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 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020.HK) [1] Core Views - Anta Sports demonstrated high-quality growth across its multi-brand matrix in Q2 2024, with retail sales for the Anta brand, FILA, and other brands showing significant year-on-year increases [1] - The company is expected to achieve its revenue growth targets of 10-15% for both the Anta brand and FILA for the full year, supported by ongoing brand optimization and marketing efforts related to the Olympics [1] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from 62,661 million RMB in 2023 to 70,422 million RMB in 2024, reflecting a year-on-year increase of 12.39% [1] - Net profit attributable to shareholders is expected to rise from 10,236 million RMB in 2023 to 13,293 million RMB in 2024, marking a growth of 29.86% [1] - The latest diluted EPS is forecasted to increase from 3.61 RMB in 2023 to 4.69 RMB in 2024 [1] Retail Performance - In Q2 2024, retail sales for the Anta brand grew at a high single-digit rate, while FILA and other brands saw mid-single-digit and 40-45% growth, respectively [1] - The Anta brand's performance improved in a challenging consumer environment, with significant online growth of 20-25% [1] - FILA's performance was impacted by a high base, with mid-single-digit growth in Q2 2024, while other brands like Descente and Kolon showed strong growth of 35-40% and 60%, respectively [1] Brand Strategy - Anta continues to implement a mass-market positioning and brand elevation strategy, introducing new store formats and products to meet diverse market demands [1] - The introduction of the Super Anta store and Anta Champion store has been well-received, enhancing brand influence and market response [1] Financial Health - The company maintains a healthy inventory turnover ratio, with discounts remaining stable year-on-year and improving quarter-on-quarter [1] - The overall inventory levels are healthy, and the company expects to continue benefiting from economies of scale and reduced rental costs [1] Valuation - The report adjusts the net profit forecasts for 2024-2025 upwards, reflecting the contribution from Amer Sports' US listing, with corresponding P/E ratios of 14, 13, and 12 for 2024-2026 [1] - The current valuation is considered to be at a historically low level, supporting the "Buy" rating [1]

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]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][12] Core Views - The company reported strong retail performance in Q2 2024, with the main brand Anta achieving high single-digit growth, FILA achieving mid-single-digit growth, and other brands experiencing a growth of 40-45% [1][2] - The second quarter showed a healthy inventory turnover and a significant reduction in online discounts, indicating improved operational quality [2][5] - The company is expected to maintain its industry-leading growth due to the star effect of the Anta brand, product matrix upgrades, and multi-brand incubation efforts [2][6] Summary by Sections Q2 Performance - In Q2 2024, Anta's main brand recorded high single-digit growth, while FILA saw mid-single-digit growth, and other brands grew by 40-45% [1][2] - All brands achieved a target completion rate of 100%, with inventory turnover ratios improving and online discounts narrowing significantly [2][5] Financial Forecast - The forecast for net profit from 2024 to 2026 is as follows: 134.6 billion, 134.8 billion, and 147.8 billion yuan, representing growth rates of 31.5%, 0.2%, and 9.6% respectively [2][7] - Adjusted net profit estimates, excluding a one-time gain from AmerSports, are approximately 118.6 billion, 134.8 billion, and 147.8 billion yuan, with growth rates of 15.8%, 13.7%, and 9.6% [2][6] Valuation and Target Price - The target price is set between 104-113 HKD, with a relative P/E ratio of 23-25x based on the adjusted EPS for 2024 [2][6] - The company is expected to continue enhancing its competitiveness in the global sports market through its multi-tiered brand matrix in China and its multi-brand layout globally [2][6]

2024 年 7 月 9 日 安踏体育(2020.HK) 流水表现稳健,折扣持续改善 事件:安踏体育公布24Q2流水情况,其中安踏主品牌同比录得高单位数增长; FILA 同比录得中单位数增长;其他品牌同比录得 40-45%增长。综合考虑,我 们预测 2024-2026 年 EPS 为 4.26/4.88/5.46 元,给予 2024 年 25 倍 PE,目标 价 115 港元,维持"买入"评级。 报告摘要 安踏主品牌:24Q2 同比实现高单位数增长,大货和儿童分别实现高单位数和中 单位数增长,环比提速。线下同比中单位数增长,电商同比增长 20-25%。24H1 主品牌同比增长中单位数(接近高单位数)。年初至今目标完成率为 100%。库 存和折扣保持良好,库销比维持在5以下,整体折扣环比改善1pp。新品方面, 6 月发布专为大众打造的慢跑缓震科技平台 PG7,搭载 PG7 科技的安踏旅步和安 踏旅途分别售价 399/299 元,持续巩固大众定位,预计也带动跑步品类快速增 长。此外,欧文系列将在下半年开始走量,未来持续带动篮球品类表现。同 时,主品牌在顶级商圈推出安踏冠军及 ANTA SNEAKERVERSE 等 ...