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安踏体育:2024年主业显韧性,2025踏浪前行-20250319
Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [6]. Core Insights - The company is expected to show resilience in its core business in 2024, with a projected revenue of RMB 70.83 billion, a year-on-year increase of 13.6%. The operating profit is expected to reach RMB 16.6 billion, up 8% year-on-year, while the net profit attributable to shareholders is projected to be RMB 15.6 billion, reflecting a significant year-on-year increase of 52.4% [6]. - The company plans to continue optimizing its operational strategies under the "Single Focus, Multi-Brand, Globalization" strategy, with expectations for improved global competitiveness [7]. Company Overview - The company operates in the textile and apparel industry, with a current stock price of HKD 97.90 as of March 19, 2025. The market capitalization is approximately RMB 215.846 billion [2]. - The company has a diversified product portfolio, with footwear accounting for 41.2%, apparel for 55.6%, and accessories for 3.2% of total revenue [3]. Financial Performance - The company reported a net profit of RMB 7.59 billion in 2022, with projections of RMB 10.24 billion in 2023 and RMB 15.6 billion in 2024. The expected net profit for 2025 is RMB 13.589 billion, reflecting a year-on-year decrease of 13% [10]. - The earnings per share (EPS) are projected to be RMB 4.84 in 2025, with a corresponding price-to-earnings (P/E) ratio of 19 times [10]. Revenue and Growth Projections - The total revenue is expected to grow from RMB 53.651 billion in 2022 to RMB 79.364 billion in 2025, indicating a strong growth trajectory [13]. - The company anticipates a steady increase in net profit over the next few years, with projections of RMB 15.273 billion in 2026 and RMB 17.255 billion in 2027, reflecting year-on-year growth rates of 12.4% and 13%, respectively [10].
安踏体育(02020):2024年主业显韧性,2025踏浪前行
Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside in the stock price [6]. Core Insights - The company is expected to achieve a revenue of RMB 70.83 billion in 2024, reflecting a year-on-year growth of 13.6%. The operating profit is projected to be RMB 16.6 billion, with a year-on-year increase of 8%. The net profit attributable to shareholders is forecasted to reach RMB 15.6 billion, marking a significant year-on-year growth of 52.4% [6][10]. - The company is focusing on a "single focus, multi-brand, globalization" strategy, aiming to enhance its operational strategies and brand competitiveness globally [7]. Company Overview - The company operates in the textile and apparel industry, with a current stock price of HKD 97.90 as of March 19, 2025. The market capitalization stands at approximately HKD 215.84 billion [2]. - The company has a diversified product portfolio, with footwear accounting for 41.2%, apparel for 55.6%, and accessories for 3.2% of total revenue [3]. Financial Performance - The company reported a net profit of RMB 7.59 billion in 2022, with projections of RMB 10.24 billion in 2023 and RMB 15.6 billion in 2024. The expected earnings per share (EPS) for 2025 is RMB 4.84, with a price-to-earnings (P/E) ratio of 19 times [10][11]. - The gross profit margin for the reporting period decreased by 0.4 percentage points to 62.2%, primarily due to the increased proportion of lower-margin footwear products and e-commerce operations [7]. Strategic Initiatives - The company plans to continue exploring new store formats and enhancing its retail channels, with a focus on brand marketing and operational efficiency [7]. - The company aims to expand its international presence, particularly in Southeast Asia, with a total of 243 overseas stores by the end of last year [7].
