20230828-安信国际证券-特步国际-01368.HK-维持稳健业绩增长_多品牌发力迸发生机_4页_828kb

Report Summary: Analysis of Ant Group International Securities on Teff International (1368 HK)

• Key Performance Overview: Teff International reported a 50% revenue decline in 2021 but showed strong resilience in 2023, with first-half revenue reaching RMB 65.22 billion, up 148% year-over-year. Net profit after tax surged to RMB 6.65 billion, growing 127% YoY, driven by post-pandemic recovery in sports and events.

• Financial Forecast: Projected EPS for 2023–2025 are HKD 0.45, 0.58, and 0.70; PE given for 2023 is 22x; target price is HKD 108. Maintain "Buy" rating with an expectation of sustained growth amid market conditions.

• Growth Drivers: Recovery of sports events and marathons boosted demand. Brand performance includes Teff main brand (109% revenue growth), while K-SKOR and Terrex showed higher growth rates, with multi-brand strategy and product innovation supporting overall expansion.

• Strategic Initiatives: Accelerated store expansion reached 6,443 adult outlets and 1,588 children's outlets. Children's business grew 52%, and new brands like K-SKOR demonstrated profitability, highlighting effective market segmentation and operational improvements.

• Risks: Potential economic downturn, inventory risks, delays in new brand development, and intensified competition could impact future performance.