Investment Rating - The report maintains a "BUY" rating for Anta Sports with a target price of HK$128.8, indicating an upside potential of 51.3% from the current price of HK$85.15 [5][3]. Core Insights - Anta Sports reported FY23 results that exceeded expectations, with revenue of RMB62.4 billion and net profit of RMB10.236 billion, reflecting year-on-year growth of 16.2% and 34.9% respectively. This growth was attributed to improved store productivity, disciplined retail discounting, and increased interest income [1][3]. - The company has set ambitious targets for FY24, aiming for revenue growth of 10-15% for both Anta and Fila brands, and over 20% for Descente and Kolon brands. Operating profit margins are expected to be around 20% for Anta and 25% for Fila [3][5]. Financial Performance - FY23 key highlights include: - Overall online sales increased by 11% year-on-year, with FILA and Descente brands growing by over 10% and 30-40% respectively [2]. - Monthly store productivity reached RMB280-290k, up more than 10% year-on-year, with Fila and Descente nearing RMB1 million and RMB2 million respectively [2]. - Operating cash flow grew by 61% to RMB19.6 billion, driven by a reduction in inventory turnover days from 138 to 123 [2][3]. Future Outlook - The management anticipates a retail sales value (RSV) growth of 4-5% year-on-year for Q1 2024, despite facing some pressure due to a high base and unfavorable weather conditions post-Chinese New Year [2]. - The company plans to maintain inventory levels at 5 times or below for various brands and has set modest store expansion targets, prioritizing productivity [3][5]. - The payout ratio is targeted at 50% for FY24 onwards, supporting continuous expansion through a multi-branded strategy [3][5]. Market Position - Anta Sports is recognized as a leading player in the PRC sporting goods market, with a retail network comprising 9,831 ANTA brand points of sale and 1,972 FILA stores as of December 2023 [6].

Financial Performance - Revenue increased by 16.2% to RMB 62.4 billion[7] - Gross profit margin rose by 2.4 percentage points to 62.6%[7] - Net profit attributable to shareholders surged by 34.9% to RMB 10.2 billion[8] - Basic earnings per share grew by 30.9% to RMB 3.69[11] - Dividend payout ratio was 50.7% of net profit attributable to shareholders[11] - Revenue for the year ended December 31, 2023, reached RMB 62,356 million, a 16.2% increase from RMB 53,651 million in 2022[14] - Gross profit increased by 20.8% to RMB 39,028 million in 2023 from RMB 32,318 million in 2022[14] - Operating profit surged by 36.8% to RMB 15,367 million in 2023 compared to RMB 11,230 million in 2022[14] - Net profit attributable to shareholders rose by 44.9% to RMB 10,954 million in 2023 from RMB 7,562 million in 2022[14] - Free cash flow increased significantly by 71.1% to RMB 17,823 million in 2023 from RMB 10,415 million in 2022[14] - Earnings per share (basic) grew by 30.9% to RMB 3.69 in 2023 from RMB 2.82 in 2022[14] - Gross margin improved to 62.6% in 2023, up 2.4 percentage points from 60.2% in 2022[14] - Operating margin increased to 24.6% in 2023, up 3.7 percentage points from 20.9% in 2022[14] - Net margin rose to 18.1% in 2023, up 2.7 percentage points from 15.4% in 2022[14] - Advertising and promotion expenses as a percentage of revenue decreased to 8.2% in 2023 from 10.3% in 2022[14] - Revenue for 2023 reached RMB 62,356 million, a 16.2% increase from 2022[16] - Gross profit for 2023 was RMB 39,028 million, with a gross margin of 62.6%[16] - Operating profit for 2023 stood at RMB 15,367 million, a 36.8% increase from 2022[16] - Net profit attributable to shareholders for 2023 was RMB 10,236 million, a 34.9% increase from 2022[16] - Total assets for 2023 increased to RMB 92,228 million, up 33.3% from 2022[16] - Revenue reached a record high of RMB 62.36 billion, a 16.2% increase year-over-year[26] - Gross margin rose to 62.6%, up 2.4 percentage points from the previous year[26] - Operating profit margin increased to 24.6%, up 3.7 percentage points year-over-year[26] - Shareholders' net