Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][3]. Core Views - Anta Sports reported steady growth in Q1 2024, with retail sales increasing across its brands, particularly FILA, which saw a high single-digit growth, and other brands achieving a 25-30% increase [2]. - The company is expected to continue its multi-brand strategy, with revenue growth targets of 10-15% for Anta and FILA, and over 20% for Descente and KOLON [3]. - The upcoming Paris Olympics in July 2024 is anticipated to enhance the company's market influence through coordinated product and marketing efforts [3]. Summary by Sections Q1 Performance - Anta brand retail sales grew in the mid-single digits year-on-year, with a notable increase in late March [2]. - FILA brand retail sales increased by 25-30% year-on-year, with inventory turnover improving [2]. - Other brands, including KOLON and Descente, reported significant growth, with KOLON exceeding 50% year-on-year [2]. Brand Strategy - Anta launched new basketball products and secured sponsorships, enhancing its global presence [3]. - FILA continues to focus on premium products and optimizing its channel structure [3]. - Descente and KOLON are expanding their product lines and channels, contributing to their revenue growth [3]. Financial Projections - Revenue is projected to grow from 70,347 million RMB in 2024 to 88,059 million RMB by 2026, with a compound annual growth rate of approximately 12.8% [4]. - Net profit is expected to rise from 13,002 million RMB in 2024 to 15,782 million RMB in 2026, reflecting a growth rate of 27% in 2024 [4]. - Earnings per share (EPS) are forecasted to increase from 4.59 RMB in 2024 to 5.57 RMB in 2026 [4]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 17 for 2024 and 16 for 2025, suggesting a favorable valuation compared to historical levels [4][10]. - The return on equity (ROE) is projected to be 22.8% in 2024, indicating strong profitability [10].

证券研究报告 | 2024年04月18日 安踏体育（02020.HK） 买入 第一季度流水稳健增长，库销比下降和折扣收窄  公司研究·海外公司快评  纺织服饰·服装家纺  投资评级：买入（维持评级） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 关竣尹 0755-81982834 guanjunyin@guosen.com.cn 执证编码：S0980523110002 事项： 4月17日，公司公告第一季度零售表现，2024第一季度，安踏主品牌录得中单位数正增长，FILA录得高 单位数正增长，其他品牌录得25-30%正增长。 国信纺服观点： 1、2024第一季度：高基数上流水稳健增长，各品牌目标达成率100%，库销比改善，折扣收窄； 2、风险提示：疫情反复冲击消费需求；改革不及预期；品牌形象受损；市场的系统性风险。 3、投资建议：第一季度经营质量高，看好主品牌势能升级和多品牌矩阵的成长潜力。第一季度安踏和FILA 分别增长中单位数和高单位数，主要由于去年疫情管控放开后的高基数，实际上各品牌目标达成率 ...

智通财经APP获悉，美银证券发布研究报告称，安踏体育(02020)2024年首季的营运表现大致符合预期，在新产品发布和巴黎奥运会相关营销活动的支持下，下半年的业绩增长可能会更加强劲，维持“买入”评级，目标价110港元。 报告中称，集团强大且经过验证的多品牌零售营运能力，有助于其更好地捕捉消费者偏好，其核心品牌定位于大众市场，而其他品牌由于独特的功能和情感价值及强大的执行力而更具弹性。 ...

智通财经APP获悉，中银国际发布研究报告称，维持安踏体育(02020)“买入”评级，2024财年营业收入增长14%的预测不变，并预期公司可于今年下半年实现更多销量，同时预计核心品牌将有约10%同比增长，目标价97.5港元。鉴于公司去年的高基数，公司2024财年第一季的经营业绩表现，在一定程度上符合市场预期。该行认为安踏旗下主要品牌于2024年第一季仍实现到温和增长，但数字低于10%至15%的年度成长目标。 该行预计，安踏的零售销售或于往后数季加速增长，主要由于公司将于巴黎奥运临近之际加大旗下产品的发布力度。该行因而认为安踏未能达到业绩指引的风险应该可控，但须一段时间才能看到结果。该行对安踏仍持有乐观态度，并预计公司凭借自身强大的产品供应能力，将可继续跑赢同业。此外，中银国际提及安踏营运指标改善，奠定了公司良好的基础。并认为安踏对自身的预期合理，主要由于公司2024财年首季成功将库存降至更合理水平，并提供更佳零售折扣。 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020 HK) with a target price of HKD 135.00, indicating a potential upside of 65.4% from the current price of HKD 81.60 [1][5]. Core Insights - Anta's sales growth in Q1 2024 was softer than expected, but a reacceleration is anticipated starting from Q2 as the high base effect diminishes. The sales growth for Anta brand was in the low single digits year-on-year, while FILA experienced high single-digit growth. Descente and Kolon brands showed a robust growth of 25-30% [1]. - The report highlights that the Chinese sportswear market is showing signs of differentiation, with lower-tier brands demonstrating resilience compared to international brands. Anta's performance is noted to be weaker than 361 Degrees but better than Nike and Adidas [1]. - The report emphasizes the importance of brand renewal for FILA, as its performance has been mixed, particularly in high-tier cities where consumer spending is soft. The need for continuous investment in brand innovation is highlighted [1]. Financial Summary - Revenue projections for Anta are as follows: - 2022: RMB 53,651 million - 2023: RMB 62,356 million (16.2% YoY growth) - 2024E: RMB 71,151 million (14.1% YoY growth) [2][6]. - Net profit estimates are: - 2022: RMB 7,590 million - 2023: RMB 10,236 million (30.8% YoY growth) - 2024E: RMB 13,571 million (36.2% YoY growth) [2][6]. - The report projects a compound annual growth rate (CAGR) of 22% for earnings per share from 2024 to 2026 [1]. Market Performance - Anta's stock has shown a year-to-date change of +7.72% and has a market capitalization of approximately HKD 229.41 billion [3][5]. - The stock's 52-week high and low are HKD 100.70 and HKD 64.15, respectively [3]. Brand Performance - Anta's brand performance in Q1 2024 showed a mixed picture, with the core brand experiencing high single-digit growth, while FILA's performance was affected by brand-specific issues and a decline in its fashion line [1][4]. - The report notes that the children's segment for Anta is expected to see a negative growth trend, while online sales remain strong with mid-single-digit growth [1][4]. Conclusion - The report concludes with a positive long-term outlook for Anta, driven by its strong brand positioning and execution capabilities, alongside its expansion into fast-growing segments like winter sports and outdoor markets [1].

