CICC: Maintains Xtep International (01368.HK) "Outperform" rating, target price HK$4.60; main brand retail sell-through declined by a mid-single-digit percentage year-on-year

Zhitong Finance APP has learned that CICC has issued a research report stating that it maintains Xtep International's (01368.HK) "Outperform" rating and target price of HK$4.60 unchanged, corresponding to 9x 2027 P/E, implying 25% upside from the current share price. The company announced its operating conditions for the third quarter of 2026: Xtep main brand retail sell-through declined by a mid-single-digit percentage year-on-year, retail discount was 7 to 7.5 off, and channel inventory turnover at the end of September was 4.5 to 5 months; Saucony brand retail sell-through increased by a mid-single-digit percentage year-on-year. The bank maintains the company's earnings per share forecasts for 2026 and 2027 at RMB0.42 and RMB0.47, respectively, unchanged.