profit excluding joint ventures surged 44.9% to RMB 10.95 billion[26] - FILA's revenue grew 16.6% to RMB 25.1 billion, with a gross margin of 69.0%[29] - Other brands' combined revenue soared 57.7% to RMB 6.95 billion, with a gross margin of 72.9%[30] - Amer Sports' revenue increased 30.1% to RMB 31.25 billion, with EBITDA up 45.4% to RMB 3.75 billion[30] - Operating cash flow surged to RMB 19.63 billion, a significant increase from RMB 12.15 billion in the previous year[27] - Free cash flow reached RMB 17.82 billion, up from RMB 10.42 billion in 2022[27] - Cash and cash equivalents totaled RMB 48.52 billion as of December 31, 2023[27] - Total revenue for 2023 increased by 16.2% to RMB 62,356 million compared to RMB 53,651 million in 2022[117][120] - Revenue from the Anta brand grew by 9.3% to RMB 30,306 million, contributing 48.6% of total revenue[119][121] - FILA brand revenue increased by 16.6% to RMB 25,103 million, accounting for 40.3% of total revenue[119][121] - Revenue from all other brands surged by 57.7% to RMB 6,947 million, driven by DESCENTE and KOLON SPORT[122] - Gross margin improved by 2.4 percentage points to 62.6% in 2023, up from 60.2% in 2022[123][125] - Anta brand's gross margin rose by 1.3 percentage points to 54.9%, attributed to DTC model transformation[126] - FILA brand's gross margin increased by 2.6 percentage points to 69.0%, due to improved retail discounts[126] - E-commerce revenue grew by 11.0% in absolute terms, contributing 32.8% of total revenue[122] - DTC revenue for Anta brand surged by 24.2% to RMB 17,005 million, representing 56.1% of Anta's total revenue[121] - Employee costs increased by 14.6% to RMB 9,304 million, reflecting continued investment in human resources[128] - Inventory write-back of RMB 20 million was recorded in the current fiscal year, compared to a write-down of RMB 414 million in 2022[129] - Other net income for the fiscal year was RMB 1,705 million, down from RMB 2,128 million in 2022[130] - Operating profit margin increased by 3.7 percentage points to 24.6% in 2023, driven by revenue growth and improved operating leverage[132] - FILA's operating profit margin rose by 7.6 percentage points to 27.6%, attributed to reduced operating expenses as a percentage of revenue[134] - Total interest income surged to RMB 1,470 million in 2023, up from RMB 609 million in 2022, due to higher average bank deposit balances and interest rates[141] - Proposed final dividend of HK$1.15 per share, bringing total ordinary dividends to RMB 5,188 million, representing 50.7% of the year's attributable profit[142] - Cash and cash equivalents totaled RMB 15,228 million as of December 31, 2023, with net cash position increasing to RMB 33,573 million[145] - Operating cash inflow reached RMB 19,634 million, reflecting strong cash generation capabilities[146] - Free cash inflow for the year was RMB 17,823 million, up from RMB 10,415 million in 2022[146] - Actual tax rate for the fiscal year was 26.7%, returning to normal levels compared to 27.5% in 2022[136] - Net cash inflow from financing activities was RMB 3,471 million, including net proceeds of RMB 10,497 million from the April 2023 placement and top-up subscription, and RMB 4,022 million paid for the final dividend of fiscal year 2022 and interim dividend of this fiscal year[147] - Total assets of the group as of December 31, 2023, were RMB 92,228 million, with current assets amounting to RMB 52,140 million, and total liabilities and non-controlling interests totaling RMB 40,768 million[148] - The group's debt ratio as of December 31, 2023, was 16.2%, a decrease from 18.3% on December 31, 2022[148] - Average inventory turnover days decreased by 15 days, and the inventory balance at the end of the fiscal year was reduced compared to December 31, 2022, indicating improved retail market conditions and the group's ability to manage excess inventory[149] - The group's investment in AS Holding had a carrying value of RMB 9,283 million as of December 31, 2023, representing 10.1% of the group's total assets[158] - AS