特步國際: 戰略聚焦,主品牌強化性價比,改善利潤率

（以下内容从天风国际证券《特步國際: 戰略聚焦,主品牌強化性價比,改善利潤率》研报附件原文摘录）
　　Xtep International Holdings (1368 HK) 战略聚焦，主品牌强化性价比，改善利润率 Strategic refocus: main brand XTEP refines cost-effective directive, while profit margins get better BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 24Q2流水同增10%，零售折扣约75折 24H1零售销售同比增长高单位数，渠道库存周转约4个月。 H1 operational update: Q2E turnover up 10% yoy with retail discounting at 25% Key metrics: Xtep released an update of 24H1 and 24Q2 operations on 11 July: retail sales increased by a high-single-digit yoy, while channel inventory turnover arrived at about 4 months. 剥离KP减轻负担，改善盈利水平 公司此前发布公告，盖世威和帕拉丁品牌自2019年起持续亏损，2024年一季度亏损约900万美元。因此，公司决定战略性出售资产，以消除KP Global亏损对特步盈利能力及现金流的持续性影响。 KP divestiture: to recap, the company had announced on 9 May its strategic decision to divest of wholly owned subsidiary KP Global Investment, which owns the K-Swiss and Paladin brands. This would remove their loss impact on Xtep’s profitability and cash flow as the two brands have been bleeding since 2019 and recently posted a loss of about USD9m in 24Q1. 我们认爲，此次出售一方面有望减轻公司财务负担，改善盈利能力；另一方面或有助於公司聚焦业务至跑步领域，精简业务矩阵，有效增强品牌间协同效应。其中，特步主品牌面向大衆市场，迈乐专注越野跑和户外运动，索康尼瞄准高端客户羣体。 具体来看，迈乐作爲全球户外鞋服领域的领导者，致力於将性能、时尚和舒适度融爲一体，提升用户的户外探索体验。 索康尼跑鞋以卓越性能闻名，得到中国内地专业和大衆跑者的青睐。索康尼的受欢迎程度反映於各项大型马拉松赛事的穿着率。在中国内地重点马拉松赛事中，索康尼的穿着率於所有跑者中位列所有品牌第三。品牌受欢迎程度的显著增长，一方面验证了索康尼的品质和性能，另一方面巩固了其在此类竞争激烈赛事中作爲跑者首选品牌之一的市场地位。 We had discussed in an earlier report two key implications of the sell-off: ·Cut losses: it would reduce Xtep’s financial burden and improve profitability. ·Better brand synergy: it would mean a tighter focus on running sports while streamlining brand synergy in its product portfolio: main brand XTEP for the mass market, Merrell for cross-country running and outdoor sports, and Saucony for consumers in the high-end market. Merrell: the global outdoor footwear and apparel leader integrates specifications of performance, fashion and comfort to enhance outdoor explorations and experiences. Saucony: the brand’s running shoes are known for their excellent performance, being favored by professional as well as amateur runners in mainland of China. Saucony’s popularity is reflected in its high marathon wear rate, being the third most worn brand by runners at major marathon events in mainland of China. Saucony’s popularity and substantial growth trend is a testament to the brand’s quality and performance. We believe it will continue to consolidate its market position through competitive events. 主品牌持续发力跑步领域，积极扩张索康尼及迈乐业务规模 特步主品牌一直战略性瞄准跑步领域，积极构建中国内地最大的跑步生态圈，稳踞市场领先地位。作爲向大衆市场提供高性价比产品的国产品牌，特步主品牌持续强化研发能力，优化产品表现，推出专爲中国跑者设计的跑鞋，助力跑者实现个人成就的新突破。 集团具备与顶尖国际品牌竞争的实力，并致力充分发挥协同效应以取得成功。通过战略性地整合索康尼及迈乐品牌合资公司的股权，集团不仅能最大限度地发挥两个品牌与特步主品牌在产品创新、营销及分销渠道方面的协同效应，亦可提升运营效率，充分激发该等品牌的增长潜力。 XTEP main brand increases focus on running; Saucony and Merrell expand scale Chinese runners: the XTEP main brand increasingly targets running sports and has built up the largest running ecosystem in mainland of China to entrench its leading market position. As a Chinese brand producing cost-effective products for the mass market, XTEP is strengthening R&D ability to optimize product performance and is focusing on launching running shoes designed specifically for Chinese runners to help them achieve breakthroughs and reach personal new heights. Brand synergy: the Xtep group is well positioned to compete with top international brands through business synergy. By strategically converging the equity interests of the Saucony and Merrell brand JVs, the company not only enhances synergy between the two brands and its main brand XTEP, but it also increases XTEP’s product innovations, marketing and distribution channels. Operational efficiency for all three brands would thus increase, along with expanded growth potential. 展望未来，集团将继续提供专爲中国消费者设计的产品系列，以扩张索康尼及迈乐品牌的业务规模，并探索全球市场的商机。此外，索康尼将进一步研发新系列，拓展时尚及休闲的产品供应，从而满足中国消费者在不同场景下对个性化和多功能产品日益增长的需求。 Future plans: targeting Chinese athletes while exploring global opportunities Looking ahead, the company aims to design and produce collections catering specifically to Chinese consumers, while expanding business scale at Saucony and Merrell in exploring global market opportunities. Saucony in particular plans to develop new collections that would expand its trendy and leisure product offerings. This would fulfill growing demand from Chinese consumers for personalized and multifunctional products for a variety of scenarios. 投资建议/Investment Ideas 上调盈利预测，维持买入评级 我们看好公司主品牌以高性价比产品稳居市场领先地位，以及KP剥离後财务端表现有望提升；业务更加精简，更聚焦跑步赛道。此外索康尼、迈乐有望获得集团更多优势资源倾斜，加速成长，兑现品牌力和产品力。我们预计公司24-26年收入分别爲160亿人民币、179亿人民币、198亿人民币；归母净利分别爲12.1亿人民币、14.1亿人民币、16.5亿人民币（原值分别爲11.7亿人民币、13.4亿人民币、15.1亿人民币）；对应EPS分别爲0.46人民币/股、0.53人民币/股、0.63人民币/股（原值爲0.44人民币/股、0.51人民币/股、0.57人民币/股）；对应PE分别爲11/9/8X。 Valuation and risks We believe main brand XTEP will maintain its market leadership through cost-effective products and the company’s financials would improve with the KP Global divestiture, as it streamlines the business to focus on running sports. We believe Saucony and Merrell will benefit from group resources and accelerate growth as their branding and product offerings improve. We raised our 2024/25/26E forecast with revenue at RMB16bn/ 17.9bn/19.8bn and net profit at RMB1.21bn/1.41bn/1.65bn (previously RMB1.17bn/ 1.34bn/1.51bn). Our EPS corresponds to RMB0.46/0.53/0.63 (previously RMB0.44/ 0.51/0.57) and PE to 11x/9x/8x. We maintain our BUY rating. 风险提示：市场竞争加剧；新品市场接受度不及预期；终端消费不及预期风险等。 Risks include: intensifying competition; lower-than-expected market acceptance of new products; and lower-than-expected end-market consumption. 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