CMB International released a research report sayingpokerstarsvr, maintains the "Buy" rating of Xtep International (01368), which is not the industry's preferred choice, but a dividend yield of 6% is more attractive and believes that there is less room for downside. The company's retail flow growth in the first quarter of 2024 was high single-digit, in line with market and bank expectations. Online growth was more than 25%, while offline growth was low single-digit. Retail discounts range from 70% to 75% off, which is an improvement from the 30% discount in the fourth quarter of 2023. The storey-to-sales ratio is 4 to 4pokerstarsvr.5 months, and it is expected that by the second quarter, it may be close to 4 months.

According to the report, since mid-March, overall retail flow growth accelerated slightly, and exceeded 10% in April, mainly due to new products such as 360X (popular carbon-board running shoes, priced at RMB 599), and the e-commerce channel also rebounded strongly after adding more cost-effective products. The company expects growth to reach more than 10% in the second quarter (more than 10% in April and more than 20% in May), and will also achieve rapid growth in the second half of the year.