Market Overview - On April 29, the Shanghai Composite Index fell by 0.2%, the CSI 300 decreased by 0.14%, the STAR Market 50 dropped by 0.17%, the CSI 1000 declined by 1.05%, the ChiNext Index decreased by 0.65%, and the Hang Seng Index fell by 0.04% [4] - The best-performing sectors on April 29 were banking (+0.98%), steel (+0.53%), public utilities (+0.39%), home appliances (+0.17%), and media (+0.02%). The worst-performing sectors were real estate (-3.66%), comprehensive (-2.52%), social services (-2.19%), automotive (-1.59%), and building materials (-1.57%) [4] - The total trading volume for the A-share market on April 29 was 1,076.8 billion yuan, with a net inflow of 2.03 billion HKD from southbound funds [4] Company Recommendation - The report focuses on Xtep International (01368), identified as the leading brand in the domestic running market, with expected market expansion and brand growth [5] - The recommendation logic highlights the rapid growth in the number of domestic running enthusiasts and serious runners, which is expected to drive Xtep's revenue growth beyond expectations [5] - Key drivers include the number of marathon participants, the wearing rate of Xtep and Saucony brands, sales performance of Xtep's main running products, and the opening and performance of Saucony stores [5] - The target price is set at 7 HKD, reflecting a potential upside of over 40%, based on a 2025 target PE of 13X [5] - Profit forecasts for Xtep indicate a net profit of 1,371.72 million yuan in 2025, 1,528.06 million yuan in 2026, and 1,703.48 million yuan in 2027 [5] - Catalysts for growth include the popularity of marathon events, increased brand wearing rates, strong sales of Xtep's main products, and improved store performance for Saucony [5]
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