证券研究报告 | 基本数据 | 2025 | 年 03 | 月 | 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 89.15 | | | 一年内最高/最低（港 | | | 107.50/65.55 | | | | 元） | | | | | | | 总市值（百万港元） | | | 250,263.05 | | | | 流通市值（百万港元） | | | 250,263.05 | | | | 资产负债率（%） | | | | 40.74 | | | 资料来源：聚源数据 | | | | | | 安踏体育(02020.HK) 纺织服饰 | 服装家纺 港股|公司点评报告 hyzqdatemark 2025 年 03 月 23 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： 投资评级： 买入（维持） ——集团营收首破 700 亿，聚焦多品牌行稳致远 投资要点： | 盈利预测与估值（人民币） | | | | ...

Group 1: Miniso's Global Expansion - Miniso has surpassed 3,000 overseas stores, marking a significant milestone in its global expansion strategy [2] - The company reported a total revenue of 17 billion RMB for 2024, a year-on-year increase of 23%, with a gross margin of 44.9% [2] - Overseas revenue grew by 42% to 6.7 billion RMB, contributing nearly 40% to the total revenue [2] Group 2: Anta's Financial Performance - Anta Sports achieved a record revenue of 70.8 billion RMB in 2024, a 13.6% increase year-on-year, with a net profit of 15.6 billion RMB, up 52% [4] - The company has over 10,000 stores operating under the Direct-to-Consumer (DTC) model, with DTC accounting for over 80% of its operations [5] - Anta's overseas expansion focuses on Southeast Asia, with partnerships in Singapore and Malaysia [5] Group 3: Nike's Declining Performance - Nike reported a revenue decline of 9% to 11.3 billion USD in Q3 of FY2025, with net profit down 32% to 800 million USD [6] - The Greater China market saw a significant revenue drop of 17% to 1.7 billion USD, indicating a slowdown compared to competitors like Adidas [7] - Nike's new CEO is implementing a revitalization strategy focused on sports rather than fashion, aiming to improve inventory management and customer engagement [6][7] Group 4: Pop Mart's Artist IP Revenue Growth - Pop Mart's artist IP revenue increased by 70.4% from 2.16 billion RMB in H1 2023 to 3.69 billion RMB in H1 2024, with artist IP accounting for 81% of total revenue [9] - The Labubu series, a popular IP, was featured in a pop-up store at Harrods, highlighting the brand's international marketing efforts [9] Group 5: Starbucks' Collaboration with Snoopy - Starbucks China launched its first collaboration with Snoopy, introducing limited edition drinks and merchandise [12] - The collaboration includes exclusive products like plush toys and themed merchandise, enhancing customer engagement [12] Group 6: Three Squirrels' Entry into Beverage Market - Three Squirrels announced its entry into the beverage sector, launching 60 products with a focus on low pricing to disrupt traditional pricing models [20] Group 7: Shanghai Jahwa's Financial Struggles - Shanghai Jahwa reported a net loss of 800 million RMB for 2024, with total revenue declining by 13.93% to 5.68 billion RMB [21] - The significant loss was attributed to goodwill impairment and increased competition in the baby and child care segment [21] Group 8: Xtep's Leadership Change - Xtep International appointed a new CFO, Ding Lizhi, who is the daughter of the company's founder, indicating a potential shift in leadership strategy [22]

2025 年 03 月 21 日 公司点评 买入/维持 安踏体育(02020) 目标价: 昨收盘:93.15 24 年财报点评：收入超预期，户外品牌延续高增 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/20 24/6/1 24/8/13 24/10/25 25/1/6 25/3/20 ◼ 股票数据 | 总股本/流通(亿股) | 28.07/28.07 | | --- | --- | | 总市值/流通(亿港元) | 2,614.92/2,61 | | | 4.92 | | 12 个月内最高/最低价 | 107.5/65.55 | | (港元) | | 相关研究报告 分渠道来看，1）线上：收入同比+21.8%，占总收入的 35.1%（+2.3pct）， 2）线下：截至 24 年底，安踏成人/儿童分别为 7135/2784 家（年内净增 82/6），店效分别约为 30/16 万；FILA 大货/儿童/潮牌为 1264/590/206 家（年内净增 85/8/-5 家），店效分别约为 96/36/40 万；迪桑特/可隆为 226/191 家（年内净增 39/27 家），店效分别为 20 ...

