Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company plans to strategically divest KP to its controlling shareholder for USD 151 million, with proceeds distributed as a special cash dividend of approximately HKD 0.447 per share. This divestment is expected to be completed by the end of August 2024 and will alleviate profit pressure by an estimated HKD 0.6 billion and HKD 1.8 billion for the fiscal years 2024 and 2025 respectively [2][4]. - Post-divestment, the company will focus on the running market, developing three major brands: Xtep, Saucony, and Merrell. More resources will be allocated to enhance the Saucony and Merrell brands, which are expected to contribute positively to profitability [2][4]. - The divestment is anticipated to improve the company's financial statements, with revised net profit forecasts for 2024-2026 being HKD 12.3 billion, HKD 15.4 billion, and HKD 17.6 billion respectively, up from previous estimates [2][4]. Financial Summary and Valuation Metrics - The company reported a revenue of HKD 12.93 billion in 2022, with projections of HKD 14.35 billion for 2023 and HKD 15.33 billion for 2024, reflecting a year-over-year growth of 29.1%, 10.9%, and 6.9% respectively [6]. - Net profit for 2022 was HKD 922 million, with forecasts of HKD 1.03 billion for 2023 and HKD 1.23 billion for 2024, indicating a year-over-year growth of 1.5%, 11.8%, and 19.4% respectively [6]. - The company's gross margin is projected to improve from 40.9% in 2022 to 43.9% by 2026, while net margin is expected to rise from 7.1% to 10.0% over the same period [6].
港股公司信息更新报告：拟剥离KP改善盈利，聚焦跑步市场发展三大品牌