Jinwu Financial News | China Merchants Securities Research Report shows that the 24Q1 omni-channel sales volume of the main brand of Teb International (01368) increased in high units, and discounts and inventory were steady, moderate and positive. Sales of new brands in mainland China increased 25% + year over year. The company maintains a year-on-year revenue growth rate of no less than 10%, and profit growth is expected to be faster than revenue guidance. The company's main brand focuses on the core categories of running, product & channel structure optimization.
According to the bank, the company's main brand focuses on the core categories of running, product & channel structure optimization, and the collaborative development of Sokney and XTEP's main brand will maintain a relatively rapid pace of scale expansion and continue to provide performance increases. The company maintained a year-on-year revenue growth rate of no less than 10% in 24, and the profit growth rate is expected to be faster than revenue guidance. The company's revenue is expected to be 15.948 billion yuan, 17.773 billion yuan, and 19.688 billion yuan in 2024-2026, with year-on-year growth rates of 10%, 11%, and 11%. Net profit was 1,141 billion yuan, 1,282 billion yuan, and 1,439 billion yuan, year-on-year growth rates of 11%, 12%, and 12%. The current market value corresponds to 24PE10X and 25PE9X, maintaining a highly recommended rating