该行指出，九兴控股产品主要针对于运动时尚；公司合作客户为运动、时尚、奢侈品龙头，公司原有客户订单持续升级(为奢侈品和时尚品牌开发运动时尚产品+承接Nike跑鞋订单)，且不断开发新客户(miumiu、UA、Lululemon等)，新订单的价格及利润率更高，持续提升公司利润弹性。此外，公司上市以来分红比例保持在70%+，公司承诺24-26年会每年使用6000万美金用于回购或特别派息，合计派息比例超过100%。Jiuxing Holdings (01836) rose nearly 6% in the afternoon to a record high of HK$15.98. As of press release, it rose 5.43% to HK$15.92, with a turnover of HK$66.6747 million.
The Zhitong Finance App learned that Jiuxing Holdings (01836) rose nearly 6% in the afternoon to a high of HK$15.98, a record high. As of press release, it rose 5.43% to HK$15.92, with a turnover of HK$66.6747 million.
China Merchants Securities pointed out that after 2020, terminal sales of traditional professional sports brands slowed down due to slow technological iteration, but some niche high-end sports brands rose rapidly. Among them, HOKA and Salomon occupied outdoor tracks, and ON occupied pan-sports and sports fashion tracks, all of which achieved rapid growth. Currently, traditional sports brands (Nike, Adidas, etc.), emerging brands (HOKA, ON, etc.), luxury goods and high-end fashion (miumiu, Bottega Veneta, etc.) continue to launch retro, outdoor, and sports fashion style shoes. From the perspective of next year, the sports fashion category is expected to expand rapidly
The bank pointed out that Jiuxing Holdings' products are mainly aimed at sports fashion; the company's partner customers are leading sports, fashion, and luxury goods. The company's original customer orders continue to be upgraded (developing sports fashion products for luxury and fashion brands and accepting Nike running shoe orders), and continuously developing new customers (miumiu, UA, Lululemon, etc.). The price and profit margin of the new orders are higher, continuously improving the company's profit flexibility. Furthermore, since the company went public, the dividend ratio has remained at 70% +. The company promised to use 60 million US dollars for repurchases or special dividends every year from 24-26, with a total dividend ratio of over 100%.
