Zhitong Financial APP learned that Northeast Securities released a research report saying that$Xtep International (01368.HK) $According to the "Buy" rating, the forecast income for 2022-24 is 126.23,151.62 / 17.855 billion yuan (compared with the same period last year), and the net profit of return to the mother is 11.4 pound 13.76 / 1.656 billion yuan (compared with the same period of last year + 25.51% 20.75% 20.36%). The company constructs the three major brand matrixes of Volkswagen + Professional + Fashion Sports, with revenue exceeding 10 billion yuan in 2021 and achieving a net profit of 908 million yuan.

In terms of industry, according to Euromonitor data, the scale of China's sports shoes and clothing industry will be 371.818 billion yuan in 2021, and the CAGR will be 12.31% in the next five years. Benefiting from factors such as the improvement of residents' health awareness and the national trend, as well as the accumulation of product design and R & D strength of local brands in recent years, the market share of local brands is expected to further increase.

On the company sideOn the product side:Xtep spent 252 million yuan on R & D in 2021 and set up the first domestic footwear R & D center, which has reached international standards in terms of materials.Channel side:The proportion on the front line has exceeded 30%, and the offline channel adopts a flat and large distribution business model, which makes it more resilient to operation. as the proportion of big stores and nine-generation stores continues to increase, the store efficiency has improved significantly.Marketing side:Combined with national craze, cross-border joint name Shaolin, launch XDNA high-end brand, and continue to improve the brand strength through sponsoring marathon and national track and field team's sports and entertainment dual-track marketing.