特步國際: 聚焦健康成長

（以下内容从天风国际证券《特步國際: 聚焦健康成長》研报附件原文摘录）
　　Xtep International Holdings (1368 HK) 聚焦健康成长 24H1E takeaways: net profit rose 13% on stable mass market and pro sports; watch for a healthy growth profile BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 24H1收入同增10.4%，归母净利润同增13%。 公司发布半年报，24H1收入72亿同增10.4%，主要由主品牌稳健表现与新品牌中国内地的强劲增长带动；其中特步主品牌57.9亿同增6.6%，专业运动分部（索康尼、迈乐）收入5.9亿同增72.2%，时尚分部收入（盖世威、帕拉丁）8.2亿同增9.7%，其中中国内地占时尚分部收入39%，同增85.7%。 收入分品类，鞋履收入44.5亿同增14.3%（占比提升至61.7%），服装收入26.1亿同增4.3%，配饰收入1.5亿同增11.8%。 24H1公司归母净利润7.5亿同增13%，其中专业运动分部贡献0.32亿；集团拟派发中期股息每股15.6港仙，派息率50%。 24H1E: revenue up 10.4% yoy and net profit up 13% yoy; HK15.6 cents DPS Top line: Xtep International released unaudited 24H1E results with revenue at RMB7.2bn, up 10.4% yoy, driven mostly by its XTEP core brands and other brands’ growth in the mainland of China market. Segmental revenue perspectives are as follows: Brand revenues: ·XTEP brands contributed RMB5.79bn in H1E, up 6.6% yoy. ·Athleisure brands (K-Swiss and Palladium) generated RMB820m, up 9.7% yoy; mainland of China grew 85.7% yoy with an athleisure revenue share of 39%. ·Professional sports (Saucony and Merrell) brands shot up 72.2% yoy to RMB590m. Product revenues: ·Footwear contributed RMB4.45bn in H1E, up 14.3% yoy (61.7% of the total). ·Apparel contributed RMB2.61bn, up 4.3% yoy. ·Accessories contributed RMB150m, up 11.8% yoy. Bottom line: net profit came to RMB750m in H1E, up 13% yoy, with professional sports brands contributing RMB32m. DPS: the company set H1 dividend per share at HK15.6 cents, a 50% payout ratio. 24H1毛利率46%同增3pct，净利率10.4%同增0.2pct 24H1集团整体毛利率46%同增3.1pct，主要系DTC业务贡献增加。分品牌来看，特步主品牌24H1毛利率43.9%同增0.8pct，主要系电商毛利率及收入占比均有提升；专业运动分部毛利率56.8%同增14.8pct，主要系期内收购索康尼及迈乐合资公司全部权益；时尚运动分部毛利率53.4%同增11.4pct，主要系DTC模式更多的中国市场贡献增加，且清库存需求减少。 24H1集团经营溢利率15.2%同增0.1pct，净利率10.4%同增0.2pct；各项费率中，主要员工成本占收入比例提升较多，原因系业务扩张以及收购专业运动分部合资企业带来的员工开支增长。 Profitability: gross margin up 3ppt yoy to 46%; net margin up 0.2ppt yoy to 10.4% Gross margin increased 3.1ppt yoy to 46% in 24H1E, mainly due to a bigger contribution from the higher-gross-margin direct-to-consumer (DTC) business. Gross margin performance by brand: ·Professional sports brands: 56.8% gross margin, up 14.8ppt yoy, mainly because the company acquired the entire stake of the Saucony and Merrell JV in H1. ·Athleisure brands: 53.4% gross margin, up 11.4ppt yoy, due to a bigger contribution from the DTC-model China market and less DTC inventory clearance. ·XTEP brands: 43.9% gross margin, up 0.8ppt yoy, mainly because ecommerce expanded in gross margin and revenue share. Operating margin was 15.2% in 24H1E, up 0.1ppt yoy, and net margin was 10.4%, up 0.2ppt yoy. Looking at expense ratios, key employee costs as a percentage of revenue showed a marked increase, as staff costs rose on business expansion and acquisitions of stakes in Saucony and Merrell JVs. 线下门店数基本保持稳定，新兴电商平台快速增长 线下门店数基本保持稳定，截至24H1末，特步成人在中国内地及海外共有6578家店铺，较年初净增7家；特步儿童在中国内地共有1706家店铺，较年初净增3家；索康尼在内地共有128家门店，净增18家。 电商业务24H1同增超20%，占特步主品牌收入超30%；直播与社交电商平台发展迅速，抖音、得物及微信视频号的零售额同增超80%。跑步产品带动电商增长，618期间集团及特步主品牌的线上销售额分别同增50%、40%。 Sales network: stable physical store count; growing ecommerce platforms Retail stores: the company maintained its physical store count: ·XTEP Adults: 6,578 stores around the world at end-24H1, a net increase of 7 from the beginning of the year. ·XTEP Kids: 1,706 stores in mainland of China, a net increase of 3 from the beginning of the year. ·Saucony: 128 stores in mainland of China, a net increase of 18. Ecommerce sales expanded more than 20% yoy in 24H1E, contributing over 30% of XTEP brand revenue. The growth areas were: ·Livestreaming and ecommerce social media platforms: retail sales via Douyin, Dewu and WeChat video accounts shot up more than 80% yoy. ·Running sports products: this year’s 618 promotions saw total online sales rising 50% yoy, while XTEP brand sales grew 40% yoy. 聚焦跑步，索康尼加强品牌建设 特步主品牌继续巩固跑步生态圈，强化研发能力，上半年推出360X等鞋款，消费者反馈良好；索康尼今年通过代言人签约、产品创新、渠道升级与活动赞助等，多方面加强品牌推广力度以推动增长，继续扩充产品矩阵，加快高线城市新形象店开设；迈乐拓宽产品线，继续强化越野跑与户外属性。 Fine-tuning running sports focus: XTEP ecosystem and Saucony brand building ·XTEP brands consolidated the running sports ecosystem and strengthen R&D capabilities. New launches in H1 included the 360X carbon-fiber-plate shoe collection, which had positive feedback from consumers. ·Saucony stepped up brand promotions on top of product innovations, channel upgrades and event sponsorships in H1. It also signed on a brand ambassador in July. The brand aims to drive up growth, widen the product matrix and speed up the opening pace of its new-image stores in China’s upper-tier cities. ·Merrell expanded its product line with upgraded trail running and outdoor specs. 投资建议/Investment Ideas 维持盈利预测，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；对应EPS分别爲0.46人民币/股、0.53人民币/股、0.63人民币/股；对应PE分别爲11/9/7X。 Valuation and risks We are bullish about XTEP brand prospects and expect the cost-effective products will maintain their market leadership. We expect company financials will improve with the strategic divestiture of KP Global Investment (K-Swiss and Palladium). This would streamline the business toward a running sports focus. We reckon group resources will gravitate toward professional sports brands Saucony and Merrell to accelerate their growth, and maximize brand and product payoff. Valuation: we forecast revenue will arrive at RMB16bn/17.9bn/19.8bn in 2024/25/26E; and net profit at RMB1.21bn/1.41bn/1.65bn; implying RMB0.46/0.53/0.63 EPS and 11x/9x/7x PE. 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; weaker-than-expected market acceptance of new products; and lower-than-expected end-market consumption. 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