上 市 公 司 公 司 点 评 / 公 司 点 纺织服饰 2025 年 03 月 21 日 安踏体育 (02020) ——业绩表现符合预期，25 年指引稳健增长 刘佩 (8621)23297818× liupei@swsresearch.com 投资要点： 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 20 日 | | --- | --- | | 收盘价（港币） | 93.15 | | 恒生中国企业指数 | 8950.18 | | 52 周最高/最低（港币） | 107.50/65.55 | | H 股市值（亿港币） | 2,614.92 | | 流通 H 股（百万股） | 2,807.21 | | 汇率（人民币/港币） | 1.0828 | 一年内股价与基准指数对比走势： -16% 34% 84% HSCEI 安踏体育 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 联系人 财务数据及盈利预测 货币单位：人民 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 股价走势 安踏体育（02020.HK） 2024 年业绩点评：新业态引领市场，看好 25 年延续增势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 62356 | 70826 | 78173 | 86079 | 94239 | | 同比(%) | 16.23 | 13.58 | 10.37 | 10.11 | 9.48 | | 归母净利润（百万元） | 10236 | 15596 | 13232 | 14763 | 16431 | | 同比(%) | 34.86 | 52.36 | (15.16) | 11.57 | 11.30 | | EPS-最新摊薄（元/股） | 3.65 | 5.56 | 4.71 | 5.26 | 5.85 | | P/E（现价&最新摊薄） | 23.50 | 15.43 | 18.18 | 16.30 | 14.64 | [Table_ ...

港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 领跑体育品牌成长 主品牌经营稳健，新品牌增长强劲 公司发布 24 年业绩公告，全年公司收入 708 亿同增 14%；分品牌看，安 踏牌实现收入 335 亿同增 11%，持续巩固中国运动品牌领导地位。FILA 收 入 266 亿同增 6%，增量赛道维持强劲势头。其他品牌（主要来自迪桑特& 可隆体育）收入 107 亿同增 54%，继续保持高速增长。 24 年公司毛利率 62%同减 0.4pct，其中安踏 55%，FILA68%，其他品牌 72%。 24 年公司经营利润 166 亿，OPM 为 23%同减 1.2pct；其中安踏牌经营利润 70 亿，OPM21%同减 1.2pct，FILA 经营利润 67 亿，OPM 为 25.3%同减 2.3pct， 其他品牌经营利润 31 亿，OPM28.6%同增 1.5pct。 公司 24 年归母净利（不含 Amer 一次性利得）119 亿，同增 17%。 平均存货周转日数 123 天同比持平。 安踏持续打造差异化零售新业态 相比过去"千店一面"的零售战略，公司通过发展更多更具针对性的新业 态，例如安踏竞技场级 ...

24 年公司毛利率 62%同减 0.4pct，其中安踏 55%，FILA68%，其他品牌 72%。 24 年公司经营利润 166 亿，OPM 为 23%同减 1.2pct；其中安踏牌经营利润 70 亿，OPM21%同减 1.2pct，FILA 经营利润 67 亿，OPM 为 25.3%同减 2.3pct， 其他品牌经营利润 31 亿，OPM28.6%同增 1.5pct。 港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 领跑体育品牌成长 主品牌经营稳健，新品牌增长强劲 公司发布 24 年业绩公告，全年公司收入 708 亿同增 14%；分品牌看，安 踏牌实现收入 335 亿同增 11%，持续巩固中国运动品牌领导地位。FILA 收 入 266 亿同增 6%，增量赛道维持强劲势头。其他品牌（主要来自迪桑特& 可隆体育）收入 107 亿同增 54%，继续保持高速增长。 公司 24 年归母净利（不含 Amer 一次性利得）119 亿，同增 17%。 平均存货周转日数 123 天同比持平。 安踏持续打造差异化零售新业态 相比过去"千店一面"的零售战略，公司通过发展更多更具针对性的新业 态，例如安踏竞技场级 ...