安踏体育2024年营收首次突破700亿元
Core Insights - Anta Sports reported a revenue growth of 13.6% to RMB 70.83 billion in the fiscal year 2024, marking its first time exceeding RMB 70 billion [1] - The operating profit margin decreased by 1.2 percentage points to 23.4% [1] - Shareholder profit increased by 7.1% to RMB 11.73 billion, excluding certain gains related to Amer Sports [1] - Including the impact of Amer Sports, shareholder profit surged by 52.4% to RMB 15.6 billion [1] Segment Performance - Anta's segment revenue grew by 10.6% to RMB 33.52 billion, with an operating profit margin decline of 1.2 percentage points to 21.0% [2] - FILA's revenue increased by 6.1% to RMB 26.63 billion, despite a challenging market environment, with an operating profit margin decrease of 2.3 percentage points to 25.3% [2] - DESCENTE and KOLON SPORT achieved significant growth, with combined revenue surpassing RMB 10.68 billion, a 53.7% increase [3] Digital and International Expansion - The group's e-commerce business saw a 21.8% increase, driven by enhanced consumer insights through digitalization [3] - Anta is focusing on Southeast Asia for international expansion, successfully entering markets such as Singapore, Malaysia, and Vietnam [3] - Strategic partnerships with leading retail distributors in mature markets have led to significant progress in global brand positioning [3]
安踏体育(02020)发布年度业绩 股东应占溢利155.96亿元 同比增长52.36% 末期息每股118港仙
智通财经网· 2025-03-19 04:25
安踏体育(02020)发布年度业绩 股东应占溢利155.96 亿元 同比增长52.36% 末期息每股118港仙 要为股东及消费者创造更大的价值,需要公司具备远见卓识和承担,着眼于长远发展。多年前,公司选 择"单聚焦、多品牌、全球化"战略作为公司发展的重要方向,展望未来,通过多元化的品牌组合和差异 化的市场定位,多品牌协同将进一步凸显整体企业价值。公司会继续浇筑创新平台,务求以创新科技打 造更多高品质的"好商品"。集团于2024年牵头成立了"体育用品产业创新联合体",联合上下游供应链合 作伙伴、高校科研院,共同攻克材料、设计、制造工艺等核心技术难题,致力于打造具有行业乃至全球 影响力的科研成果。 2024年标志着集团迈入新十年战略"单聚焦、多品牌、全球化"的第四个年头。尽管全球宏观经济形势复 杂,消费者信心波动,行业竞争激烈,公司依然坚定不移地围绕中长期战略稳步前行。据全球权威机构 的统计资料,2024年集团于中国运动鞋服市场份额提升至23.0%,稳居行业首位,同时在全球市场中也 跻身前三。公司对中国经济持审慎乐观,其体育行业规模持续增长,仍具发展潜力。公司坚持深耕中国 市场,同时推动安踏走向全球,逐步实现"成 ...
安踏体育(02020):营收解锁10年10倍成就,强化核心能力锚定“全球化”
智通财经网· 2025-03-19 04:23
从财务数据来看,安踏体育2024年的表现十分稳健。股东应占溢利创新高(不包括由亚玛芬上市及配售事项权益摊薄所致的利得影响),同比增长16.5%, 至119.27亿元。经营利润率保持在23.4%,其中安踏品牌为21%,FILA品牌为25.3%,其他品牌为28.6%,各品牌盈利能力突出。 经营现金净流入167.41亿元,自由现金流入132.54亿元,显示出集团强大的现金创造能力。截至2024年底,集团持有的现金及现金等价物、银行定存及已抵 押存款合计达522.11亿元,充足的资金储备为企业的持续发展和战略布局提供了坚实保障。在库存管理方面,平均存货周转天数为123天,库存水平健康, 有效避免了库存积压带来的风险。 值得注意的是,亚玛芬体育AMER SPORTS成功在纽交所上市,2024年收入同比增18%至51.83亿美元,按照适用汇率折算为人民币377.52亿元,安踏体育和 亚玛芬体育双轮驱动,总收入首次突破千亿,达到1085.78亿元。这一成绩不仅远超国内同行,在全球体育用品领域也意义重大,安踏集团成为继耐克、阿 迪达斯之后,全球第三家年总营收超千亿人民币的体育用品集团。 从财务数据与市场表现的维度审视,安踏集 ...
安踏体育(02020) - 2024 - 年度业绩
2025-03-19 04:02
Revenue and Profitability - Revenue increased by 13.6% year-on-year to RMB 70,826 million[4] - Net profit attributable to shareholders rose by 16.5% to RMB 11,927 million, excluding non-cash accounting gains from Amer Sports[7] - The overall operating profit increased by 8.0% to RMB 16,595 million[24] - Net profit for the year surged by 50.7% to RMB 16,989 million, compared to RMB 11,277 million in 2023[47] - Basic earnings per share rose by 50.4% to RMB 5.55, up from RMB 3.69 in the previous year[47] - Shareholders' profit attributable to the company was RMB 15,596 million, up 52.3% from RMB 10,236 million in 2023[50] - Shareholders' profit increased by 16.5% to RMB 11,927 million, with a profit margin of 16.8% compared to 16.4% in 2023[196] Dividends and Shareholder Returns - Proposed final dividend for the fiscal year 2024 is HKD 1.18 per share, subject to shareholder approval[7] - A total of HKD 118 cents per share was proposed as the final dividend, with a payout ratio of 51.4% of the attributable profit[55] - The proposed final dividend for the fiscal year is HKD 1.18 per share, totaling RMB 6,134 million, which is 51.4% of the shareholders' profit, up from 50.9% in 2023[197] E-commerce and Market Performance - E-commerce business accounted for 35.1% of total revenue, up from 32.8% in 2023[32] - E-commerce business revenue increased by 21.8% year-on-year, accounting for 35.1% of the group's total revenue in 2024[94] - The online retail sales in China reached RMB 13.1 trillion in 2024, growing by 6.5% year-on-year, representing 26.8% of total retail sales[94] - Anta's e-commerce business grew by 20.7% year-on-year, showcasing strong brand competitiveness and market influence[114] Brand Performance - ANTA brand revenue increased by 10.6% to RMB 33,522 million, while FILA brand revenue grew by 6.1% to RMB 26,626 million[47] - Anta's segment contributed 47.3% to the group's total revenue, with segment revenue increasing by 10.6% to RMB 33,522 million compared to RMB 30,306 million in 2023[168] - FILA's segment contributed 37.6% to the group's total revenue, with segment revenue growing by 6.1% to RMB 26,626 million from RMB 25,103 million in 2023[169] - Revenue from all other brands surged by 53.7% to RMB 10,678 million, driven by DESCENTE and KOLON SPORT, outperforming internal management targets[170] Operational