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特步國際: 收購JV剩餘股權,完善品牌矩陣

天风国际  · 公众号  ·  · 2023-12-28 17:13

正文

Xtep International Holdings

(1368 HK)


收購JV剩餘股權,完善品牌矩陣


Xtep strengthens multi-brand matrix; buys over Wolverine stakes to gain control over Saucony and Merrell

BUY (maintain)


投資要點/Investment Thesis

投资要点/Investment Thesis

公司發佈公告,全資子公司特步控股有限收購Wolverine Group於2019年合資公司所持權益,以進行索康尼及邁樂品牌產品的銷售及分銷。


同時,公司全資子公司XMS Sports收購Saucony Asia IP Holdco在中國40%的擁有權權益。若索康尼品牌的知識產權在全球範圍內進行銷售,或Wolverine的控制權發生變化,XMS Sports將獲得進一步收購Saucony Asia IP Holdco35%或60%權益認購權。


以上交易作價6100萬美元(約合4.34億人民幣),以公司內部現金支付。


Better reach and control of China market on USD61m pact with Wolverine

Xtep International announced its directly and wholly owned subsidiary, Xtep Holdings, will acquire Wolverine Group’s interests in the JVs they had set up together in 2019, by which Xtep Holdings will sell and distribute Saucony and Merrell brand products. The series of agreements with Wolverine also has XMS Sports, another Xtep wholly-owned subsidiary, acquiring a 40% stake in Gemini Asia Saucony, which holds the intellectual property (IP) rights associated with the Saucony brand in China. Further, XMS Sports gets the option to purchase an additional 35% or 60% stake in Gemini Asia Saucony should the Saucony IP rights be sold globally or a change occurs in Wolverine’s control interests. The total consideration for Xtep is USD61m (about RMB434m) for these transactions, which the company paid with its own cash; with completion expected by 1 Jan 2024.


索康尼品牌強勁增長展現潛力

索康尼在2023年上半年成爲特步集團旗下首個實現盈利的新品牌,2023年上半年,索康尼所在專業運動分部的收入同比增長119.9%至人民幣3.4億元,佔集團總收入的5.3%,首次取得人民幣900萬元淨利潤。


除了加強對品牌戰略方向及營運效率的控制,合併合資公司的擁有權及管理權將最大限度地發揮特步主品牌與索康尼及邁樂品牌於產品創新、營銷及分銷渠道方面的協同效應。通過公司及Wolverine於產品創新方面的能力及專業知識,特步在採購Wolverine Group推出的產品同時,將繼續設計和研發針對中國消費者的定製中國線產品。該等中國線產品目前佔索康尼及邁樂品牌於中國約一半的銷售額,其將賦予集團開拓全球市場並擴大索康尼及邁樂品牌業務規模的機會。


Fast-growth Saucony and other new brands have high growth potential

H1 in the black: Saucony was the first of Xtep Group’s new brands to turn profitable in 23H1. Saucony professional sports revenue increased 119.9% yoy to RMB340m in the half-year period, accounting for 5.3% of total group revenue. The brand achieved its first net profit at RMB9m in the period.


Brand synergies: the combined JV ownership and management rights not only strengthen control over strategic brand direction and operational efficiency, but they also maximize synergy of the main XTEP brand with the Saucony and Merrell brands when it comes to product innovations, marketing and distribution channels.


Growth potential: utilizing both companies’ capabilities and product innovation prowess, Xtep will continue to design and develop Chinese product collections customized for Chinese consumers, while purchasing product launches from Wolverine Group. The Chinese product collections currently account for about half of the sales of Saucony and Merrell brands in China. This implies ample potential to explore global market growth by expanding business scale at Saucony and Merrell.


多品牌矩陣協同效應顯著

公司憑藉特步主品牌及新品牌之間在銷售渠道、研發及營銷資源方面的協同效益,公司將繼續培育新品牌,成爲下一增長曲線,有望最終貢獻業績。


作爲世界四大跑鞋品牌之一,索康尼憑藉具有競爭力的產品系列,與特步主品牌在跑步領域品牌定位契合;時尚運動分部,蓋世威和帕拉丁在中國內地進行全面品牌重塑,升級產品組合和店鋪佈局,成功增強品牌知名度及大幅提升店效;加快在中國內地高線城市的開店步伐。帕拉丁致力改善產品供應和零售網絡,增強對年輕消費者吸引力,且針對中國內地高端消費羣體在高端購物中心開設更多店鋪。


Multi-brand matrix provides significant synergies to grow new profit drivers

The company would continue to cultivate new brands by leveraging their synergy with its main brand XTEP to drive sales channels, R&D and marketing resources. This could establish new growth drivers that eventually contribute to profitability:


•Running shoes: Saucony is one of the world’s four major brands in this segment. Its competitive product collections align well with the market positioning of the main XTEP brand.

•Sports fashion: K-Swiss and Paladin have thoroughly rebranded for the mainland Chinese market. They upgraded their product portfolios and store networks to enhance brand awareness and raise store efficiency, including fast-pacing store openings in the high-tier cities. Paladin continues to tune up its product supply and retail networks to appeal to younger consumers, including more store openings in premium malls to target high-spending consumer groups.



投資建議/Investment Ideas


維持盈利預測,維持“買入”評級

我們認爲公司產品矩陣相繼成熟,運營效率持續提升;成功卡位跑步領域,通過專業化品牌升級佔領用戶心智;伴隨新品牌逐步成長,或將貢獻更多銷售和業績。我們預計公司FY23-25收入分別爲143/165/190億人民幣,歸母淨利潤分別爲10.2/11.8/13.6億人民幣,對應EPS分別爲0.39/0.45/0.52元人民幣/股,PE分別爲11/10/8x。


Valuation and risks

We believe Xtep International’s brand matrix will continue to mature in succession while operating efficiency improves. Its market positioning is entrenched in the running shoes segment, while its upgraded professional sports branding has captured consumer mindshare. As the new brands gain traction, we expect they will contribute more to sales and profits. We maintain our forecasts with revenue at RMB14.3bn/16.5bn/19bn and net profit at RMB1.02bn/1.18bn/1.36bn in 2023/24/25E, implying EPS of RMB0.39/0.45/0.52 on PE of 11/10/8x. We maintain our BUY rating.


風險提示: 宏觀經濟增長不及預期,人工開支、運營費用率提升,終端門店拓展速度不及預期,線下恢復不及預期,運動品牌行業競爭加劇,收購交易未完成風險等。


Risks include: weaker-than-expected macroeconomic growth; rising labor expenses and operating expense ratios; slower-than-expected end-market store expansion; a slower-than-expected recovery of the offline market; intensifying competition among sports brands; and non-completion of the acquisition transactions.



Email: [email protected]

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