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|2024 04 14 2024Q1 2024Q1 1 2024Q1 338.16-3.8%13-1.2%/+24.8%/-22.6%320.94+0.1%13+9.4%/+20.1%/-19.5%3 2 2024Q1 77.57+7.8%13+16.0%/-8.7%/-1.9%48.48+12.4%13+15.6%/-7.1%/+9.7%2024 3 2024Q1/+6.5%/-0.1%/+17.5%2024Q1/2024Q1 13%23%/25%40%2024 PE 20 2024Q1 20%/2024 PE 20 2024Q1 2024 PE 17 2024Q1 2024 PE 20/17/20 2024 2024 PE 16 2024 PE 13 2023 2024Q1 2024 PE 14 2024 PE 11 2 20212022 85%2024 PE 14 2 20212022 90%wind 2024 PE 14 FY2024 FY2024 20%+/25%+FY2024PE 15 2024 1-2 5%5.5%2024 Au9999 10%+S0680520070003 S0680523080004 S0680122060018 1 2024Q1 2024-04-07 2 2024 2023 2024-03-31 3 Lululemon FY2023 2024-03-31-32%-16%0%16%2023-04 2023-08 2023-12 2024-04 300 2024 04 14 P.2 2024 PE 17 2024 PE 13/13 2023 2024 2023/52.5/7.0/6.0+22%/+52%/+62%2023+2.0pct 64.7%/-1.0/+0.6/-0.2pct 38.7%/7.1%/-0.9%+2.8pct 13.9%0.25 3.6 2023 50%2024/4/11 4%2024 2023/201.1/32.0/31.8-2%/-1%/+1%2023/2023-0.3pct 25.6%/-0.3/-0.1pct 0.3%/3.4%/-0.4%+0.2pct 15.9%361 2024Q1 361 20%-25%20%-25%4.5-5 2023 2024 1-3 RSV 12.4%RSV 12.4%RSV 12.8%EPS P E 2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E 002832.SZ 1.27 1.66 2.11 2.59 22.8 17.5 13.7 11.2 02020.HK 2.68 3.61 4.80 4.94 28.8 21.3 16.1 15.6 600398.SH 0.45 0.61 0.69 0.78 20.7 15.2 13.5 12.0 002154.SZ 0.31 0.48 0.55 0.63 19.3 12.7 11.0 9.6 03998.HK 0.19 0.20 0.25 0.29 18.9 18.3 14.5 12.5 02331.HK 1.57 1.23 1.32 1.49 10.9 14.0 13.0 11.5 300979.SZ 2.77 2.74 3.19 3.67 22.8 23.0 19.8 17.2 02313.HK 3.04 3.03 3.73 4.28 21.3 21.3 17.4 15.1 Wind 1ZEVuNrMsRpOsMsRnQpQrQ9P9R6MmOoOnPmQiNnNmQkPqRnQbRoOzRuOtQsRuOtPyR 2024 04 14 P.3 1.2024Q1.4 2.8 1 2023&2024Q1.10 3.11 4.12 4.1 2023 2024.12 4.2 2024.13 4.3 361 2024Q1.14 4.4.15 5.16 6.17 7.18 2.19.19 1 2023%.4 2 2023 1 YOY.4 3 2023 1.5 4 2023 1 YOY.5 5 2024Q1%.6 6 2020/.6 7 2021Q12024Q1.7 8%.9 9 2023&2024Q1.10 10 A%.11 11%.11 12 328.18 13 237.18 14.18 15.19 2024 04 14 P.4 1.2024Q1 1 2024Q1 338.16-3.8%13-1.2%/+24.8%/-22.6%320.94+0.1%13+9.4%/+20.1%/-19.5%3 2 2024Q1 77.57+7.8%13+16.0%/-8.7%/-1.9%48.48+12.4%13+15.6%/-7.1%/+9.7%1 2023%Wind 2024 3 A 2024Q1/2024Q1 206.2+6.5%13 74.1/59.5/72.6+16.5%/-7.9%/+11.0%2023Q4 2 2023 1 YOY-40%-30%-20%-10%0%10%20%30%40%Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24:-25%-20%-15%-10%-5%0%5%10%15%20%0102030405060708090 2023 2024 YOY NbKbjNfVXSxyKfDCA8AU7MiCYydMK33bsDsO0TSEcfYSNAG62dddG903/QG9fJGS 2024 04 14 P.5 2024Q1-0.1%13+12.5%/-12.2%/+0.2%3 2023 1 2024Q1 76.3 17.5%13 26.3/21.8/28.2+25.0%/+9.0%/+17.9%4 2023 1 YOY 2023 2023Q4/+12%/+17%/+22%Q1/Q2/Q3-11%/-4%/-7%2024Q1 2024Q1 13%23%/25%40%2024 2024 10%20%2024 PE 20 2023 7.93%39.2 13.32%5.54 