CITIC Construction Investment: Maintains "Buy" Rating for XTEP INT'L, with Saucony brand retail sales exceeding 20% growth in Q3 2025

Zhitong
2025.10.21 08:15
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CITIC Construction Investment maintains a "Buy" rating for XTEP INT'L, expecting revenues for 2025-2027 to be 14.32 billion, 15.26 billion, and 16.37 billion yuan respectively, with net profit attributable to the parent company at 1.37 billion, 1.52 billion, and 1.67 billion yuan. In the third quarter of 2025, the retail sales of the main XTEP brand grew low single digits year-on-year, while the retail sales of the Saucony brand grew over 20%. The XTEP brand plans to reclaim distribution rights for approximately 400-500 stores in the second half of 2025, while the Saucony brand will continue to open offline stores