证券研究报告·海外公司研究简报·纺织及服饰(HS) 安踏体育（02020.HK） Q3 不利环境致流水略不及预期，期待 Q4 销 售改善 2024 年 10 月 17 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|-------|-------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 53651 | 62356 | 68637 | 75773 | 83703 | | 同比 (%) | 8.76 | 16.23 | 10.07 | 10.40 | 10.47 | | 归母净利润（百万元） | 7590 | 10236 | 13473 | 13482 | 15189 | | 同比 (%) | (1.68) | 34.86 | 31.62 | 0.07 | 12.67 | | EPS- 最新摊薄（元 / 股） | 2.68 | 3.61 ...

安踏体育（02020.HK） 服装家纺 证券研究报告/公司点评报告 2024 年 10 月 16 日 下行期安踏韧性延续，十一超预期筑底可期 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨安踏体育（2020.HK） [Table_Title] 流水表现略低预期，全年保持谨慎 | --- | --- | --- | |---------------------------------------------------------------------------------------|------------------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 安踏体育发布 2024Q3 流水情况。 Q3 安踏流水同比中单增长， FILA | 低单下滑，其他品牌增长 | | 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 [Table_BaseData] 当前股价（HKD） 88.70 注：股价为 2024 年 10 月 15 日收盘价 安踏体育（2020.HK） cjzqdt11111 2024-10-16 [Table_Title2] 流水表现略低预期，全年保持谨慎港股 ...

2024 年 10 月 15 日 安踏体育（2020.HK） 双十一预售开启，Q4 电商大促有望带来改善 事件：近日，安踏体育公布 24Q3 流水情况，其中安踏主品牌同比录得中单位 数增长；FILA 同比录得低单位数下滑；其他品牌同比录得 45-50%增长。综合 考虑，我们预测 2024-2026 年 EPS 为 4.35/4.97/5.53 元，给予 2024 年 25 倍 PE，目标价 118 港元，维持"买入"评级。 报告摘要 安踏主品牌：24Q3 同比实现中单位数增长，大货和儿童线下均实现中单位数增 长，电商延续了 25%以上的流水增长。库存保持健康，库销比维持在 5 以下。 折扣方面，线下折扣持平，线上折扣有所改善。主品牌打造多店型适配不同商 圈的消费群体，安踏冠军吸引中高收入人群，ANTA SNEAKERVERSE 针对热爱球 鞋文化的年轻潮流群体，超级安踏则聚焦重性价比人群，新店型进展良好，店 效有望持续提升。 FILA：24Q3 同比录得低单位数下滑，大货表现相对平稳，儿童受到市场饱和及 出生率方面的影响，Fusion 则受到需求疲软的影响，均有所承压，仍处于调整 阶段。目前库销比维持在 5 ...

2024 年 10 月 15 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|----------|--------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 | --- | --- | |-----------------------------------------------------------------|--------------------| | | | | | | | 股票数据 | | | [ Table_StockInfo ] 10月14 日收盘价（港元） | 91.4 | | 52 周股价波动（港元） | 58.52-107.50 | | 总股本（百万股） | 2829 | | 总市值（百万港元） | 258591 | | 相关研究 | | | [ 《 Ta 公 b 司 le 半 _R 年 e 报 p 点 or 评 tI ， n 2 fo 4 ] H1 | 主业净利率创新高， | | 发布 100 亿港元回购计划》 《24Q1 流水稳健，新动能可期》 | 2024.9.5 2024.4.23 | | 《2023 多品牌驱动高质量增长，预计 Amer 盈利贡献显著增加》 | 2024 2024.4.16 | | 市场表现 | | | [Table_QuoteI ...

