Investment Rating - The report gives a "Buy" rating for Anta Sports, indicating a positive outlook for the company's future performance [4][52]. Core Insights - Anta Sports has established itself as a leading brand in the domestic sportswear market through a clear strategic direction and effective decision-making, supported by a multi-brand strategy and overseas expansion plans [3][4]. - The demand for sportswear is expected to grow due to economic growth and changing consumer attitudes towards health and fitness, with the domestic sportswear market projected to grow at a low double-digit annual rate [3][8]. - The company's multi-brand operation and global expansion are key factors in enhancing its competitive edge, with the main brand, FILA, and other brands targeting different market segments [3][4][8]. Summary by Sections 1. Strategic Clarity and Decision-Making - Anta Sports has developed a robust multi-brand strategy, acquiring several leading brands to strengthen its market position [3][14]. - The management team is experienced and well-structured, contributing to effective operational execution [15][19]. 2. Industry Demand Drivers - Economic growth and increased health awareness among consumers are driving demand for sportswear, with government policies supporting the industry [8][30]. - The domestic sportswear market is still in a growth phase, with per capita spending expected to rise significantly [30][31]. 3. Company Performance and Brand Strategy - Anta's main brand and FILA have shown strong revenue growth, with CAGR of 14.80% and 14.18% respectively from 2019 to 2023 [21][24]. - The outdoor brands DESCENTE and KOLON SPORT are also experiencing rapid growth, with a CAGR of 42.01% during the same period [21][24]. 4. Financial Forecasts and Valuation - The report forecasts Anta's revenue to reach 709.75 billion RMB in 2024, with a year-on-year growth of 13.82% [51][52]. - The expected net profit for 2024 is 129.41 billion RMB, reflecting a growth of 26.42% compared to the previous year [51][52]. 5. Comparative Valuation - Anta's 2024 PE ratio is projected to be 15.3X, compared to a weighted average PE of 18.4X for comparable companies, indicating potential for growth [4][52].

[Table_Title] 【 广 发 纺 服 & 海 外 】 安 踏 体 育 （02020.HK） Q2 流水稳健增长，各品牌高质量增长 [Table_Summary] 核心观点： ⚫ 公司发布 24Q2 营运公告：安踏主品牌流水同增高单位数，FILA 流水 同增中单位数、所有其他品牌同增 40%-50%，安踏主品牌略超预期。 ⚫ 安踏主品牌折扣改善，维稳拓新策略值得期待。根据业绩会，电商渠道 驱动安踏主品牌稳健增长，24Q2 电商延续 Q1 增长趋势，流水同增 20%-25%。此外，24Q1 主品牌线上折扣有所改善，库销比为低于 5 的 健康水平。我们认为，安踏主品牌签约 NBA 篮球明星欧文为篮球品类 代言人、高线城市新业态渠道如 SneakerVerse 、超级安踏等开设、细 化门店标准等措施有助于安踏品牌价值持续提升，同时安踏有望利用 巴黎奥运窗口期提高品牌影响力，维稳拓新策略效果值得期待。 ⚫ FILA 线上渠道表现亮眼，户外品牌持续快速发展，看好多品牌集团稳 健发展。根据业绩会，24Q2 FILA 电商渠道在同期高基数背景下流水 同增超 20%；分品牌来看，FILA 大货表现优于潮牌和童装。24 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HK$101.85, reflecting a 4% decrease from the previous target price of HK$105.55 [1][3]. Core Insights - Anta Sports is expected to achieve a revenue growth of 10.4% year-on-year in 1H24, with net profit attributable to shareholders benefiting from the listing of Amer Sports, projected to increase by 51.1% [3]. - The Anta brand is anticipated to meet its annual guidance, while the FILA brand may face some pressure [3]. - The report forecasts a revenue increase for Anta Sports of 11.8% and a net profit increase of 25.6% for the full year 2024, reaching RMB 697.2 billion and RMB 128.6 billion, respectively [4]. Financial Projections - Revenue for 2024 is projected at RMB 69.723 billion, with a net profit of RMB 12.859 billion, translating to an EPS of RMB 4.54 [5][6]. - The report adjusts the revenue forecasts for 2024-2026 downwards by 0.8%, 1.4%, and 2.0%, respectively, while net profit forecasts are adjusted upwards by 2.3% for 2024 and downwards for 2025 and 2026 [4][6]. - The expected P/E ratio for 2025 is maintained at 20 times, corresponding to the new target price of HK$101.85, which still offers a 48% upside potential from the current price of HK$69.00 [2][4]. Brand Performance - The Anta brand is projected to achieve a revenue growth of 12.5% in 2H24 and 10.0% for the full year 2024, driven by successful product launches and marketing strategies [3][4]. - FILA's revenue growth is expected to slow down, with a forecast of 10.7% growth in 2H24 and 9.0% for the full year 2024, indicating potential challenges [4]. - Other brands under Anta are expected to see significant growth, with a projected revenue increase of 35%-40% in 1H24 [3].

