%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨特步国际（ ） 1368.HK [特Ta步b国le_际Ti2tl0e2] 4Q1 点评： Q1 流水符合预期，经 营质量改善 报告要点 [公Ta司bl发e_布Su2m0m24aQry1]零售数据，特步主品牌流水同比高单位数增长，折扣70-75折，库销比4-4.5 个月，流水表现符合预期。 ...

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 [【Table_T广itle] 发 纺 服 & 海 外 】 特 步 国 际 [公Tab司le_I评nves级t] 买入 当前价格 4.55港元 （01368.HK） 合理价值 7.32港元 前次评级 买入 电商驱动主品牌稳健增长，新品牌表现强劲 报告日期 2024-04-22 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 公司披露 24Q1 运营公告：24Q1 特步主品牌全渠道流水同增高单位 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -10% 数，符合预期；零售折扣70-75折，库销比为4-4.5健康水平。 -23% ⚫ 特步主品牌稳步增长。根据业绩会，拆分来看，由于23Q1同期线下基 -35% 数较高，24Q1特步主品牌线上流水增速好于线下，线上流水增速超过 -48% 25%；库存水平健康，新品库存占比超 70%。在产品方面，公司推出 -60% 特步国际 恒生指数 的大众碳板 360X 跑鞋表现超于预期，有望助力主品牌抢占中低价格 带份额，同时 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1] Core Viewpoints - The company has successfully positioned itself in the running sector through brand upgrades and a mature product matrix, driving group growth. Revenue projections for 2024-2026 are estimated at 16 billion RMB, 17.9 billion RMB, and 19.8 billion RMB respectively, with net profits of 1.17 billion RMB, 1.34 billion RMB, and 1.51 billion RMB, corresponding to EPS of 0.44 RMB, 0.51 RMB, and 0.57 RMB, and PE ratios of 10, 8, and 7 times [2] Summary by Relevant Sections Company Overview - The company reported a significant increase in retail sales for its main brand in Q1 2024, with a high single-digit year-on-year growth and discount levels between 7-75% [1] - The company launched the "360X" carbon plate running shoes aimed at the mass running market, which features advanced midsole technology and improved stability, reducing injury risk by 4.2% compared to the previous model [1] Market Position - The company has solidified its leading position in the Chinese running market, with its shoes being the top choice among marathon runners in major events in 2023 [1] - The acquisition of 40% of Saucony's intellectual property and the full acquisition of Wolverine Group's stake in a joint venture enhances the company's confidence in the growth potential of its brands in the Chinese market [1] Product Development - The company is expanding its product offerings beyond functional series to include retro and commuting series, catering to the growing demand for personalized and multifunctional products [1] - The newly launched "2KCAVALRY" retro shoes combine a fashionable appearance with modern technology to appeal to young consumers [1] Financial Projections - The company anticipates continued revenue growth, with projected revenues of 16 billion RMB, 17.9 billion RMB, and 19.8 billion RMB for 2024, 2025, and 2026 respectively, alongside corresponding net profits and EPS figures [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The sales performance of the company met expectations, with a high single-digit year-on-year growth in the main brand's total channel revenue for Q1 2024, driven primarily by sales volume growth [2] - The company has seen strong growth in its new brands, with all four new brands achieving over 50% growth in Q1 2024, indicating a successful strategy to create a second growth curve [2][3] - The inventory levels are healthy, with a discount rate gradually improving, and the company expects to maintain double-digit growth guidance for the main brand throughout the year [2][3] Summary by Sections Sales Performance - In Q1 2024, the main brand's total channel revenue grew by a high single-digit percentage year-on-year, with stable pricing and significant sales volume growth [2] - The children's clothing segment outperformed the adult segment, with approximately 10% growth in revenue, while e-commerce growth exceeded 25% [2] New Brand Development - The professional sports division's brands, such as Saucony and Myle, saw a revenue increase of 98.9% to 800 million yuan, while fashion sports brands like Gaiswei and Paladin grew by 14.3% to 1.6 billion yuan [2] - Saucony has established a strong position in the high-end running market, with an average monthly store efficiency of 300,000 yuan [2][3] Inventory and Discount Management - The main brand's discount rate was between 70-75% in Q1, with an inventory turnover ratio of 4-4.5 months, indicating a healthy inventory level [2] - The company anticipates a further reduction in inventory turnover to around 4 months in Q2, which will support an increase in discount rates to 75% [2] Market Strategy - The company focuses on third- and fourth-tier cities, with over 70% of its stores located in lower-tier markets, leveraging its first-mover advantage [3] - The average monthly store efficiency for the main brand is approximately 195,000 yuan, with upgraded stores performing significantly better [3] Financial Projections - The company forecasts revenues of 12.93 billion yuan for FY2022, 14.35 billion yuan for FY2023, and 15.99 billion yuan for FY2024, with corresponding net profits of 922 million yuan, 1.03 billion yuan, and 1.15 billion yuan [9][4] - The projected PE ratios for FY2024 to FY2026 are 12, 11, and 9 respectively, indicating a favorable valuation outlook [4]