14 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Anta Sports (2020 HK) All eyes on 4Q24E for the room of re-rating Even though Anta results were a miss in 3Q24, thanks to robust performance during the 10-1 National Day holidays and rollout of many government stimulus, we are positive about its 4Q24E outlook. We are still cautious about its FY24E sales growth but remain confident on the net profit margin. Maintain BUY and raise TP to HK$ 126.68, based on 23x FY ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020 HK) with a target price of HKD 119 8, implying a potential upside of 19 7% from the current price of HKD 100 1 [2][3] Core Views - Anta Sports' 3Q24 sales performance fell short of market expectations, with both Anta and Fila brands underperforming Anta brand sales grew by mid-single digits, while Fila sales declined by low-single digits [2] - Despite the weak 3Q24 performance, the company has not revised its full-year 2024 sales guidance, with management expressing confidence in achieving the targets due to strong sales during the National Day holiday [2] - The report highlights Anta's continued brand strength, driven by store upgrades and expansion into new e-commerce channels like Douyin, as well as its multi-brand strategy [2] Financial Performance and Forecasts - Revenue for 2024E is projected at RMB 69 369 million, representing an 11 2% YoY growth, while core net profit is forecasted at RMB 12 064 million, up 17 9% YoY [3][5] - Gross margin is expected to improve slightly to 62 8% in 2024E, with operating margin projected at 24 0% [5] - The report slightly revised down the 2024E revenue and profit forecasts due to a more conservative outlook for 4Q24 [2] Brand Performance - Anta brand's 3Q24 sales grew by mid-single digits, outperforming domestic competitors, while Fila's sales declined by low-single digits, with its core product line remaining flat [2] - Descente and Kolon maintained strong growth momentum in 3Q24, continuing their high growth rates from the first half of the year [2] - Inventory levels remained healthy, with Anta brand at 4-5x and Fila close to 5x, allowing stable retail discounts [2] Market and Industry Context - The report notes that Anta Sports remains one of the fastest-growing brands in China's sportswear industry, benefiting from its multi-brand strategy and strong brand positioning [2] - The company's performance during the National Day holiday was driven by its new offline store formats, such as Anta Champion stores and Super Anta, which capitalized on the surge in tourism and consumption [2] Valuation and Target Price - The target price of HKD 119 8 is based on a 22x 2025E P/E multiple, reflecting improved market sentiment and liquidity in Hong Kong, as well as expectations for further stimulus policies [2] - The report outlines three scenarios for Anta's stock price: optimistic (HKD 149 8), base case (HKD 119 8), and pessimistic (HKD 95 8), with probabilities of 25%, 55%, and 20%, respectively [13]

港股公司报告 | 公司点评 基本数据 港股总股本(百万股) 2,829.23 港股总市值(百万港元) 283,205.55 每股净资产(港元) 22.17 资产负债率(%) 36.58 一年内最高/最低(港元) 107.50/60.20 24Q3 流水增长，期待差异化店型表现 安踏 24Q3 零售表现符合预期 安踏体育（02020） 证券研究报告 2024 年 10 月 14 日 投资评级 行业 非必需性消费/纺织及 服饰 6 个月评级 买入（维持评级） 当前价格 100.1 港元 目标价格 港元 2024 年 Q3 安踏品牌产品流水同比录得中单位数的正增长，FILA 品牌产品 流水同比录得低单位数的负增长，所有其他品牌产品流水录得 45-50%的正 增长。 国庆 300+新店开业，差异化店型引领风尚 差异化店型，细分市场，提供差异化体验。在渠道方面，品牌构建差异化 策略，打破过去千店一面的局面，以满足不同类型消费者的产品需求。安 踏继续加强布局高端市场及核心商圈，透过"竞技场级"、"殿堂级"等新 店铺形象在重点城市开设战略旗舰店，提升覆盖率。针对细分市场，安踏 布局"安踏冠军"、"安踏作品集"等垂类店铺，满 ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 Q3 外因影响仍行业领先，国庆销售表现优异 安踏体育(2020) [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 ——安踏体育 2024Q3 经营数据点评 | --- | --- | --- | |----------|-------------------------------------|------------------------------| | | | | | | [table_Authors] 刘佳昆 ( 分析师 ) | 曹冬青 ( 分析师 ) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.co m | | 登记编号 | S0880524040004 | S0880524080001 | 本报告导读： Q3 受环境影响，主品牌/FILA 流水存在压力，但折扣库存维持健康；国庆期间销售 表现优异，关注后续大促等销售表现。 投资要点： [ ...