纺织服饰/服装家纺 公 司 业绩超预期尽显龙头风采，期待主品牌革新释放活力 研 安踏体育（02020.HK） 究 2024年03月29日 ——港股公司信息更新报告 吕明（分析师） 周嘉乐（分析师） 张霜凝（联系人） 投资评级：买入（维持） lvming@kysec.cn zhoujiale@kysec.cn zhangshuangning@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122070037 日期 2024/3/28  2023年业绩超预期创新高，期待主品牌革新释放活力，维持“买入”评级 2023年收入623.6亿元（同比+16.2%，下同），归母净利润102.4亿元（+34.9%）， 港 当前股价(港元) 83.200 股 一年最高最低(港元) 118.40/60.200 剔除分占合营公司亏损后净利润为109.5亿元（+44.9%）。2023年业绩超预期& 公 考虑Amer上市一次性收益约16亿元，我们上调2024-2025并新增2026年盈利 司 总市值(亿港元) 2,356.74 信 流通市值(亿港元) 2,356. ...

Investment Rating - Maintains an **Outperform** rating with a target price of HK$113.1, representing a 36% upside from the current price of HK$83.20 [3][5] Core Views - Anta Sports' 2023 revenue of RMB 62.36 billion (+16.2% YoY) met market expectations, with FILA and other brands surpassing the main Anta brand in revenue [4][8] - Net profit in 2023 reached RMB 10.24 billion (+34.9% YoY), exceeding market expectations but in line with the report's forecasts [4][8] - The company plans to increase marketing efforts in 2024, focusing on basketball, running, Olympic promotions, and children's products to drive brand growth [4][8] Financial Performance - Revenue for 2024-2026 is projected to grow at a low double-digit rate, with expected revenues of RMB 69.89 billion, RMB 78.29 billion, and RMB 87.69 billion, respectively [5][9] - Net profit for 2024-2026 is forecasted at RMB 13.2 billion, RMB 14.34 billion, and RMB 16.59 billion, with YoY growth rates of 29%, 8.6%, and 15.7%, respectively [5][9] - Gross margins for Anta, FILA, and other brands are expected to remain strong, with slight improvements in 2024 [4][9] Brand Performance - Anta brand revenue in 2023 was RMB 30.31 billion (+9.3% YoY), while FILA and other brands grew by 16.6% and 57.7%, respectively [4][8] - FILA's gross margin improved by 2.6 percentage points to 69.0%, driven by better discount rates and product mix [4][8] - Other brands, including Descente and Kolon, achieved record store efficiencies, with Descente surpassing RMB 5 billion in revenue [4][8] Growth Drivers - Anta's basketball series, led by the Kyrie Irving line, is expected to boost global brand recognition [4][8] - The company's sponsorship of the Paris Olympics will enhance its global brand image [4][8] - FILA's expansion in golf, tennis, and fashion categories is expected to drive further growth in 2024 [4][8] Valuation - The company is valued at 22x PE for 2024, with a target price of HK$113.1, reflecting its strong multi-brand platform and global operational capabilities [5][9]

Investment Rating - The investment rating for the company is "Buy" [3][18] Core Insights - The company reported a 35% growth in net profit attributable to shareholders in 2023, driven by a healthy inventory and strong cash flow [1][5] - Revenue increased by 16.2% to 62.36 billion yuan, with net profit rising to 10.24 billion yuan [1][19] - The company maintains a high dividend payout ratio of 51% for the year [1][6] - The growth momentum accelerated in the second half of 2023, with revenue growth of 18.1% and net profit growth of 37.1% [1][13] Financial Performance - Revenue and net profit projections for 2024-2026 are set at 134.6 billion, 134.8 billion, and 147.8 billion yuan respectively, reflecting growth rates of 31.5%, 0.2%, and 9.6% [18][19] - The company’s gross margin improved by 2.4 percentage points to 62.6% in 2023, with a significant reduction in inventory levels [1][5] - Operating cash flow increased by 62% to 19.6 billion yuan, with net cash reaching 33.5 billion yuan [1][6] Brand Performance - Anta and FILA showed steady growth, with revenues of 30.3 billion and 25.1 billion yuan respectively, while other brands grew by 58% to 6.9 billion yuan [1][10] - FILA's operating profit margin increased significantly by 7.6 percentage points to 27.6%, driven by improved gross margins and store efficiency [10][11] - The company plans to maintain its revenue growth targets for all brands, aiming for 10%-15% growth for Anta and FILA in 2024 [16][18] Market Strategy - The company is focusing on enhancing its brand matrix and expanding its market presence, particularly in Southeast Asia and the Middle East [17][18] - The strategy includes leveraging star endorsements and optimizing product channels to drive growth [18][19] - The company aims to increase its store count, targeting 7,100 Anta stores and 2,100 FILA stores by the end of 2024 [16][18]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2] Core Views - Anta Sports reported a strong performance in 2023, with revenue increasing by 16% to 62.36 billion RMB and net profit rising by 35% to 10.236 billion RMB, exceeding expectations [2][6] - The company aims for double-digit growth in 2024 for both Anta and FILA brands, supported by effective brand management and operational improvements [2] - The successful IPO of Amer Sports is expected to contribute positively to Anta's performance in 2024, with a projected one-time gain of approximately 1.6 billion RMB [2] Financial Performance Summary - In 2023, Anta's revenue reached 62.36 billion RMB, with a year-on-year growth rate of 16% [2][9] - The net profit for 2023 was 10.236 billion RMB, reflecting a 35% increase compared to the previous year [2][9] - The gross margin improved by 2.4 percentage points to 62.6%, while the net profit margin increased by 2.3 percentage points to 16.4% [2][6] - The company plans to achieve revenues of 70.32 billion RMB in 2024, with a projected growth rate of 13% [9] Brand Performance - Anta brand revenue grew by 9.3% to 30.306 billion RMB in 2023, with a gross margin of 54.9% [2] - FILA brand revenue increased by 16.6% to 25.103 billion RMB, with a gross margin of 69.0% [2] - Other brands saw a significant revenue increase of 57.7% to 6.947 billion RMB, benefiting from outdoor trends and high brand recognition [2] Store Expansion and Channel Strategy - Anta's adult stores increased by 129 to 7,053 in 2023, with expectations to reach 7,100-7,200 stores in 2024 [2] - FILA's store count decreased by 12 to 1,972, but is expected to recover in 2024 with an increase to 2,100-2,200 stores [2] - The company is optimizing its new brand stores while expanding its main brand presence [2] Profitability and Efficiency - The company achieved a significant improvement in profitability, with operating profit margin rising by 3.7 percentage points to 24.6% [2] - Inventory turnover days decreased by 15 days to 123 days, indicating improved efficiency [2] - Operating cash flow increased by 62% year-on-year to 19.634 billion RMB [2]

