Western Securities: Anta Sports (01368.HK) Q3 main brand maintains steady growth, maintains "buy" rating.

According to the Zhitong Financial APP, West Securities recently released a research report stating that they have maintained a "buy" rating for Xtep International (01368.HK), predicting revenues of 14.46/15.56/16.78 billion yuan and net profits of 1.38/1.52/1.66 billion yuan from 2025 to 2027. In Q3 2025, Xtep's main brand saw a single-digit decrease in revenue on a year-on-year basis, while Saucony saw a year-on-year revenue growth of over 20%. Operational data remains stable, with a retail discount rate of 7-7.5%, channel inventory turnover of 4-4.5 months, which is consistent with Q2. The company is expanding outlets for its main brand and Saucony is expected to continue leading the growth.