国证国际港股晨报-20250422

Core Viewpoints - The report highlights the pressure from Trump on the Federal Reserve, exacerbating the trust crisis in the US dollar [2][4] - The Hang Seng Index showed a rebound, with a notable increase of 338 points or 1.61% on the last trading day [2] - The report indicates a mixed performance in the US stock market, with major indices experiencing declines [3] Industry Performance - On the last trading day before the holiday, all 12 Hang Seng Composite Index industry indices rose, with the information technology and consumer discretionary sectors leading the gains at 2.02% and 1.90% respectively [3] - The telecommunications, materials, and consumer staples sectors lagged behind, with increases ranging from 0.17% to 0.52% [3] Company Analysis - The report focuses on Xtep International (1368.HK), emphasizing its strong position in the running market and the rapid growth of its sub-brand Saucony [6] - Xtep's main brand inventory and discount levels remain healthy, with retail discounts stable at 7-75% [6] - The sub-brand Saucony has seen a year-on-year growth of approximately 40%, benefiting from increasing demand for outdoor and professional sports [6] - The company plans to focus resources on its main brand and Saucony following the divestiture of KSWISS and Palladium, which is expected to alleviate profit pressure [6] - The report suggests that the negative impact of tariffs on the company will be minimal, as most revenue is generated domestically [6] Investment Recommendations - The report predicts that Xtep will benefit from a recovering consumer environment, with projected EPS for 2025-2027 at 0.54, 0.61, and 0.67 respectively [7] - A target price of 7 HKD is set for 2025, maintaining a "buy" rating based on historical valuation levels [7]