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] 库存保持健康,延续高质量增长 报告要点 [Table_Summary] 公司发布 2024Q2 零售数据,安踏/FILA/其他品牌流水分别同比增长高单/中单/40%-45%,安 踏品牌流水表现符合预期,FILA 品牌表现略低预期,其他品牌表现超预期。 %% %% research.95579.com %% %% 1 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 安踏体育(2020.HK) cjzqdt11111 [Table_Title2] 库存保持健康,延续高质量增长港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024Q2 零售数据,安踏/FILA/其他品牌流水分别同比增长高单/中单/40%-45%,安 踏品牌流水表现符合预期,FILA 品牌表现略低预期,其他品牌表现超预期。 事件评论 安踏品牌渠道表现分化,电商延续高增。Q2 流水表现来 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020 HK) with a target price of 69 70 HKD [4][6] Core Views - Anta Sports achieved steady retail sales growth across all brands in Q2 2024 with healthy inventory and discount levels [2] - The company is expected to continue high-quality growth driven by its multi-brand strategy and upcoming Paris Olympics [4] - Anta brand retail sales grew by high single digits in Q2 2024 while FILA grew by mid single digits and other brands surged 40-45% [2] - The company has maintained good cost control particularly on rental and Paris Olympics marketing expenses [4] Financial Performance - Revenue is projected to grow from 70 347 million RMB in 2024E to 88 059 million RMB in 2026E representing a CAGR of 11 5% [5] - Net profit is expected to increase from 13 002 million RMB in 2024E to 15 782 million RMB in 2026E [5] - EPS is forecasted to rise from 4 59 RMB in 2024E to 5 57 RMB in 2026E [5] - ROE is projected to remain strong at 22 8% in 2024E and 21 5% in 2026E [5] Brand Performance - Anta brand achieved high single digit growth in Q2 2024 with inventory turnover ratio below 5 months and improved retail discounts [2] - FILA brand grew by mid single digits in Q2 2024 with inventory turnover ratio below 5 months and stable retail discounts [2] - Other brands including KOLON and DESCENTE grew rapidly at 40-45% in Q2 2024 with improved discounts and inventory levels [2] Operational Highlights - Anta brand launched multiple products including the Owen series and Paris Olympics award ceremony outfits [3] - FILA upgraded store image and increased focus on professional sports and footwear products [3] - DESCENTE and KOLON maintained rapid growth and expanded their scale [3] Valuation Metrics - The stock is trading at 14x 2024E PE and 3x 2024E PB [5] - EV EBITDA ratio is projected to improve from 10x in 2023 to 8x in 2024E [16] - Dividend yield is expected to increase from 2 2% in 2023 to 3 7% in 2024E [16]

证券研究报告 安踏体育 (2020 HK) 港股通 2Q24 零售表现较佳,保持高质量增长 投资评级(维持): 买入 目标价(港币): 93.50 华泰研究 动态点评 2024 年 7 月 10 日│中国香港 服装 2Q24 流水表现符合预期,全年指引维持不变 根据公司 1H24 公告,2Q24 安踏零售额同增高单位数,Fila 同增中单位数, 其他品牌同增 40-45%。1H24 整体来看安踏零售额同增中单位数,Fila 同 增高单位数,其他品牌同增 35-40%。在二季度高基数和天气影响下,公司 实现优于行业整体的表现,在有效控费下我们预计上半年利润表现较佳。考 虑到剔除亚玛芬拆分上市带来的 16 亿元一次性收益影响,我们调整 2024 年 EPS 为 4.27 元(前值:4.78),考虑到公司高利润率品牌收入占比提升、 亚玛芬业绩增长的贡献以及费用的规模效应,我们上调 2025/2026 年 EPS 4.5%、8.5%至 4.88/5.51 元(前值:4.67/5.08)。给予 2024 年 20xPE(以 剔除亚玛芬上市所带来一次性收益的利润为参考,较近 12 月 PE 均值 23x 小幅下调),目标 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 安踏体育(02020.HK) 24Q2 流水点评:多品牌矩阵高质量增长,维持全 年指引 2024 年 07 月 10 日 证券分析师 汤军 执业证书:S0600517050001 021-60199793 tangj@dwzq.com.cn 证券分析师 赵艺原 执业证书:S0600522090003 zhaoyy@dwzq.com.cn 买入(维持) [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 安踏体育 恒生指数 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 2023/7/10 2023/11/8 2024/3/8 2024/7/7 市场数据 | | | |------------------------|-------------| | 收盘价(港元) | 69.70 | | 一年最低/最高价 | 60.20/96.00 | | 市净率(倍) | 3.84 | | 港股流通市值(百万港元) | 197,433.86 | 基础数据 | | | |----- ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [5] Core Views - Anta's main brand achieved high single-digit growth in Q2 2024, with a significant acceleration compared to Q1 2024, and a year-on-year growth in the first half of the year in the single digits, meeting expectations [5] - FILA's revenue in Q2 2024 grew in the mid-single digits despite a high base from the previous year, indicating stable performance [5] - Other brands experienced a revenue growth of 40-45% in Q2 2024, exceeding expectations, supported by a strong outdoor trend and brand strength [5] - The company maintains a healthy inventory level with improving discount rates, indicating high-quality retail growth [5] - Management expects a recovery in sales to accelerate in the second half of the year, maintaining growth guidance for all brands [5] - The multi-brand matrix is seen as a valuable resource, with steady growth in the main and FILA brands, and strong performance from new outdoor brands [5] Financial Summary - For FY2023, the company reported a revenue of 624 billion RMB, a year-on-year increase of 16% [6] - The net profit attributable to shareholders for FY2023 was 102.4 billion RMB, reflecting a year-on-year growth of 35% [6] - The gross margin improved to 62.6%, up 2.4 percentage points from the previous year, while the net profit margin increased to 16.4%, up 2.3 percentage points [6][7] - The company forecasts revenues of 703 billion RMB for FY2024, with a projected net profit of 134.8 billion RMB [9]