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[特I Tnaf 步bol]e 国_Ti际tle]（ 1368） [评Tab级le_：Inv est] 增持 当前价格（港元）： 4.46 Q1 流水符合预期，Q2 至今持续改善 2024.04.19 海 ——2024Q1 经营数据点评 [ 交Ta易bl数e_M据a rket] 外 王佳(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 3.68-9.62 当前股本（百万股） 2,641 公 010-83939781 0755-23976666 010-83939831 当前市值（百万港元） 11,781 司 wangjia025750@gtjas.com caodongqing026730@gtjas.c zhaobo026729@gtjas.com （ 证书编号 S0880524010001 oSm08 80122070070 S0880122070053 中 本报告导读： 国 Q1流水符合预期，库存折扣维持健康，4月至今流水表现较好，期待Q2流水表现， 香 预计2024年集团营收增速 1 ...

纺织服饰/服装家纺 公 司 研 特步国际（01368.HK） 2024Q1 新品及电商带动流水，经营指标持续改善 究 2024年04月19日 ——港股公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 张霜凝（联系人） lvming@kysec.cn zhangshuangning@kysec.cn 日期 2024/4/18 证 书编号：S0790520030002 证书编号：S0790122070037 港 当前股价(港元) 4.460  2024Q1新品及电商带动流水，经营指标持续改善，维持“买入”评级 股 一年最高最低(港元) 9.810/3.610 2024Q1主品牌流水在高基数下实现高单增长（2023Q1流水增长20%+），主要系 公 司 总市值(亿港元) 117.81 电商及功能性产品带动。分月度看，1-2 月及 3 月上旬流水中单增长，3 月中后 信 流通市值(亿港元) 117.81 期在新品360X及260的带动下流水提速，4月前两周流水双位数增长，预计全 息 总股本(亿股) 26.41 年流水有望实现双位数增长。报表收入端，新品带动下预计催化Q2补单需求， 更 新 流通港股(亿股) ...

Investment Rating - The report maintains a BUY rating for Xtep with a target price of HK$6.31, indicating a potential upside of 41.4% from the current price of HK$4.46 [4]. Core Insights - Xtep's retail sales in 1Q24 increased by high single digits year-over-year, aligning with market expectations, and showing signs of acceleration in growth due to new product launches and e-commerce support [2][3]. - The company expects improved retail sales growth, better discounts, and inventory levels from 2Q24E onward, supported by the popularity of new products like the 360X running shoes [2][3]. - The stock is currently trading at an undemanding valuation of 9x FY24E P/E, which is attractive compared to its 8-year average of 15x [2][4]. Earnings Summary - Xtep's revenue for FY24E is projected at RMB 15,913 million, with a year-over-year growth of 10.9% [12]. - The net profit for FY24E is estimated at RMB 1,230 million, reflecting a net profit margin of 7.7% [12]. - The company anticipates a compound annual growth rate (CAGR) of 10% for sales and 18% for net profit during FY23-26E [2][4]. Retail Performance - Retail sales growth for offline, online, and kids segments was reported at low single digits, over 25%, and 10% respectively in 1Q24 [2]. - Retail discounts narrowed to 25%-30% in 1Q24, showing improvement from 30% in 4Q23, with expectations for further reduction in 2Q24E [2][3]. Market Position - Xtep's new products, particularly the 360X running shoes, have been well-received, with over 500,000 pairs sold in just one month [2]. - The e-commerce segment is expected to rebound as the company increases the supply of entry-level and value-for-money products [2]. Financial Projections - The report conservatively estimates a revenue of RMB 17,587 million for FY25E and RMB 19,322 million for FY26E, maintaining the same growth expectations as previous estimates [8][9]. - Gross profit margin is projected to improve to 42.7% in FY25E and 43.1% in FY26E [12].

