Caitong Securities: Xtebu International's acquisition of Sonicon-related assets highlights the new brand's development confidence rating and maintaining “increased holdings”

新浪港股 · Dec 19, 2023 21:06

财通证券发布研究报告称，维持特步国际（01368）“增持”评级，预计公司2023-2025年实现营业收入144.34/167.58/195.29亿元，归母净利润10.25/12.70/15.40亿元。合资公司成立至今在管理索康尼及迈乐品牌方面展现了较强的营运能力，索康尼凭借优秀的产品设计及性能也愈加受到国内消费者的认可，此次收购有望进一步强化新品牌与主品牌的协同效应，看好公司多品牌矩阵日益成熟。

财通证券主要观点如下：

公司公告收购Saucony Asia IPHoldco及2019年合资公司的权益。

2019年特步与Wolverine成立合资公司，于中国内地、中国香港及中国澳门开展索康尼及迈乐品牌旗下的鞋履、服装及配饰的研发、营销及分销。为进一步发展索康尼及迈乐品牌在中国的业务，公司与Wolverine签订协议，双方同意：1）特步将收购Saucony Asia IPHoldco 40%的权益，后者持有索康尼品牌在合资公司所运营地区的知识产权；2）收购Wolverine Group于2019年合资公司的权益，收购完成后该合资公司将成为特步的全资子公司；3）收购Saucony AsiaIPHoldco余下权益的认购权，倘若索康尼品牌的知识产权在全球范围内销售，或Wolverine的控制权发生变化，特步将获得进一步收购Saucony Asia IPHoldco35%或60%的权益的认购权。此次交易的总金额为6100万美元，用公司内部现金支付，收购将在2024年1月1日或之前完成。

索康尼快速成长，此次收购彰显公司对该品牌长期信心。

2019年至今，索康尼品牌快速发展，体现出与主品牌良好的协同效应。索康尼定位高端跑鞋，与主品牌的大众定位形成互补，共同扩大对跑步人群的覆盖。经过前几年的市场培育，索康尼目前在多项马拉松赛事中穿着率位居前列，体现出品牌的消费者认可度日益提升。截止2023H1，索康尼/迈乐在国内拥有80/5家门店。2023H1专业运动分部收入同比+119.9%至3.4亿元，索康尼也成为公司旗下首个实现盈利的新品牌。未来公司将1）采购Wolverine推出的产品同时，继续设计和研发针对中国消费者的中国线产品（目前中国线产品占索康尼及迈乐品牌国内销售额的一半）；2）除了继续研发现有的“功能系列”外，进一步拓展“复古系列”和“通勤系列”，以扩大时尚与休闲产品的供应，满足中国市场对个性化及多功能服饰的需求。

此次交易有望加强公司对品牌的控制，提升索康尼对公司的利润贡献。

合并合资公司的拥有权及管理权不仅会最大限度地发挥特步主品牌与索康尼及迈乐品牌于产品创新、营销及分销渠道方面的协同效应，更可加强集团对品牌战略方向及营运效率的控制。同时未来有望增厚公司利润，从毛利率方面看，2023H1公司合并报表口径下（公认会计准则）专业运动分部毛利率为42%，净利率为2.6%，非公认会计准则下专业运动分部毛利率为57.2%，净利率为5.6%，中间差距主要系1）过去公司需要按商品成本的一定比例向Saucony AsiaIPHoldco支付费用；2）Wolverine Group占有合资公司的少数股东权益。因此此次交易完成后，索康尼对公司报表的利润贡献有望提升。

风险提示：宏观经济放缓下消费需求疲软；库存积压；行业竞争加剧；新品牌培育不及预期。

According to a research report released by CaiTong Securities, maintaining the “increased holdings” rating of Xtebo International (01368), the company is expected to achieve operating income of 144.34/167.58 billion yuan and 19.529 billion yuan in 2023-2025, net profit of 1,025/12.70/1,540 billion yuan. Since its establishment, the joint venture has shown strong operating capabilities in managing Sauconi and Mylar brands. Saucani has also been increasingly recognized by domestic consumers for its excellent product design and performance. This acquisition is expected to further strengthen the synergy between the new brand and the main brand, and it is optimistic that the company's multi-brand matrix is becoming more mature.