Holding recorded a net loss of RMB 1,367 million for the fiscal year, primarily due to an impairment loss of RMB 1,131 million on goodwill and trademarks related to the Peak Performance business[157] - AS Holding's revenue for the fiscal year was RMB 31,248 million, with EBITDA of RMB 3,745 million, reflecting improved operational profitability[156] - Amer Sports, Inc. completed its IPO on February 1, 2024, issuing 105,000,000 common shares at an initial offering price of $13.00 per share, with an additional 15,750,000 shares issued under an over-allotment option[159] - The company invested $220 million (equivalent to RMB 1,595 million) to purchase 16,923,076 ordinary shares of Amer Sports, Inc. as a cornerstone investor[160] - After the completion of Amer Sports' IPO and related restructuring, the company holds 218,915,443 ordinary shares, representing approximately 43.33% of Amer Sports, Inc.'s total issued shares[160] - The company expects to record a non-cash accounting gain of approximately RMB 1.6 billion in its consolidated financial statements for the year ending December 31, 2024, due to the equity dilution from Amer Sports' IPO[160] - The company acquired a 75.13% equity stake in MAIA ACTIVE, a sportswear brand designed for Asian women, to strengthen its brand portfolio and enhance its product offerings for female customers[161] - The company issued €1 billion zero-coupon convertible bonds due in 2025, with a total outstanding principal amount of €1 billion (equivalent to RMB 8,071 million) as of December 31, 2023[163] - The convertible bonds can be converted into 86,682,707 shares at a conversion price of HKD 99.75 per share[164] - The company completed a placement and subscription of 119,000,000 shares at HKD 99.18 per share, raising a total of HKD 11,802 million (equivalent to RMB 10,497 million)[166] - As of December 31, 2023, HKD 4,571 million (equivalent to RMB 4,211 million) of the net proceeds from the subscription remained unused[167] - The company allocated HKD 9,121 million for repaying financial liabilities, with HKD 4,550 million used and HKD 4,571 million remaining, expected to be utilized by December 31, 2025[168] - The company's capital commitments amounted to RMB 3,187 million, primarily for the construction of Anta's Shanghai headquarters and logistics center, as well as retail store renovations[169] - AS Holding fully utilized a EUR 1,300 million (equivalent to RMB 10,492 million) term loan facility, which was subsequently fully repaid after the fiscal year-end[171][172] - The company's profit attributable to shareholders (before dividends) was RMB 10,236 million in 2023, up from RMB 7,590 million in 2022[200] Store Operations and Expansion - Number of ANTA stores in Mainland China and overseas reached 7,053, up from 6,924[12] - Number of FILA stores in Mainland China, Hong Kong, Macau, and Singapore totaled 1,972, down from 1,984[12] - Number of DESCENTE stores in Mainland China, Hong Kong, and Macau reached 187, down from 191[12] - Number of KOLON SPORT stores in Mainland China and Hong Kong increased to 164 from 161[12] - ANTA has 12,000 offline stores globally, covering multiple brands including ANTA, FILA, DESCENTE, and KOLON SPORT[40] - As of December 31, 2023, Anta operated 7,053 stores in mainland China and overseas, with 44% of its 5,400 Anta stores and 64% of its 2,200 Anta Kids stores directly operated[59] - As of December 31, 2023, Anta Kids operated 2,778 stores in mainland China and overseas[64] - FILA operates 1,972 stores across Mainland China, Hong Kong, Macau, and Singapore, including FILA KIDS and FILA FUSION standalone stores[71] - DESCENTE operated 187 stores in Mainland China, Hong Kong, and Macau as of December 31, 2023[75] - KOLON SPORT operated 164 stores in Mainland China and Hong Kong as of December 31, 2023[80] - Anta plans to expand its Anta and Anta Kids stores in mainland China and overseas to 7,100-7,200 and 2,800-2,900 respectively by the end of 2024[181] - FILA stores, including FILA KIDS and FILA FUSION, are expected to reach 2,100-2,200 in mainland