [8] Market Position - The report notes that the company has a complete and professional running product matrix, with Sakoni entering a profitable phase, which is expected to create a strong second growth curve in the medium to long term [7]
特步国际：公司公告点评：24Q3索康尼持续高增，看好盈利水平提升