The main views of CaiTong Securities are as follows:

The company announced the acquisition of interests in Sauconsy Asia IPHoldCo and the 2019 joint venture.

In 2019, Xtrep and Wolverine formed a joint venture to develop, market and distribute footwear, clothing and accessories under the Saucani and Mylar brands in mainland China, Hong Kong, and Macau, China. In order to further develop the business of Saucone and Mylar brands in China, the company signed an agreement with Wolverine. The two parties agreed: 1) Expex will acquire 40% of Saucony Asia IPHoldCo's interest, which holds the intellectual property rights of the Sauconi brand in the region where the joint venture is operated; 2) Acquire Wolverine Group's interest in the joint venture in 2019. After the acquisition is completed, the joint venture will become a wholly-owned subsidiary of Xtep; 3) Purchase of the remaining interests in Saukorny AsiaIPHoldCo; Right. Should the Sauconi brand's intellectual property rights be sold globally, or Wolverine's control changes, Expex will obtain subscription rights to further acquire 35% or 60% of Saucone Asia IPHoldCo's interests. The total amount of this transaction is US$61 million, paid in cash within the company, and the acquisition will be completed on or before January 1, 2024.

Saucone is growing rapidly, and this acquisition shows the company's long-term confidence in the brand.

Since 2019, Saucone's brand has developed rapidly, showing good synergy with the main brand. Sauconi's positioning as a high-end running shoe complements the popular positioning of the main brand to jointly expand coverage of runners. After a few years of market development, Saucone currently has the highest wear rate in many marathons, reflecting the increasing consumer recognition of the brand. As of 2023H1, Saucony/Myle has 80/5 stores in China. The 2023H1 professional sports division's revenue was +119.9% year-on-year to 340 million yuan. Sauconi also became the company's first new brand to achieve profit. In the future, the company will 1) procure products launched by Wolverine and continue to design and develop Chinese line products for Chinese consumers (currently Chinese line products account for half of the domestic sales of Saucone and Mylar brands); 2) In addition to continuing to develop existing “functional series,” the company will further expand the “retro series” and “commuter series” to expand the supply of fashion and leisure products to meet the demand for personalized and multi-functional clothing in the Chinese market.

The deal is expected to strengthen the company's control over the brand and enhance Saucone's profit contribution to the company.

The ownership and management of the combined joint venture will not only maximize the synergy between the Xtep main brand and Saucone and Mylar brands in product innovation, marketing and distribution channels, but also strengthen the Group's control over the strategic direction and operating efficiency of the brand. At the same time, the company's profit is expected to increase in the future. In terms of gross margin, the gross margin of the professional sports segment under the 2023H1 consolidated statement scale (GAAP) is 42%, the net interest rate is 2.6%, the gross margin of the professional sports segment under non-GAAP is 57.2%, the net profit margin is 5.6%, and the middle gap is mainly 1) In the past, the company needed to pay fees to Saucone AsiaIPHoldCo as a proportion of the cost of goods; 2) Wolverine Group held a minority shareholder interest in the joint venture. Therefore, after the transaction is completed, Saucone's profit contribution to the company's statements is expected to increase.

Risk warning: Consumer demand is weak under the macroeconomic slowdown; inventory backlog; industry competition intensifies; and the cultivation of new brands falls short of expectations.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

财通证券：特步国际收购索尼康相关资产 彰显新品牌发展信心 评级维持“增持”

Caitong Securities: Xtebu International's acquisition of Sonicon-related assets highlights the new brand's development confidence rating and maintaining “increased holdings”

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财通证券：特步国际收购索尼康相关资产彰显新品牌发展信心评级维持“增持”