2024-40%-30%-20%-10%0%10%20%1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 2023 2024-50%-40%-30%-20%-10%0%10%20%30%40%05101520253035 2023 2024 YOY 2024 04 14 P.6 2024Q1 2023Q4 2024Q1 Q1 20%2024 PE 20 2024 2024 2024 PUMA/Adidas Nike 2024 2024 2024 PE 17 5 2024Q1%2024Q1 2024Q1 YOY YOY 300979.SZ 13%23%25%40%41.4 45.0 6.01 6.74 603558.SH 5%20%5%30%5.2 6.0 0.41 0.50 603889.SH 5%15%5%15%10.3 11.2 0.95 1.04 603908.SH 0%10%-10%10%3.4 3.8 0.26 0.32 002003.SZ 15%25%20%30%8.0 8.7 0.64 0.70 Wind 2024 2024 1/2.32 2023 6 2020/Wind 01234567May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24:2024 04 14 P.7 7 2021Q12024Q1 Wind 050100150200250Nike Adidas Lululemon PUMA UA VF DECKERS2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4 2024Q1 2024 04 14 P.8 2.2024Q1 2024 PE 20/17/20 2024 2024 PE 16 2024 PE 13 1 2024Q1 2024 PE 14 2 2024 PE 11 3 2 20212022 85%2024 PE 14 2 20212022 90%wind 2024 PE 14 4 FY2024 FY2024 20%+/25%+FY2024PE 15 2024 1-2 5%5.5%2024 PE 17 2024 PE 13/13 2024 04 14 P.9 8%2022 PE 22A 23E 24E 22A 23E 24E 2412.0 44%75.9 102.4 136.0 28.8 21.3 16.1 491.1 29%40.6 31.87 34.2 10.9 14.0 13.0 125.5 51%9.2 10.3 11.7 12.3 11.0 9.7 361 0.0 0%7.5 9.6 11.6 11.6 9.0 7.5 339.8 103%24.5 18.4 24.1 12.6 16.8 12.8 431.4 77%20.6 21.4 27.0 18.9 18.3 14.5 86.5 66%3.8 8.4 10.0 20.5 9.3 7.8 166.0 24%7.3 9.5 12.1 22.8 17.5 13.7 63.2 86%3.8 5.2 6.1 16.4 12.3 10.3 30.3 30%0.2 1.2 3.2 148.2 25.9 9.6 88.7 127%4.6 7.0 8.1 19.3 12.7 11.0 447.1 86%21.6 29.5 33.1 20.7 15.2 13.5 83.1 38%1.8 4.2 5.9 45.0 19.7 14.0 161.4 85%6.4 11.2 13.2 25.3 14.4 12.2 195.8 48%16.5 7.4 11.1 11.9 26.5 17.7 1074.1 56%45.6 45.6 56.1 21.3 21.3 17.4 735.2 43%32.3 32.0 37.2 22.8 23.0 19.8 42.0 58%2.6 2.7 3.2 16.0 15.6 13.3 28.2 10%2.1 1.6 2.0 13.2 18.2 14.2 24.8 57%1.4 1.4 1.7 17.6 18.4 14.7 129.7 74%4.9 5.5 6.6 26.5 23.4 19.5 50.8 53%3.9 4.1 4.8 13.0 12.4 10.6 438.8 45%17.0 22.1 26.0 25.8 19.8 16.9 206.5 60%10.9 13.4 16.2 18.9 15.4 12.7 1134.6 74%67.1 53.8 67.4 16.9 21.1 16.8 64.3 89%2.0 4.0 5.0 32.3 16.0 12.9 82.4 88%5.7 6.3 7.9 14.4 13.1 10.4 Wind A 2024 04 12 H 2024 04 12 361 22A 21/22 1=0.91 2024 04 14 P.10 1 2023&2024Q1 9 2023&2024Q1 Wind 2024 04 14 P.11 3.300-2.58%-1.81%-0.82%A+61.06%+15.44%+13.96%A-18.3%*ST-13.83%-7.14%H+16.67%+12.67%+9.09%H-8.43%-4.9%-4.11%10 A%Wind A 2024 4 8 12%11%Wind A 2024 4 8 12 H 2024 4 8 12%-8.00-6.00-4.00-2.000.002.004.00 300-30.00-20.00-10.000.0010.0020.0030.0040.0050.0060.0070.00 ST A*ST*ST 361 A A A A H H 2024 04 14 P.12 4.4.1 2023 2024 2023+22%/+52%1 2023/52.5/7.0/6.0+22%/+52%/+62%2023+2.0pct 64.7%/-1.0/+0.6/-0.2pct 38.7%/7.1%/-0.9%+2.8pct 13.9%2 2023Q4/15.9/1.4/1.2+24%/+92%/+104%2023Q4+4.7pct 64.9%/+1.9/+1.1/-0.4pct 42.6%/5.5%/-1.0%+3.1pct 9.5%3 0.25 