智通财经APP获悉，中金发布研究报告称，维持特步国际(01368)"跑赢行业"评级，2024/25年EPS预测 0.45/0.52元不变。考虑行业估值中枢有所提升，目标价上调16%至5.47港元。公司公布一季度经营情 况，特步主品牌零售流水同比增长高单位数，零售折扣七至七五折，渠道库存周转4-4.5个月。 报告主要观点如下： 电商渠道带动特步主品牌高基数下实现较好增长。 1Q24特步主品牌零售流水在1Q22/1Q23的高基数下同比增长高单位数(1Q22/1Q23分别同比增长30- 35%、约20%)。分渠道看，线上渠道季内加强性价比产品布局，流水同比增长25%+，好于线下渠道的 同比增长低单位数。特步主品牌深耕专业跑步产品，新推出的高性价比大众碳板跑鞋360X系列销售好 于预期。 公司持续布局运动童装业务，季内特步童装业务流水在高基数下同比增长约10%。折扣方面，虽然 1Q24有春节等传统促销季节，特步主品牌零售折扣七至七五折，环比有所改善(4Q23为七折)。截至3月 底，渠道库存周转4-4.5个月，保持健康水平。 索康尼继续实现亮眼表现。 专业运动板块索康尼、迈乐和时尚运动板块盖世威、帕拉丁1Q24中国内地 ...

证券研究报告 | 2024年04月18日 特步国际（01368.HK） 买入 第一季度流水增长 6%-9%，经营指标较良性  公司研究·海外公司快评  纺织服饰·服装家纺  投资评级：买入（维持评级） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 关竣尹 0755-81982834 guanjunyin@guosen.com.cn 执证编码：S0980523110002 事项： 公司公告：2024年4月18日，公司发布2024年第一季度营运状况，第一季度特步主品牌线上线下全渠道 零售销售流水同比增长高单位数，零售折扣7-7.5折，渠道库存周转4-4.5个月。 国信纺服观点： 1、第一季度特步主品牌表现符合预期，流水增长高单位数，零售折扣7-7.5折，库销比保持良性； 2、风险提示：消费需求复苏不及预期；品牌形象受损；品牌恶性竞争加剧；市场的系统性风险； 投资建议：第一季度稳健增长，经营良性，中长期关注主品牌势能提升和多品牌布局下成长机遇。第一季 度主品牌流水在高基数上增长高单位数，表现略好于公司目 ...

证券研究报告 | 公司点评 2024年04月18日 特步国际（01368.HK） 流水稳健增长，营运质量持续改善 事件：特步2024Q1流水增长高单位数，整体表现符合预期。公司发布 买入（维持） 2024年Q1经营情况公告，特步品牌流水同比增长高单位数，零售折扣 股票信息 水平约7-7.5折，截至Q1末渠道存货周转天数在4-4.5个月之间，运营 质量持续改善，整体表现符合预期。 行业 鞋类 前次评级 买入 坚持大众品牌定位，立足跑步细分赛道，助力主品牌流水稳健增长。 4月18日收盘价（港元） 4.46 2024Q1特步品牌终端流水同比增长高单位数，分渠道和品类看：我们 总市值（百万港元） 11,780.90 预计线下流水增速弱于线上，其中线下流水预计增长低单位数，电商预 总股本（百万股） 2,641.46 计增长25%+，二者差异一方面由于线上线下渠道基数不同，另一方面 其中自由流通股（%） 100.00 进入2024年公司加强对于线上业务的优化力度，高性价比产品逐步丰 30 日日均成交量（百万 13.92 富，同时3月中下旬公司发布360X系列高性价比碳板跑鞋，或带动线 股） 上销售。展望2024年：特步主 ...