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安踏体育（02020） 证券研究报告 港股公司报告 | 公司点评 产品向上做强欧文系列，向下发力科技平权 向上做强欧文系列 今年，安踏为欧文倾心打造欧文二代。主色调依旧是欧文标志性的紫色调， 搭配拼贴感线条。鞋身采用高品质皮革打造，氮科技鞋垫轻盈且富有弹性， 能有效分散足部压力并减轻长时间运动带来的疲劳感；侧墙 TPU 则提供了 灵活的弯折与侧向支撑。欧文二代的中底采用首次在安踏产品上使用的超 轻外骨骼材料，既实现减轻又增强韧性，还优化碳板结构提升抗扭性。 此外，安踏欧文系列盲盒于 5 月 13 日早 10:00 于天猫安踏官方网店以及 京东安踏官方旗舰店限量发售，在这组限量 618 个的盲盒内，粉丝可以随 机开出包括斗士无双、花园洲、主场、太极等欧文一代以及欧文先驱一代 的其中一双；其中还包含了 2 个超级盲盒，抽中的粉丝可以一口气获得 11 双欧文系列篮球鞋，以及最为重磅的一个盲盒内，还内含一双欧文亲笔签 名的篮球鞋，可玩性极高。该盲盒仅售 519 元，所开出的产品均超值。 向下发力科技平权 2024 年，安踏推出 PG7 科技，一个专为大众打造的慢跑缓震科技平台，试 图做一双适合"多数人"的跑鞋。PG7 ...

Group 1 - Anta Sports announced an adjustment to the conversion price of its €1.5 billion zero-coupon guaranteed convertible bonds due in 2029, changing the conversion price from HKD 104.02 to HKD 102.62 [1] - The adjustment will take effect on May 14, 2025, immediately following the dividend record date [1] - Following the adjustment, if all bonds are converted, they will convert into 119,188,755 shares, representing approximately 4.25% of the issued shares as of the announcement date and about 4.07% of the issued shares after the conversion [1]

Investment Rating - The investment rating for Anta Sports (2020.HK) is "Buy" and is maintained [6]. Core Insights - Anta reported Q1 2025 retail data showing significant year-on-year growth for its brands, with Anta and FILA both experiencing high single-digit growth, while other brands saw nearly 70% growth, exceeding expectations [2][4]. - The company announced the acquisition of the outdoor brand Wolf Claw for a base price of $290 million, which is considered a favorable deal at approximately 1X PS, given Wolf Claw's projected FY2025 revenue of €325 million [4][6]. - The report indicates that despite short-term pressures on operating profit margins due to increased expenses from channel renovations and brand acquisitions, Anta is on a healthy growth trajectory with stable growth for its core brand, positive trends for FILA, and accelerated growth for other brands [6]. Summary by Sections Retail Performance - Anta's retail performance in Q1 2025 was better than expected, with high single-digit growth for Anta and FILA, and nearly 70% growth for other brands [2][4]. - The brand restructuring for FILA since 2023 is showing positive results, and the children's segment is also improving following reforms [6]. Acquisition of Wolf Claw - The acquisition of Wolf Claw for $290 million is expected to enhance Anta's brand portfolio, particularly in the mid-range outdoor segment, and is anticipated to contribute positively to growth in the medium term [6]. - The integration of Wolf Claw may initially have a slight negative impact on profits, but similar past acquisitions have led to successful growth [6]. Financial Projections - The report maintains previous profit forecasts, projecting Anta's net profit for 2025-2027 to be CNY 13.42 billion, CNY 14.96 billion, and CNY 16.59 billion, representing year-on-year growth of 11% for 2026 and 2027 [6][9]. - The estimated P/E ratios for the same period are 16.53, 14.83, and 13.37, indicating that the stock is currently valued at a relatively low level [9].

Investment Rating - The investment rating for Anta Sports (02020.HK) is maintained as "Buy" [1] Core Insights - Anta Sports continues to show strong performance in Q1 2025, with FILA exceeding expectations and plans to acquire Jack Wolfskin to expand its outdoor segment [6][7] - The company reported a significant increase in revenue across its brands, with Anta, FILA, and others experiencing a revenue growth of 65-70% [6][7] - The acquisition of Jack Wolfskin is expected to enhance the company's outdoor portfolio and accelerate its global channel development [7] Financial Summary - Revenue projections for Anta Sports are as follows: - 2023: 62,356 million - 2024: 70,826 million - 2025: 78,576 million - 2026: 86,693 million - 2027: 94,871 million - Year-over-year growth rates are projected at 16.2% for 2023, 13.6% for 2024, and declining to 9.4% by 2027 [8] - Net profit estimates are as follows: - 2023: 10,236 million - 2024: 15,596 million - 2025: 13,458 million - 2026: 14,991 million - 2027: 16,567 million - The projected P/E ratios are 21.8 for 2023, decreasing to 13.5 by 2027 [8]

Investment Rating - The investment rating for Anta Sports (02020.HK) is "Buy" (maintained) [1] Core Insights - Anta Sports continues to show strong performance in Q1 2025, with FILA exceeding expectations and plans to acquire Jack Wolfskin to expand its outdoor segment [6][7] - The company reported a significant increase in revenue across its brands, with Anta, FILA, and others experiencing a revenue growth of 65-70% [6] - The acquisition of Jack Wolfskin is expected to enhance the company's outdoor portfolio and accelerate its global channel development [7] Financial Summary and Valuation Metrics - Revenue projections for Anta Sports are as follows: - 2023: 62,356 million - 2024: 70,826 million - 2025: 78,576 million - 2026: 86,693 million - 2027: 94,871 million - Year-over-year growth rates are projected at 16.2% for 2023, 13.6% for 2024, and declining to 9.4% by 2027 [8] - Net profit estimates are: - 2023: 10,236 million - 2024: 15,596 million - 2025: 13,458 million - 2026: 14,991 million - 2027: 16,567 million - The projected P/E ratios are 16.6 for 2025, 14.9 for 2026, and 13.5 for 2027 [8]