、 2024年3月27日 公司研究 23 年业绩超预期，奥运年期待多品牌龙头延续高质量增长 ——安踏体育（2020.HK）2023 年业绩点评 买入（维持） 要点 当前价：83.55元港币 23年收入同比增16%，归母净利润（包括/不包括AMER影响）同比增35%/45% 作者 安踏体育发布2023年业绩。公司实现营业收入623.56亿元、同比增长16.2%，归 分析师：唐佳睿 CFA FCPA(Aust.) 母净利润（包括合营公司AMER影响）102.36亿元、同比增长34.9%好于预期，不 ACCA CAIA FRM 包括合营公司影响的归母净利润为109.54亿元、同比增长44.9%。EPS为3.69元， 执业证书编号：S0930516050001 021-52523866 拟每股派发末期现金红利 1.15 港元，叠加中期现金红利 0.82 港元，全年派息率达 tangjiarui@ebscn.com 50.7%。分上下半年来看，23H1/H2收入分别同比增长14.2%/18.2%，归母净利润 （包括合营公司 AMER 影响）分别同比增长 32.3%/37.1%，不包含 AMER 影响的 分析师：孙未未 ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月27日 港元83.55 港元135.00 +61.6% 安踏 (2020 HK) 火力全开；安踏品牌重塑推动未来增长；上调目标价  2023 年净利润超预期，利润率强劲扩张：2023 年销售额/净利润同比增 个股评级 16.2%/ 34.9%至624亿元/102亿元人民币；净利润超出一致性预期/交银国 买入 际预期。 2023 年下半年，销售额的同比增长从上半年的14%加速至18%， 毛利率扩大3.4个百分点（高于上半年的1.3个百分点）。按品牌划分，安 踏/FILA/其他品牌同比增长9%/17%/58%，基本符合管理层指引，经营利润 1年股价表现 率则强劲扩张。派息率提升至 50.7%（2022年：44.3%），我们预计未来 2020 HK 恒生指数 保持在 50% 左右。 5% 0%  2024年指引，年初至今销售基数较高：尽管2024年1季度的基数较高， -5% -10% 安踏和FILA在1季度的销售增长仍处于其全年销售指引（同比 10-15%）范 -15% -20% 围内。 2024年，Descente/Kolon销售额预计同比 ...

浦银国际研究 公司研究 | 消费行业 安踏（2020.HK）：运营质量提升将推动 2024 林闻嘉 年持续高质量增长；维持“买入”评级 浦 首席消费分析师 银 richard_lin@spdbi.com 过去一年里，安踏的品牌力（包括主品牌、Fila和其他品牌）、运营能 国 (852) 2808 6433 力和基本面持续稳健向好，且趋势好于同业。以上因素都将助力公司 际 在 2024 年持续取得高质量的增长。在较好市场情绪下，我们认为安踏 桑若楠，CFA 理应获得比同业更高的估值水平。基于 23x 2024 P/E，我们上调目标 消费分析师 价至 101港元，并维持安踏“买入”评级以及行业首选地位。 serena_sang@spdbi.com (852) 2808 6439 公  2024年收入与流水的增长动能强于其他国产同业：管理层维持 2023- 2024年3月27日 司 2026 年安踏品牌与 Fila 流水复合增长率 10%-15%的长期目标，并强 研 调 2024 年的流水增长目标与长期流水复合增长目标一致。管理层表 评级 究 示，受高基数以及天气的影响，公司 2024 年初至今两大品牌的流水 增 ...

Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020 HK) [2] Core Views - Anta Sports' 2023 performance exceeded expectations with significant growth in revenue and net profit [2][3] - The company's offline channels outperformed e-commerce, with a 16 2% YoY increase in revenue to RMB 62 356 billion and a 34 9% YoY increase in net profit to RMB 10 236 billion [1][3] - All brands achieved improved operating profit margins, with FILA brand reaching a historical high of 27 6% [2][4] Revenue Breakdown - Anta brand revenue grew 9 3% YoY to RMB 30 306 billion, accounting for 48 6% of group revenue [1] - FILA brand revenue increased 16 6% YoY to RMB 25 103 billion, representing 40 3% of group revenue [4] - Other brands revenue surged 57 7% YoY to RMB 6 947 billion, contributing 11 1% to group revenue [5] Channel Performance - DTC channel revenue for Anta brand grew 24 2% YoY to RMB 17 005 billion, accounting for 56 1% of Anta brand revenue [1] - E-commerce revenue increased 11 0% YoY but its share of group revenue declined by 1 5 percentage points to 32 8% [1] - Traditional wholesale and other channels revenue decreased 22 7% YoY to RMB 3 370 billion [1] Profitability - Gross margin improved by 2 4 percentage points to 62 6% in 2023, driven by Anta's DTC transformation and FILA's retail discount improvement [5] - Operating cash flow surged 61 6% YoY to RMB 19 634 billion [5] - Inventory turnover days decreased by 15 days to 123 days, with inventory declining 15 1% YoY to RMB 7 210 billion [5] Store Expansion - Anta brand stores increased by 129 to 7,053, while Anta Kids stores grew by 99 to 2,778 by end of 2023 [1] - FILA brand stores decreased by 12 to 1,972, with plans to expand to 2,100-2,200 stores by end of 2024 [4] - Descente and Kolon Sport stores are expected to reach 220-230 and 180-190 respectively by end of 2024 [5] Future Outlook - Anta brand and FILA brand are expected to achieve 10%-15% retail sales growth in 2024 [6] - Descente brand is projected to grow retail sales by at least 20%, while Kolon Sport is expected to grow by at least 30% in 2024 [6] - The company anticipates recording a one-time gain of RMB 1 6 billion in H1 2024 due to Amer Sports' IPO [5]

业绩简评 3月 26日公司披露年报，全年实现收入623.56 亿元（+16.2%）， 实现归母净利润 102.36 亿元（+34.9%），剔除合营公司亏损后归 母净利109.54 亿元（+44.9%）；派息率50.7%，好于市场预期。 经营分析 亮点1：商品运营的灵活性、精准性提升，店效驱动收入、OPM 双 增。23 年安踏品牌收入突破 300 亿元大关（同增 9.3%至 303.06 亿元）、FILA 快速增长16.6%至 251.03 亿元，同时两个品牌的OPM 分别提升0.8pct\7.6pct 至22.2%\27.6%，主要由于：1）门店模 型优化、零售能力提升，店效、坪效提升双位数带来正向经营杠 杆增强，租售比下降；2）商品运营效率提升，管理层评价 23 年 为库存管理最好的一年，各个品牌折扣均有改善，存货减值减少， 各品牌库销比均回归 5 以下。我们认为品牌收入增长快于行业的 是反映品牌势能向上的最直接指标，叠加公司内生性管理优化， 港币(元) 成交金额(百万元) 增强了我们对于公司继续扩张品牌份额，灵活应对复杂环境，以 124.00 18,000 更轻的库存实现更大生意规模的信心。 114.00 ...

证券研究报告 | 年报点评报告 2024年03月27日 安踏体育（02020.HK） 2023 年业绩表现超预期，2024 年预计高质量增长 2023年营收/业绩增长16%/35%，业绩表现超预期。公司披露2023 买入（维持） 年年报，全年实现营收623.56亿元，同比增长16.2%，受益于终端折扣 股票信息 的改善以及公司良好成本管控措施，集团毛利率同比提升 2.4pcts 至 行业 服装 62.6%，销售费用率同比降低 1.8pcts 至 34.8%，管理费用率同比降低 前次评级 买入 0.8pcts 至 5.9%，费用管控高效，综上归母净利率同比提升 2.3pcts 至 16.4%，归母净利润同比增长34.9%至102.36亿元（剔除分担合营公司 3月26日收盘价(港元) 83.55 亏损后，归母净利润增长44.9%至109.54亿元），业绩表现超预期，2023 总市值(百万港元) 236,665.69 年公司分红率为50.7%，长期来看我们预计公司分红率保持稳定。 总股本(百万股) 2,832.62 其中自由流通股(%) 100.00 安踏品牌:2023年收入稳健增长，利润率保持稳定，长期产品&渠道 ...