Efficiency and Investments - Operating profit margin decreased by 1.2 percentage points to 23.4%, with Anta's margin at 21.0% and FILA's at 25.3%[4] - The company maintained a high level of operational efficiency despite increased investments in brand, channel, and product development[4] - The company maintained a debt ratio of 18.5%, a slight increase from 16.2% in 2023[50] - Total employee costs rose by 12.8% to RMB 10,491 million, reflecting ongoing investments in human resources and talent development[177] Sustainability and Corporate Responsibility - The company aims for carbon neutrality by 2050, focusing on a "1+3+5" strategy for long-term social commitment[58] - 30% of Anta's products are sustainable, with 34 products assessed for carbon footprint, including 26 carbon-neutral certified products[135] - Anta donated a total of RMB 37 million in cash and over RMB 340 million in sports products to various charities during the fiscal year[137] - The group emphasizes sustainable material sourcing and supply chain transparency, planning to disclose more information related to materials and supply chains in the future[132] Market Expansion and Innovation - The company is strategically expanding into Southeast Asia and other international markets, with over 240 stores outside of China[75] - The group invested approximately RMB 20 billion in R&D in 2024, up from RMB 16 billion in 2023, representing 2.8% of total revenue[99] - The company has established six design and R&D centers globally, collaborating with over 70 universities and research institutions to enhance product innovation[65] - Anta's new retail formats, such as "Anta Collection" and "Super Anta," are designed to enhance consumer experience and meet personalized demands[87] Challenges and Risks - The company faces risks related to external investment policies, particularly concerning regulations in China and overseas markets[148] - There is a significant risk of brand counterfeiting affecting the company's reputation and profitability, despite efforts to protect intellectual property[151] - The company is exposed to operational risks due to the increasing costs of physical retail and e-commerce channels, which may impact profitability[154]
ANTA SPORTS(02020) - 2024 H2 - Earnings Call Transcript
2025-03-19 01:00
Financial Data and Key Metrics Changes - The total revenue of ANTA Sports Products exceeded JPY 100 billion for the first time, achieving a year-on-year growth of 13.6% [4] - Operating profit attributable to shareholders increased by 15% [4] - Free cash flow was reported at JPY 13.5 billion, indicating stable cash generation ability [4] - The final dividend for the year was JPY 123, up 20% year on year [5] Business Line Data and Key Metrics Changes - ANTA brand revenue reached JPY 60 billion, growing by 10.6% year on year [6] - FILA brand revenue was JPY 30 billion, up 6.1% year on year [6] - Other brands, particularly Dessence and Colin, saw significant growth of 53.7% year on year [6] - Online sales grew by 20%, while offline sales also achieved double-digit growth [7] Market Data and Key Metrics Changes - The overall gross profit margin was 62.2%, a slight decline of 0.4 percentage points [7] - FILA's gross profit margin decreased by 1.2 percentage points due to increased investment in merchandise [8] - The consumer market in China grew at a low rate of 3.5% in 2024, with a consumer confidence index of 86.2% [21][22] Company Strategy and Development Direction - The company aims to maintain its number one market share in China and expand its multi-brand strategy [3][50] - ANTA is focusing on brand breakthroughs and enhancing product quality, particularly in performance sports [27][51] - The company plans to replicate its successful strategies in China to international markets [51] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a gradual rebound in the consumer market supported by government policies [22] - The global sports industry is expected to grow steadily, with opportunities in running, outdoor, and tennis categories [22] - The company is committed to low carbon innovation and sustainable practices to enhance brand influence [52] Other Important Information - The company has invested JPY 2 billion in R&D, representing a 20% increase [11] - ANTA's inventory turnover days are at a healthy level of 123 days, with a sellout rate of 87% [14][17] - The company has made significant strides in ESG performance, including a reduction in water consumption intensity by 2.5% [46][48] Q&A Session Summary Question: What are the key growth drivers for ANTA in 2025? - The company will focus on brand breakthroughs for ANTA and FILA, aiming for high-quality development in footwear and apparel [51] Question: How is ANTA addressing sustainability? - ANTA is committed to low carbon innovation and sustainable materials, with a goal of 50% sustainable products in the order book [48][52] Question: What is the outlook for the consumer market? - Management anticipates a gradual recovery in consumer confidence and spending, supported by government initiatives [22]
