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XTEP INT'L (1368.HK): In 2024, professional sports will significantly boost profitability, and in 2025, the main brand will begin its retail transformation.
The main brand grows steadily, and the profitability level of professional sports has significantly improved. In 2024, the annual revenue increased by 6.5% to 13.58 billion yuan, with mass/professional sports revenues increasing by 3.2%/57.2% respectively. The gross margin increased by 1.4.
Deutsche Bank: Raised XTEP INT'L Target Price to 7 HKD, last year's net profit meets expectations.
Deutsche Bank released a Research Report stating that XTEP INT'L (01368) had revenue from ongoing Business of 13.577 billion RMB last year, a year-on-year increase of 6.5%, slightly below the company's guidance of high single digits to 10%. Net profit reached 1.238 billion RMB, setting a historical high, with a year-on-year increase of 20%, in line with market expectations. The bank holds a cautious view on the main brand XTEP, being more Bullish on Saucony. At the same time, the earnings per share forecasts for 2025 to 2026 have been reduced by 3% to 12%, while the Target Price has been raised from 6.4 HKD to 7 HKD, with a rating of 'Buy'.
CITIC Lyon: Raises XTEP INT'L Target Price to HKD 5.9, maintains "Outperform the Market".
Citi Research has released a report stating that it has increased the Target Price of XTEP INT'L (01368) by 3.5%, from HKD 5.7 to HKD 5.9, maintaining a rating of "Outperform." The bank noted that XTEP's sales and net profit for the fiscal year 2024 are in line with its expectations. XTEP's guidance indicates positive growth in group sales, with net profit increasing by over 10% following the sale of KPGlobal. The sales guidance for the professional sports sector indicates a growth of 30-40%. Looking ahead to 2025, the transformation of XTEP's brand towards a Direct-to-Consumer (DTC) business model, the simplification of channel structure, and overseas expansion are strategic priorities. The sales of the Saucony brand reached 1 last year.
Deutsche Bank raised the Target Price of XTEP INT'L (01368.HK) to 7 Hong Kong dollars, last year's net profit met expectations.
Deutsche Bank published a report indicating that XTEP INT'L (01368.HK) reported revenue from continuing Operations of 13.577 billion yuan last year, a year-on-year increase of 6.5%, slightly below the company's guidance of high single digits to 10%. The net profit reached 1.238 billion yuan, a historic high, with a year-on-year increase of 20%, meeting market expectations. The bank holds a cautious view on XTEP's main brand, being more Bullish on Saucony. At the same time, it lowered the earnings per share forecast for 2025 to 2026 by 3 to 12%, raising the Target Price from 6.4 yuan to 7 yuan. Rating 'Buy.'
CITIC Securities: Raised the Target Price of XTEP INT'L (01368) to HKD 5.9, maintaining an "Outperform" rating.
Looking ahead to 2025, the Xtep brand's transformation towards a direct-to-consumer (DTC) business model, simplifying channel structure and overseas expansion are strategic priorities.
Ding Shuibo of Xtep: Last year, the growth rate of the domestic Sports Industry exceeded that of the overall Retail Trade, and there is still room for growth in the running shoe market.
Ding Shuibo, the Chairman and CEO of XTEP INT'L (01368.HK), stated in an interview with Hong Kong Economic Journal that the downgrade of CSI China Mainland Consumer Index has a significant impact on Dining and Outfits industries. As for the sports industry, last year's growth rate exceeded that of the overall retail industry, describing that young people in the mainland now pay more attention to sports, and some of them average at least five pairs of professional functional running shoes, so he believes there is still room for growth in the running shoes market. He also revealed plans to establish a running club in Hong Kong in the future. Additionally, Ding Shuibo mentioned at the annual performance press conference held earlier that the central government continues to introduce policies to stimulate economic and consumer growth, which will provide a good environment for the Sporting Goods industry.