3.6 2023 50%2024/4/11 4%HAZZYS 2024 2023 HAZZYS/&/17.6/17.3/10.4/4.4/1.4+24%/+17%/+16%/+36%/+18%1 HAZZYS 2023+24%17.6 34%ICONIC HRC 2023 2023 40 457+14 327/+26 130 2024 2 2023+17%17.3 34%2023 2023 13 817+11 232/+2 585 2024 3 2023+16%10.4 20%2024 2023/20.9/8.1/11.7/8.0+44%/+5%/+16%/+1%40.6%/18.6%/19.9%/15.7%+1.8/-0.6/+0.6/+1.8pct 77.2%/66.7%/46.4%/69.5%1 2023/+47/+30 793/968+8%/+4%9.13/17.16 2 2023 2023/-31.9/-6.3 235.6/42.9 11.5 1.7 2023-2.4%11.5 2024 2024 2023 10%20%/15%20242026 8.06/9.21/10.43 2024 PE 11 2024 04 14 P.13 4.2 2024 2023-2%-1%1 2023/201.1/32.0/31.8-2%/-1%/+1%2023/2 2023 1.90-14%/+14%3 2023-0.3pct 25.6%/-0.3/-0.1pct 0.3%/3.4%/-0.4%+0.2pct 15.9%2023Q4+12%/+17%1 2023Q4/58.1/9.1/9.3+12%/+17%/+22%2 2023Q4 0.54+5%/+6%3 2023Q4+0.6pct 26.4%/-0.2/+0.9/-1.7pct 0.2%/3.2%/-0.1%+0.7pct 15.7%2023 2024 1 Nike Deckers VF PUMA UA 2023 5 76.1/40.6/23.7/14.0/11.3-4%/3%/-31%/-37%/-10%38%/20%/12%/7%/6%-9pct 82%97%35.5+9pct 18%2023 2024 2+2024 1 2023 25.6%/15.9%2 2023 2023/2.21/1.92-7%/-12%86.7%-4.3pct 2023Q42024Q1 3 2024 SAP 1 2023+11.3%27.4+2.0 62.6 2 2023+12.5 61.6 36.9 1.2 2023 2024 1 2024Q1 2024Q1/2 2024 10%20%20242026 37.18/42.83/49.05 2024 PE 20 2024 04 14 P.14 4.3 361 2024Q1 361 2024Q1 361 20%-25%20%-25%4.5-5 2023/361 2024Q1 361 1&361 361 361 NBA AG DVD Big3 2 2023+254 7%2024 361 2024Q1 361 20%-25%361+361 2024Q1 20%-25%361 2024/19%/20%2024 2024 19%20%2024-2026 11.6/13.6/15.8 24 PE 8 2024 04 14 P.15 4.4 FY2024 Q4 RSV 12.4%2024 1-3 RSV 12.4%RSV 12.4%RSV 12.8%RSV 2024 1-3 RSV 12.4%RSV 18.3%K RSV 14.2%RSV 18.8%1 2024 1-3 2.7%2023 1-3 2 2024 1-3 K 19.5%2024 3 Au9999 20%FY2024Q4 10%2024 1-3 3.4%2024 3 7548 7403 87 58 1-3 89 FY2024 143 FY2024 FY2025 2024 1-3 RSV 12.8%4.5%4.5%FY2024 15%FY2024 FY2024 25%FY2024-2026 67.43/85.46/100.12 FY2024 PE 17 2024 04 14 P.16 5.63.33%16.19%10.25%2023 2023 2023 27.07%50.9/26.98%/43.11%/13.12%21.8%/17.7%/23.79%/27.67%67.16%4.5 2024 04 14 P.17 6.4 11 40 Nike Air AR PUMA PUMA FOREVER.FASTER.-PUMA PUMA FOREVER.FASTER.-PUMA PUMA HOKA 2024 2 HOKA ONE ONE Robin Green HOKA Deckers Brand 24 HOKA 21.9%4.29 HOKA HOKA 3 HOKA HOKA FLYLAB CIELO X1 MACH HOKA 2024 04 14 P.18 7.2024/04/09 237 35%30100/2024/04/12 328 11%17188/2024/04/12 1035/12 328 13 237 Wind Wind 14 Wind 1000012000140001600018000200002200024000:32815000200002500030000350004000045000500005500060000:237-8,000-6,000-4,000-2,00002,0004,0006,0008,000 2024 04 14 P.19 2 15 CSRC A11281.SH 10.64 2023/12/29 A22478.SZ 5.01 2024/01/03 Wind 2024 04 14 P.20“”“”“”6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%8 7 7 100077 555 22 200120 021-38124100 1115 330038 0791-86281485 100 24 518033
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