安踏体育:预计1Q25营收同比增长5%~7%;25年营收同比+10%-20250309
Huajing Securities· 2025-03-08 18:39
Investment Rating - The investment rating for Anta Sports is "Buy" with a target price of HK$110.40, representing a potential upside of 16% from the current price of HK$95.10 [1][8]. Core Views - The report maintains the earnings forecast and "Buy" rating, raising the target price by 16% to HK$110.40, corresponding to a 19 times P/E for 2026 [8]. - Revenue and operating profit are expected to grow by 10.0% and 10.9% year-on-year in 2025, respectively, while net profit is projected to decrease slightly by 1.0% [9][8]. Summary by Sections Financial Performance - Revenue for 2025 is projected to reach RMB 770.5 billion, with a year-on-year growth of 10.0% [7][9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 5.03, RMB 4.98, and RMB 5.46, respectively, reflecting a 1% increase for both 2024 and 2025 [2][9]. Revenue Growth Drivers - Anta brand is anticipated to achieve a revenue growth of 8.4% in 2025, driven by the expansion of Direct-to-Consumer (DTC) stores and the introduction of "super Anta" stores focusing on cost-effectiveness [7]. - FILA brand is expected to see a revenue increase of 6.4% in 2025, following adjustments in core product designs [7]. - Other brands, including Descente and KOLON, are projected to grow over 30% year-on-year in 2025 [6]. Market Position and Valuation - Anta Sports' market capitalization is approximately US$34.354 billion, with a current share count of 2,807 million [1]. - The report highlights that Anta Sports is trading at a P/E ratio of 18.0 for 2025, which is competitive compared to peers [10].
安踏体育(02020):预计1Q25营收同比增长5%-7%,25年营收同比+10%
Huajing Securities· 2025-03-08 15:31
Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HK$110.40, indicating a potential upside of 16% from the current price of HK$95.10 [1][2]. Core Views - The report projects a revenue growth of 10% year-on-year for 2025, with operating profit expected to increase by 10.9% [5][8]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are RMB 5.03, RMB 4.98, and RMB 5.46 respectively, reflecting slight increases from previous estimates [2][8]. Revenue and Profit Forecast - For Q1 2025, revenue is expected to grow by 5%-7% year-on-year, with Anta brand sales projected to increase significantly in January due to favorable conditions, while FILA brand sales are expected to remain flat [6][7]. - The overall revenue for Anta Sports in 2025 is forecasted to reach RMB 770.5 billion, driven by growth in various brands, including a 6.3% increase for Anta and a 6.4% increase for FILA [7][8]. Financial Summary - The financial data indicates that Anta Sports' revenue for 2024 is projected at RMB 70.049 billion, increasing to RMB 77.052 billion in 2025 and RMB 84.265 billion in 2026 [9][12]. - The net profit for 2025 is expected to be RMB 139.8 billion, a slight decrease of 1% from the previous year, with a net profit margin of 18.1% [8][9]. Valuation Metrics - The report sets a new target price based on a 19x P/E ratio for 2026, reflecting an increase of 16% from the previous target price [8][10]. - The average P/E ratio for comparable companies is noted, with Anta Sports currently at 18.0 for 2025, indicating competitive positioning within the industry [10].
安踏体育:Amer业绩符合预期,维持强劲增长-20250305
Changjiang Securities· 2025-03-05 02:03
Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - AMER reported a revenue of $5.18 billion for 2024, representing a year-on-year increase of 17.8%, with an adjusted net profit of $240 million, recovering from a loss of $340 million the previous year [2][4]. - In Q4, the company achieved a revenue of $1.64 billion, up 23.2% year-on-year, with an adjusted net profit of $90 million, recovering from a loss of $120 million [2][4]. - The company expects a revenue growth of 13% to 15% for 2025, with an adjusted operating profit margin projected between 11.5% and 12% [7]. Revenue Breakdown - By product category, revenue for Technical Apparel, Outdoor Performance, and Ball & Racquet increased by 36%, 10%, and 4% respectively, reaching $2.19 billion, $1.84 billion, and $1.15 billion [7]. - By region, revenue growth was strongest in Greater China (+54%) and Asia Pacific (+46%), while the Americas saw a decline of 13% [7]. - Direct-to-Consumer (DTC) revenue grew by 43% to $2.27 billion, while wholesale revenue increased by 4% to $2.92 billion [7]. Financial Performance - The adjusted operating profit margin for 2024 was 11.1%, an increase of 1.3 percentage points year-on-year, with Q4 margin at 13.6%, up 3.3 percentage points [7]. - The company anticipates net profits of 12 billion, 13.9 billion, and 15.4 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 17%, 15%, and 11% [7].