资料来源：最闻，山西证券研究所 | --- | --- | |--------------------------|---------------| | 市场数据：2024年8月27 | 日 | | 收盘价（港元）： | 71.650 | | 年内最高/最低（港元）： | 96.000/60.200 | | 流通A股/总股本（亿股）： | 28.33/28.33 | | 流通A股市值（亿港元）： | 2,029.57 | | 总市值（亿港元）： | 2,029.57 | 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 纺织服装 安踏体育（02020.HK） 买入-A(维持) 2024H1 盈利能力稳中有升，多品牌矩阵彰显经营韧性 2024 年 8 月 28 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年半年报，2024 年上半年，公司实现营收 337.35 亿元，同比增长 13.8%，实现归母净利润 77.21 亿元，同比增长 62.6%。拟派中期 ...

[Table_Date] 2024 年 08 月 28 日 [Table_Title] FILA 增速放缓，宣布百亿回购计划 [Table_Title2] 安踏体育(2020.HK) | --- | --- | --- | --- | |-----------------------------|-------|----------------------------|------------| | [Table_DataInfo]评级： 买入 | | 股票代码： | 2020 | | 上次评级： 买入 | | 52 周最高价/最低价(港元)： | 90.95/65.2 | | 目标价格(港元)： | | 总市值(亿港元) | 2,029.57 | | 最新收盘价(港元)： | 71.65 | 自由流通市值(亿港元) | 2,029.57 | | | | 自由流通股数(百万) | 2,832.62 | [Table_Summary] 事件概述 2024H1 公司实现收入/归母净利/经营性现金流净额分别为 337.35/77.21/85.02 亿元、同比增长 13.8%/62.6%/-16.4%，归母净利润增速 ...

公司研究 上半年业绩好于预期，坚持高质量增长、大额回购彰显信心 ——安踏体育（2020.HK）2024 年中期业绩点评 买入（维持） 当前价：71.65 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 总股本(亿股) 28.33 总市值(亿港元)： 2029.57 一年最低/最高(港元)： 60.2/96.0 近 3 月换手率： 22.9% 股价相对走势 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 23/0823/0923/1023/1123/1224/0124/0224/0324/0424/0524/0624/0724/08 安踏体育 恒生指数 收益表现 % 1M 3M 1Y 相对 -2.2 -13.4 -13.5 绝对 2.8 - ...

安踏体育（02020.HK） | --- | --- | |---------------------------|------------| | 买入（维持） | | | 股票信息 | | | | | | 行业 | 服装家纺 | | 前次评级 | 买入 | | 08 月 27 日收盘价（港元） | 71.65 | | 总市值（百万港元） | 202,957.47 | | 总股本（百万股） | 2,832.62 | | 其中自由流通股（%） | 100.00 | | 30 日日均成交量（百万股） | 6.09 | | | | 计划，拟动用不超过港币 100 亿元在未来 18 个月内进行股份回购，所回 购股份将进行注销。 2024H1 业绩超预期，100 亿港元回购计划或提振信心 安踏品牌：产品+渠道优化驱动收入增长，利润率保持稳定。 ➢ 收入层面：2024H1 收入增长 13.5%，产品+渠道优化持续推进。 上半年 DTC/ 电 商 / 传统批发 营 收 同 比 分 别 +10.5%/+20.1%/+8.5%，我们判断 DTC 快速增长一方面系期内部 分传统批发门店转 DTC 模式运营从而贡献部分收入。截至 ...

H1 业绩超预期，拟回购股份 安踏体育(2020) [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 ——安踏体育 2024H1 业绩点评 | --- | --- | --- | |----------|---------------------------|-----------------------------| | | 刘佳昆(分析师) | 曹冬青(分析师) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880524080001 | 本报告导读： H1 业绩超预期，拟使用 100 亿港币回购股份；维持主品牌、其他品牌全年收入增速 预期，下修 FILA 收入增速预期。 投资要点： [Table_Summary] 投资建议：考虑到公司 H1 业绩超预期，预计 H2 有望延续高于行业 水平的增长 ， 我 们 上 调 2024-2026 年 公 司 归 母 净 利 ...

Anta Sports (2020 HK) A moderate outlook and buybacks announced We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth. Going forward, even though the growth outlook has kind of moderated, we do think the impressive share buyback programme should more than compensate for that. Maintain BUY but trim TP to HK$ 97.05, based on 18x FY25E P/E (rolled over from 20x FY24E P/E). It is trading at 14x FY25E P/E. Anta brand's FY24E guidance reitera ...

香 港 交 易 及 結 算 所 有 限 公 司 和 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 之 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 ANTA Sports Products Limited 安踏體育用品有限公司 （於開曼群島註冊成立的有限公司） 股份代號：2020（港幣櫃台）及 82020（人民幣櫃台） 二零二四年中期業績公告 安 踏 體 育 用 品 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（合 稱「本集團」）截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 業 績。本 公 告 列 載 本 公 司《中 期 報 告2024》全 文，並 符 合《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》中 有 關 中 期 業 績 初 步 公 告 附 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 Amer Q2 业绩超预期，增厚安踏全年利润 安踏体育(2020) [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 ——安踏体育更新报告 股票研究 /[Table_Date] 2024.08.22 | --- | --- | --- | |----------|---------------------------|-----------------------------| | | 刘佳昆(分析师) | 曹冬青(分析师) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880524080001 | 本报告导读： Q2 Amer 收入利润均超预期，看好 2024 年 Amer 增厚安踏集团业绩。 投资要点： [Table_Summary] ...

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].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4] Core Views - Anta's main brand revenue grew in the high single digits year-on-year in Q2 2024, while FILA's revenue increased in the mid-single digits. Other brands saw revenue growth of 40%-50%, with Anta's main brand slightly exceeding expectations [2] - The improvement in discounts for Anta's main brand and the strategy to stabilize and expand is promising. E-commerce channels continue to drive steady growth, with Q2 2024 e-commerce revenue growth of 20%-25%. The online discount for the main brand improved, with a healthy inventory-to-sales ratio below 5. The signing of NBA star Kyrie Irving as a spokesperson and the opening of new high-end urban channels are expected to enhance brand value [2][3] - FILA's online performance was strong, with over 20% revenue growth despite a high base. The inventory-to-sales ratio remained healthy below 5. Descente and Kolon also performed well, with revenue growth of 60% and 35%-40% respectively in Q2 2024, indicating strong consumer purchasing power and a robust outdoor market [2] - The earnings forecast predicts EPS of 4.53, 4.87, and 5.59 CNY per share for 2024-2026. Excluding one-time gains from Amer's listing in 2024, the report assigns a 20x PE valuation for 2024, corresponding to a fair value of 91.61 HKD per share [2][3] Financial Summary - Revenue (in million CNY) is projected to grow from 62,356 in 2023 to 70,682 in 2024, reflecting a growth rate of 13.4% [3] - EBITDA is expected to increase from 17,333 in 2023 to 21,467 in 2024 [3] - Net profit attributable to shareholders is forecasted to rise from 10,236 in 2023 to 12,835 in 2024, with a growth rate of 25.39% [3] - EPS is projected to grow from 3.61 in 2023 to 4.53 in 2024 [3]