Xtep International Holdings (1368 HK)2024收入雙位數增長可期In the wake of strong operating metrics for 2023, we anticipate double-digit revenue growth in 2024EBUY (maintain)投資要點/Investment Thesis投资要点/Investment Thesis公司發佈2023年Q4中國內地業務營運狀況,公司23Q4零售銷售增長同比超30%,零售折扣水平約7折。2023年全年零售銷售增長同比超20%。截至12月31日,渠道庫存週轉為四至四個半月。2023年12月17日,特步國際宣佈以6100萬美元作價收購Wolverine於2019年合資公司所持權益,同時收購索康尼於中國40%的知識產權,彰顯集團對於索康尼及邁樂品牌前景的信心。Mainland of China update: 23Q4 retail sales up 30% yoy; 2023 retail sales up 20% yoyHealthy growth: Xtep International released an operational update of its mainland of China business with retail sales growing more than 30% yoy in 23Q4, with retail discounting at about 30%. Full-year numbers indicate
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