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中信证券5月25日发布公告。As for new brands, Saucony boasts a leading product strength and has achieved high-speed growth during the Covid pandemic by sharing resources with the main brands. It will officially launch its distribution channels in 2023. Meanwhile, K-Swiss product and store adjusted faster than expected, and the four new brands are likely to inject fresh impetus to the Company’s development in the future. We are optimistic about the Xtep’s long-term competitive advantages in the running field, and expect it to achieve excellent growth in 2023 amid the consumer recovery. We maintain our EPS forecasts for 2023/24/25 at Rmb0.43/0.51/0.59, and assign 25x 2023PE to derive a target price of HK$12 by adopting both PE and PEG methods. We reiterate the “BUY” rating.