China, Hong Kong, Macau, and Singapore by the end of 2024[181] - DESCENTE stores in mainland China, Hong Kong, and Macau are projected to be 220-230 by the end of 2024[181] - KOLON SPORT stores in mainland China and Hong Kong are expected to reach 180-190 by the end of 2024[181] Brand and Product Development - The company established the Southeast Asia International Business Department in February 2023 to advance its "multi-brand" and "globalization" strategy[20] - Anta opened its first direct-operated store in Singapore in April 2023, marking a significant milestone in its expansion into the Southeast Asian market[22] - Anta signed NBA star Kyrie Irving as a brand ambassador for its basketball products in July 2023[23] - The company joined the Science Based Targets initiative (SBTi) in January 2023 to set scientifically validated carbon reduction targets[19] - Anta launched the second phase of the "Anta Membrane" R&D project in April 2023, focusing on green and low-carbon sustainable development[22] - ANTA's e-commerce accounted for 32.8% of the company's total revenue[40] - ANTA's self-produced footwear accounted for 15.0% of total sales volume, while self-produced apparel accounted for 4.3%[37] - ANTA operates 6 global design centers located in China, the US, Japan, South Korea, Italy, and the Netherlands[38] - ANTA upgraded its Global Research and Innovation Center, covering product performance testing, sports science experiments, material R&D, and product development[37] - ANTA implemented a "5+N" logistics network strategy in China and established regional warehouses overseas to support global operations[39] - The company's multi-brand strategy focuses on professional sports, fashion sports, and outdoor sports groups[41] - ANTA's digital platform leverages big data to drive digital transformation across the entire value chain, from product development to delivery[40] - The company has strategically deployed a full-scenario, full-crowd, and full-track coverage and layout, with significant multi-brand synergy value[46] - The company's three major brand groups include the professional sports brand group led by Anta, the fashion sports brand group led by FILA, and the outdoor sports brand group composed of DESCENTE and KOLON SPORT[47] - The company has over 30 years of channel management and terminal operation experience in the Chinese retail market, with leading retail operation efficiency in their respective fields[48] - The company has established R&D and design studios in the US, Europe, Japan, and South Korea, collaborating with global research institutions and suppliers[49] - The company has established a Southeast Asia International Business Division and is actively expanding in strategic markets such as Singapore and the Philippines[50] - Anta has extended its contract with the International Olympic Committee until 2027, enhancing its global influence[55] - The company has developed the "Tanding" weightlifting shoe with five patented technologies, showcasing its commitment to R&D and product quality[55] - The company is leveraging its mature supply chain, cost-effective products, and extensive channel expansion experience to advance its globalization strategy[51] - The company is focusing on high-growth potential vertical sports fields, achieving breakthroughs in brand positioning and consumer cognition[47] - The company is targeting the Southeast Asian market, where the rising middle class and increasing consumer demand present significant opportunities[50] - Anta signed NBA star Kyrie Irving as the latest spokesperson and Chief Creative Officer for its basketball products, who participated in the design of exclusive logos and personal product lines[56] - Anta partnered with Ethiopian long-distance runner Kenenisa Bekele and launched the "Anta Plateau C Plan" to establish a high-altitude training base in Africa for Chinese athletes[56] - Anta developed the high-performance waterproof and breathable material "Anta Membrane" in collaboration with Donghua University, used in the "Storm Armor" and "Ice Armor" outdoor product series[58] - Anta expanded its Southeast Asian market by opening its first directly operated store in Singapore and a flagship store in Thailand[58] - Anta Kids launched the "Anta Youth" series targeting teenagers, covering sports categories such as figure skating, artistic gymnastics, and skiing[62] - Anta Kids organized events like the "527 Children's Balance Bike Festival" and sponsored top balance bike competitions to promote children's interest in cycling[63] - Anta Kids introduced the "Storm Armor" two-piece set with water-repellent technology for outdoor activities[63] - Anta Kids promoted green sustainability by increasing the use of eco-friendly materials, such as recycled polyester fibers in its Heat Return Tech IV down jackets[64] - FILA's shoe product sales exceeded 10 billion yuan for the first time, with the "Cat Claw" and "Mars" shoes each selling over 1 million pairs annually[65] - FILA expanded its e-commerce business and achieved significant growth in online sales, ranking high in Tmall's "Double 11" shoe category sales[66] - FILA KIDS strengthened its presence in the tennis and skiing markets by sponsoring events like the FILA KIDS Diamond Cup and national youth skiing championships[68] - FILA FUSION launched collaborations with international brands like TEAM WANG design and BEAMS, enhancing its trendy and innovative image[70] - DESCENTE's retail sales surpassed 5 billion yuan for the first time, driven by its focus on professional sports like skiing, triathlon, and golf[74] - DESCENTE partnered with China's national skiing teams and launched the "Everything Starts with Skiing"

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 91.64 per share, compared to the current price of HKD 88.80 [4]. Core Insights - The company reported a revenue increase of 16.2% to RMB 62.36 billion for 2023, with net profit attributable to shareholders rising by 44.9% to RMB 10.24 billion, exceeding expectations [2]. - The group's profitability showed significant improvement, particularly in the FILA brand. The main brand Anta's revenue grew by 9.3% to RMB 30.31 billion, driven primarily by DTC channels, with DTC, wholesale, and e-commerce revenues changing by +24.2%, -22.7%, and +2.6% respectively. The gross margin increased by 1.3 percentage points to 54.9% due to effective cost control and reduced marketing expenses, leading to an operating profit margin (OPM) increase of 0.8 percentage points to 22.2% [2]. - FILA's revenue increased by 16.6% to RMB 25.10 billion, with OPM rising by 7.7 percentage points to 27.6% due to improved operational efficiency from revenue growth [2]. - Other brands saw a revenue increase of 57.7% to RMB 6.95 billion, with OPM increasing by 6.6 percentage points to 27.1% [2]. - The report expresses optimism about the long-term development of the group's multi-brand strategy, highlighting Anta's focus on professional sports and brand elevation, alongside FILA's positioning in premium products and channels. The outdoor brands under the group are also expected to leverage operational efficiency to capture growth opportunities in the outdoor market [2]. Financial Forecasts - The company is projected to have EPS of RMB 4.53, RMB 4.87, and RMB 5.59 for 2024, 2025, and 2026 respectively. Excluding one-time gains from Amer's listing in 2024, the company is assigned a 2024 PE valuation of 20 times [2].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨安踏体育（ ） 2020.HK [业Ta绩b表le_现T超itle预] 期，多品牌协同增长 报告要点 [2T0a2b3le年_S安um踏m体a育ry]实现收入624亿元，同比+16%，归母净利润102亿元，同比+34.9%（不考 虑JV归母净利110亿元同比+45%），业绩表现超预期。 ...

Table_BaseInfo 2024 年 4 月 2 日 公司动态分析 安踏体育（2020.HK） 证券研究报告 运动鞋服 波动市场下实现高质量增长，多品牌战略成效显著 投资评级： xx 买入 xx 事件：安踏体育公布2023年度财务表现，收入同比增长16.2%，股东应占溢利（含 JV 贡献）同比增长 34.9%，整体业绩表现超预期。我们预测 2024-2026 年 EPS 为 目标价格： 120 港元 4.26/4.88/5.46元，给予2024年26倍PE，目标价120港元，维持“买入”评级。 现价(2024-3-28)： 83.2港元 报告摘要 全年高质量增长，Amer 成功上市带来一次性收益。2023 年，安踏集团录得收入 623.56 亿元，同比增长 16.2%。其中，安踏主品牌收入增长 9.3%至 303.06 亿元， 总市值(百万港元) 235,674.28 250,467.00 主要是由于 DTC 转型卓有成效；Fila 收入增长 16.6%至 251.03 亿元，主要由电商 流通市值(百万港元) 235,674.28 250,467.00 业务的增长带动；其他品牌收入大幅增长 57.7%至 ...