智通财经APP获悉，高盛发布研究报告称，予安踏体育(02020)“买入”评级，目标价115港元。 报告中称，首季安踏核心品牌、FILA及其他品牌的增长分别为中单位数、高单位数及25%至30%，大致符合市场预期，其中安踏品牌略高于预期，主要受惠于3月下半月新产品推动销售加快。就渠道而言，安踏品牌及FILA得益于新产品、强劲的线上执行力及基数效应，其线上表现较线下优秀。同时，各品牌的库存及折扣水平进一步改善，显示出健康的成长路径。 该行表示，管理层强调全年增长目标，安踏品牌及FILA为10%至15%，并预计今年剩余时间将比首季增长加速，推出更多产品，开展更多市场推广活动，以及基数较佳;各品牌与前几季相比下库存水平较低，加上健康的折扣水平，增强管理层以可持续增长达到全年目标的信心;管理层寻求有序的门市扩张计划，并将店铺生产力放在首位。另指，扎实的线上执行力也有助FILA等品牌有效渗透到低线城市客户。 ...

公 纺织服装 司 2024年04月 18日 报 安踏体育(2020.HK) 告 一季度营运表现符合预期 强烈推荐（维持） 事项： 公司发布2024年一季度营运公告：相较2023Q1，2024Q1安踏品牌零售金额 股价：81.6 港元 （按零售价值计算）同比实现中单位数正增长；FILA品牌同比实现高单位数正 增长；其他所有品牌（不包括 2023 年1 月1 日之后新加入集团的品牌）同比 公 主要数据 实现25%-30%的正增长。 司 行业 纺织服装 平安观点： 季 公司网址 www.anta.com;ir.anta.com 大股东/持股 安踏国际集团控股有限公司/42.4%  安踏品牌：流水稳增长，库存表现健康。1）从流水表现看，安踏品牌24Q1 报 实际控制人 丁世忠 流水实现同比正的中单位数增长。2）从存货表现看，安踏品牌 24Q1 存 点 总股本(百万股) 2832.62 货周转低于5个月，处于健康水平。 流通A股(百万股) 评 流通B/H股(百万股)  FILA 品牌：持续保持高质量增长。1）从流水表现看，FILA 品牌 24Q1 总市值（亿元） 2096.23 流水实现同比正的高单位数增长。2）从 ...

M N 18 Apr 2024 CMB International Global Markets | Equity Research | Company Update Anta Sports (2020 HK) An inline 1Q24 plus an improving outlook Retail sales growth in 1Q24 was slow, but it was widely expected. We see Target Price HK$101.73 FY24E growth supported by: 1) healthy momentum in late Mar, 2) an exciting (Previous TP HK$101.73) product launch pipeline, 3) further segmentation by Anta in terms of products Up/Downside 24.7% and store format, and 4) gradual improvement in retail discounts (rather C ...

智通财经APP获悉，里昂发布研究报告称，予安踏体育(02020)“买入”评级，预计下半年安踏及FILA品牌开店策略更集中，相信今年在产品、推广及销售网络方面，已作好最佳化的准备，支持中期增长前景，目标价116港元。 报告中称，公司首季零售销售符合市场预期，实现增长之外，库存及折扣水平健康，同比及按季皆改善，户外用品业务仍然强劲，由第二季开始，核心品牌推出更多产品，包括第二季推出奥运相关产品，及下半年推出与Kyrie Irving合作的球鞋。 ...

智通财经APP获悉，中金发布研究报告称，维持安踏体育(02020)“跑赢行业”评级，2024/25年EPS预测4.63/4.94元不变，目标价109.19港元。公司公布一季度经营情况：安踏品牌零售流水同比增长中单位数，FILA品牌零售流水同比增长高单位数，其他品牌(不含2023年以来新增品牌)零售流水同比增长25-30%。 中金主要观点如下： 虽然去年零售环境好转带来较高基数，1Q24公司继续实现高质量增长。 安踏品牌在1Q22冬奥、1Q23零售环境好转带来两年较高基数下，1Q24零售流水仍同比增长中单位数(1Q22/1Q23分别同比增长10-20%高段、中单位数)。分渠道看，线上流水同比增长20-25%，好于线下渠道表现。截至3月末，安踏品牌库销比维持在5x以下，环比改善继续保持健康水平。虽然行业竞争较为激烈，以及季内春节等传统促销节日，得益于安踏品牌持续提升的品牌力、产品力及健康的库存，季内线下折扣同比保持稳定，线上折扣有所改善。 FILA品牌1Q24零售流水同比增长高单位数，其中FILA大货得益于产品组合及门店布局优化，继续实现较快增长;FILA 儿童及FUSION因短期门店调整增长相对较慢。分渠道看， ...