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 69.7 HKD [7]. Core Insights - The company has shown strong retail performance in Q2 2024, with Anta brand retail sales increasing by high single digits year-on-year, FILA brand retail sales increasing by mid single digits, and other brands (excluding those added in 2023 and later) experiencing a retail sales growth of 40-45% [1]. - For the first half of 2024, Anta brand retail sales grew by mid single digits, FILA brand retail sales grew by high single digits, and other brands saw a growth of 35-40% [1]. - Anta continues to focus on a strategy of "mass positioning, professional breakthroughs, and brand elevation," maintaining its leadership in the Chinese sports brand market [2]. - FILA is innovating in the high-end fashion sector, aligning with various consumer trends and expanding its product offerings to meet the demands of high-end users in first and second-tier cities [3]. - The company maintains its profit forecast, projecting revenues of 70.8 billion RMB, 79.5 billion RMB, and 87.8 billion RMB for 2024-2026, with corresponding net profits of 13.2 billion RMB, 13.5 billion RMB, and 15.6 billion RMB [5]. Summary by Sections Retail Performance - In Q2 2024, Anta brand retail sales increased by high single digits, while FILA brand retail sales increased by mid single digits. Other brands saw a retail sales growth of 40-45% [1]. - For H1 2024, Anta brand retail sales grew by mid single digits, FILA brand retail sales grew by high single digits, and other brands experienced a growth of 35-40% [1]. Strategic Positioning - Anta's strategy focuses on "mass positioning, professional breakthroughs, and brand elevation," which has solidified its position as a leader in the Chinese sports brand market [2]. - The company leverages Olympic resources to enhance its product matrix, catering to a wide range of consumer needs [2]. Product Innovation - FILA continues to innovate in the high-end fashion sector, focusing on design, functionality, and consumer preferences across various styles [3]. - The brand is expanding its product lines in elite sports such as golf, tennis, and elite running, targeting high-end consumers [3]. Financial Projections - The company maintains its profit forecast with expected revenues of 70.8 billion RMB, 79.5 billion RMB, and 87.8 billion RMB for 2024-2026, and net profits of 13.2 billion RMB, 13.5 billion RMB, and 15.6 billion RMB respectively [5].

Investment Rating - The report maintains a "Buy-A" rating for Anta Sports [2][4] Core Views - In Q2 2024, Anta's brand retail sales accelerated with healthy inventory levels and improved retail discounts. The company expects a 10%-15% growth in retail sales for both Anta and FILA brands, with Descente and Kolon brands projected to grow by at least 20% and 30% respectively [4][5] - The report indicates that FILA's retail sales growth has slowed, primarily due to the performance of FILA FUSION and FILA KIDS, while the main FILA products performed well [4][3] Summary by Sections Retail Performance - Anta brand retail sales in Q2 2024 grew by a high single-digit percentage year-on-year, with online sales expected to outperform offline sales, showing a 20%-25% increase [1][3] - FILA brand retail sales grew by a mid-single-digit percentage year-on-year, with online sales also expected to exceed 20% growth [1][3] - Other brands, including Descente and Kolon, saw retail sales growth of 40%-45%, with Kolon expected to grow by 60% and Descente by 35%-40% [1][3] Inventory and Discounts - As of the end of Q2 2024, inventory turnover for Anta and FILA brands remained below 5 months, indicating a healthy inventory level [1][3] - Retail discounts for Anta improved by 1 percentage point, with online discounts improving by 1-2 percentage points [1][3] - FILA's retail discounts remained stable year-on-year [1][3] Financial Projections - The report maintains earnings forecasts for Anta, projecting earnings per share (EPS) of 4.71, 4.85, and 5.47 for 2024, 2025, and 2026 respectively [4][5] - The price-to-earnings (P/E) ratios for 2024-2026 are projected at 13.8, 13.4, and 11.9 times [4][5]