特步国际：Inline 1Q25 results and a moderate outlook-20250418

Inline 1Q25 results and a moderate outlook While 1Q25 numbers are generally inline with BBG and CMBI est., the improving trend in Mar 2025 is quite encouraging. Looking forward in 2Q25E, amidst the macro risks, more policy support looks likely, and we also see brand-specific growth momentum. Therefore, we are still cautiously optimistic about the sportswear sector, as well as Xtep. Maintain BUY with TP of HK$ 7.20, based on 14x FY25E P/E (both unchanged). The stock is now trading at 10x. Source: Company dat ...