公司研究 | 动态跟踪 安踏体育 02020.HK 买入（维持） 业绩超预期，呈现高质量增长 股价（2024年03月28日） 83.2港元 目标价格 117.05港元 52周最高价/最低价 116.37/60.2港元 总股本/流通H股（万股） 283,262/283,262 H股市值（百万港币） 235,674 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023年业绩公告，实现营业收入623.6亿，同比增长16.2%，实现归母净 报告发布日期 2024年03月29日 利润102.4亿，同比增长34.9%，若不包含分占合营公司损益，归母净利润同比增 长44.9%至109.5亿元，盈利表现超市场预期。 1周 1月 3月 12月 ⚫ 经营利润率大幅改善，实现高质量增长。2023年公司经营利润率同比提升3.7pct至 绝对表现% 1.34 11.45 9.11 -25.02 24.6%，改善明显；分品牌来看，安踏/FILA/所有其他品牌的经营利润率分别为 相对表现% 3.25 11.42 12.06 -8.63 22.2%、27.6%和27.1%，同比提升0.8、7.6和6.5pct，我们认为核心原因包 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 62.356 billion RMB in 2023, representing a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 10.236 billion RMB, up 34.9% year-on-year [4][6] - The company is expected to continue its long-term strategic progress, with anticipated revenue growth driven by brand influence expansion and improved discount rates [6][8] Financial Performance Summary - In 2023, the company's revenue by brand showed significant growth: Anta brand revenue increased by 9.3% to 30.306 billion RMB, FILA brand revenue rose by 16.6% to 25.103 billion RMB, and other brands saw a 57.7% increase to 6.947 billion RMB [2][4] - Revenue by category in 2023: footwear revenue increased by 12.7% to 25.332 billion RMB, apparel revenue grew by 18.8% to 35.067 billion RMB, and accessories revenue rose by 18.1% to 1.957 billion RMB [2][4] - The company's overall gross margin improved by 2.4 percentage points to 62.6%, and the operating profit margin increased by 3.7 percentage points to 24.6% in 2023 [4][6] Future Earnings Forecast - The company is projected to achieve revenues of 70.276 billion RMB, 78.458 billion RMB, and 87.087 billion RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.7%, 11.6%, and 11.0% [6][8] - The net profit attributable to shareholders is expected to be 13.439 billion RMB, 14.023 billion RMB, and 16.225 billion RMB for the same years, reflecting growth rates of 31.3%, 4.3%, and 15.7% respectively [6][8] Market Position and Strategy - As of the end of 2023, the company operated 7,053 Anta stores, 2,778 Anta Kids stores, and 1,972 FILA stores, indicating a focus on optimizing sales networks and enhancing brand influence [6][8] - The direct-to-consumer (DTC) model has been successfully implemented, with approximately 44% of Anta stores operated directly by the company, enhancing operational efficiency and profitability [6][8]

港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 2024年03月 29日 投资评级 业绩超预期，彰显强劲运营能力 行业 非必需性消费/纺织及 服饰 23年收入624亿同增16%，归母净利 102亿同增35%，业绩超预期 6个月评级 买入（维持评级） 当前价格 83.2港元 公司发布财报，23 年收入 623.6 亿同增 16.2%，其中 H1/H2 分别为 296.5 目标价格 港元 亿同增14%、327.1亿同增18%。 公司 23 年归母净利（含 Amer）102.4 亿同增 35%，H1/H2 归母净利分别 基本数据 47.5亿同增32%、54.9亿同增37%；若不考虑Amer影响，归母净利109.5 港股总股本(百万股) 2,832.62 亿同增45%，净利率17.6%同增3.5pct。 港股总市值(百万港元) 235,674.28 公司拟派发普通末期股息每股 115 分港币，此前中期派发每股 82 分；23 每股净资产(港元) 20.06 年分红率50.7%。 资产负债率(%) 39.27 一 年内最高/最低(港元) 118.40/60.20 我们预计各品牌24年增速或跟随公司此前 ...

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[安I Tnaf 踏bol]e 体_Ti育tle]（ 2020） [评Tab级le_：Inv est] 增持 当前价格（港元）： 82.00 2023 年业绩高于预期，期待 2024 年盈利表现 2024.03.28 海 ——安踏体育2023 年业绩点评 [ 交Ta易bl数e_M据a rket] 外 52周内股价区间（港元） 64.15- 王佳(分析师) 曹冬青(研究助理) 116.80 公 010-83939781 0755-23976666 当前股本（百万股） 2,833 司 wangjia025750@gtjas.com caodongqing026730@gtjas.com 当前市值（百万港元） 232,275 证书编号 S0880524010001 S0880122070070 （ 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 国 2023年收入符合预期，利润高于预期，2024年维持此前收入增速指引，Amer扭亏及 一次性收益有望增厚利润。 安踏体育 恒生指数 香 摘要： 港 6 ...

2024 年3 月28 日 耐用消费品及服装: 超配 证券研究报告 / 业绩点评报告 安踏体育 (2020 HK, 买入, 目标价: HK$105.55) 23 年业绩亮眼，预计 24 年营收同比增长 12.8% 目标价: HK$105.55 当前股价: HK$82.00 • 2023 年营收表现符合预期，利润端略超预期； 股价上行/下行空间 +29% 52周最高/最低价 (HK$) 118.40/60.20 • 我们预计2024 年营收/归母净利润分别同比增长12.8%/ 22.8%至703.2/ 125.7 亿 市值 (US$mn) 29,690 元； 当前发行数量(百万股) 2,833 • 维持买入评级，上调目标价9%至105.55 港元，对应20 倍2025 年P/E。 三个月平均日交易額 83 (US$mn) 23 年利润端表现略超预期：1）安踏体育发布23 年业绩，营收/归母净利润分别同比增长 流通盘占比 (%) 100 16.2%/ 34.9%至623.6/102.4 亿元，折算2H23 营收/归母净利润分别同比增长18.1%/ 主要股东 (%) 37.1%至327.1/54.9 亿元，营收端符 ...