Investment Rating - The report maintains a BUY rating for Anta Sports, with a target price trimmed to HK$ 119.08, based on a 24x FY25E P/E ratio [1][3]. Core Insights - The acquisition of Jack Wolfskin is viewed positively, with the acquisition price considered attractive and significant potential for expansion in the mid-priced outdoor industry and European markets [1][11]. - Despite a slight decline in retail sales growth in March-April 2025, the outlook for Q2 2025 remains cautiously optimistic due to various growth drivers [11][12]. - The company's retail sales growth in Q1 2025 was satisfactory, with improvements in inventory management and a better-than-expected profit margin [10][11]. Financial Summary - Revenue projections for FY25E are set at RMB 78,235 million, with a year-on-year growth of 10.5% [2][12]. - Net profit for FY25E is estimated at RMB 14,961.4 million, reflecting a decrease of 12.7% year-on-year [2][12]. - The earnings per share (EPS) for FY25E is projected at RMB 4.66, down from RMB 5.34 in FY24A [2][12]. Market Performance - The current market capitalization of Anta Sports is approximately HK$ 226.67 billion, with a current stock price of HK$ 83.85, indicating a potential upside of 42% to the target price [3][4]. - The stock is trading at a P/E ratio of 17x for FY25E, which is considered attractive compared to its 5-year average of 25x [1][12]. Acquisition Details - Anta Sports announced the acquisition of Jack Wolfskin for USD 290 million (approximately RMB 23.5 billion), with expected sales of EUR 325 million and adjusted EBITDA of EUR 12 million for FY25E [11][18]. - The valuation metrics for the acquisition indicate a P/S ratio of approximately 0.8x, which is lower than both Anta's group average and the global sports industry average [11][18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable operational performance in Q1 2025, with significant growth in brand revenues, particularly for the Anta and FILA brands, which recorded high single-digit growth year-on-year. Other brands experienced a remarkable revenue growth of 65%-70% [5][7] - The company plans to acquire the outdoor brand Wolfskin, which is expected to accelerate its internationalization process and enhance its product structure and retail efficiency through supply chain optimization [7] - Revenue forecasts for 2025-2027 are projected at RMB 788.5 billion, RMB 878.5 billion, and RMB 970.2 billion, respectively, with year-on-year growth rates of 11.3%, 11.4%, and 10.4%. The net profit attributable to the parent company is expected to be RMB 134.5 billion, RMB 154.9 billion, and RMB 172.5 billion, with corresponding growth rates of -13.8%, +15.2%, and +11.3% [7][9] Summary by Sections Recent Performance - In Q1 2025, Anta brand revenue showed high single-digit growth year-on-year, while FILA also continued its positive trend with high single-digit growth. Other brands achieved a revenue increase of 65%-70% [5][7] Acquisition Plans - The company announced plans to acquire the European outdoor brand Wolfskin for USD 290 million in cash, which is expected to enhance its international presence and leverage Wolfskin's established network and brand strength in Europe [7] Financial Projections - The company forecasts revenues of RMB 788.5 billion, RMB 878.5 billion, and RMB 970.2 billion for 2025, 2026, and 2027, respectively, with net profits of RMB 134.5 billion, RMB 154.9 billion, and RMB 172.5 billion. The projected P/E ratios are 16, 14, and 13 for the respective years [9][10]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][4]. Core Insights - The company reported strong retail performance in Q1 2025, with significant year-on-year growth in retail sales for its brands, including a 65-70% increase for other brands [1][2]. - The acquisition of Jack Wolfskin for $290 million in cash is expected to enhance the company's brand matrix and strengthen its outdoor sports segment [1][2][3]. - The integration of Jack Wolfskin is anticipated to provide synergies in supply chain, product development, and retail operations, leveraging its advanced materials technology and German engineering expertise [3][4]. Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at RMB 78.6 billion, RMB 88.3 billion, and RMB 101.1 billion, respectively, with net profit estimates of RMB 13.5 billion, RMB 15.7 billion, and RMB 17.9 billion [4]. - The adjusted EPS for the same period is projected to be RMB 4.82, RMB 5.60, and RMB 6.39, with corresponding PE ratios of 17, 15, and 13 times [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][4]. Core Insights - The company reported strong retail performance in Q1 2025, with significant year-on-year growth in retail sales for its brands, including a 65-70% increase for other brands [1][2]. - The acquisition of Jack Wolfskin for $290 million in cash is expected to enhance the company's brand matrix and strengthen its outdoor sports segment [1][2][3]. - The integration of Jack Wolfskin is anticipated to provide synergies in supply chain, product development, and retail operations, leveraging its advanced materials technology and German engineering expertise [3]. Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at RMB 78.6 billion, RMB 88.3 billion, and RMB 101.1 billion, respectively, with net profit estimates of RMB 13.5 billion, RMB 15.7 billion, and RMB 17.9 billion [4]. - The adjusted EPS for the same period is projected to be RMB 4.82, RMB 5.60, and RMB 6.39, with corresponding PE ratios of 17, 15, and 13 times [4].