Core Viewpoint - Despite a significant decline in the Hong Kong stock market, some low-priced stocks experienced substantial gains, indicating potential investment opportunities amidst market volatility [1][3]. Group 1: Market Performance - On March 21, the Hong Kong stock market saw major indices decline, with the Hang Seng Index dropping by 2.19% and the Hang Seng Tech Index falling by 3.37% [1]. - Notably, low-priced stocks such as New Yaohai surged, with a peak increase of 162.5% during the trading session [3][5]. Group 2: Company Analysis - New Yaohai, primarily engaged in luxury car distribution, reported a significant revenue decline of 39.66% year-on-year, with a net loss of 563 million HKD for the first half of the fiscal year ending September 30, 2024 [4]. - The company's luxury car sales, including brands like Lamborghini and Bentley, also saw substantial decreases, with Lamborghini sales down by 25.2% and Bentley sales down by 36.2% [4]. Group 3: Analyst Upgrades - Foreign institutions are actively raising target prices for several Chinese assets, including Tencent, China Mobile, and others, indicating a positive outlook for these companies [8][10]. - Nomura upgraded Tencent's target price from 500 HKD to 648 HKD, citing strong performance in gaming and advertising sectors [9]. - UBS raised China Mobile's target price by 14% to 103 HKD, projecting a compound annual growth rate of 5% for net profit from 2024 to 2027 [10].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [1] Core Views - Anta Sports reported a revenue of 70.83 billion yuan for 2024, representing a year-on-year increase of 13.6%, and a net profit of 15.60 billion yuan, up 52.4% year-on-year [7] - The company aims for high single-digit growth for its main brand by 2025, with significant contributions from various store formats and a strong performance in key markets [7] - FILA is expected to achieve mid-single-digit growth by 2025, with a notable increase in footwear sales [7] - Other brands under Anta Sports are projected to grow over 30% by 2025, driven by strong sales performance [7] - Amer Sports is anticipated to see a revenue growth of 13%-15% in 2025, following a successful turnaround [7] - The report adjusts the net profit forecast for 2025-2026 slightly downward but increases the 2027 forecast, maintaining a positive outlook on the company's growth trajectory [7] Financial Summary - Total revenue projections for Anta Sports are as follows: 70.83 billion yuan in 2024, 78.17 billion yuan in 2025, 86.08 billion yuan in 2026, and 94.24 billion yuan in 2027 [1] - The net profit estimates are 15.60 billion yuan for 2024, 13.23 billion yuan for 2025, 14.76 billion yuan for 2026, and 16.43 billion yuan for 2027 [1] - The report indicates a slight decrease in gross margin to 62.2% in 2024, with expectations for gradual recovery in subsequent years [7] - The company's P/E ratios are projected to be 15.43 for 2024, 18.18 for 2025, and 16.30 for 2026 [1]

Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020.HK) [1] Core Views - In 2024, Anta Sports achieved a revenue of 70.826 billion yuan, representing a year-on-year growth of 13.6%, and a net profit attributable to shareholders of 15.596 billion yuan, up 52.4% year-on-year [1][3] - The company plans to distribute a final dividend of 1.18 HKD per share, with an annual payout ratio of 51.4% [1] - The outdoor sports brand revenue is expected to exceed 10 billion yuan in 2024 [1] Revenue Performance - In 2024, the e-commerce channel revenue grew by 21.8% year-on-year, accounting for 35.1% of total revenue, an increase of 2.3 percentage points [3] - The retail sales of Anta brand, FILA brand, and other brands grew by high single digits, mid single digits, and 40%-45% respectively [3] - The revenue from the Anta brand reached 33.522 billion yuan, a 10.6% increase, while FILA brand revenue was 26.626 billion yuan, up 6.1% [4][5] Profitability Analysis - The overall gross margin for the company decreased by 0.4 percentage points to 62.2%, while the operating profit margin fell by 1.2 percentage points to 23.4% [7] - The net profit margin attributable to shareholders increased by 5.6 percentage points to 22.0% [7] - The company’s net cash position was 31.4 billion yuan, down 6.5% year-on-year [7] Future Earnings Projections - The report forecasts earnings per share (EPS) of 4.99, 5.57, and 6.35 yuan for the years 2025, 2026, and 2027 respectively [8] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.1, 16.2, and 14.2 times respectively [8] Market Positioning - Anta Sports is focusing on a strategy of single focus, multi-brand, and globalization, which has led to steady revenue growth and an increase in market share [8] - The company is increasing investments in brand, channel, and product development, despite some fluctuations in profitability [8]