Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has strategically divested its loss-making KP Global business for $151 million, which is expected to enhance its financial structure and focus on the running market. The divestiture is anticipated to improve the company's profitability and cash flow, allowing for a stronger focus on its main brands, including Saucony and Hoka, which are expected to see more marketing and product line expansion [2][3] Financial Projections - The company forecasts net profits for 2024, 2025, and 2026 to be RMB 12.17 billion, RMB 13.38 billion, and RMB 15.81 billion respectively, with corresponding EPS of RMB 0.46, RMB 0.51, and RMB 0.60. The current stock price corresponds to PE ratios of 9.89, 8.99, and 7.61 for the same years [2][3][4] - Revenue projections for 2024, 2025, and 2026 are RMB 15.39 billion, RMB 15.83 billion, and RMB 17.78 billion, with growth rates of 7.31%, 2.81%, and 12.35% respectively [3][4] - The company's return on equity (ROE) is expected to improve from 11.62% in 2023 to 14.47% by 2026 [5]
剥离KP亏损业务，聚焦跑步赛道