Investment Rating - The report maintains a "Buy" rating for Anta Sports [5] Core Insights - Anta Sports' two main brands are performing steadily, while new brands continue to show high growth momentum [10] - The company has adjusted its revenue guidance for the Anta brand down to low single-digit growth due to a weak retail environment [10] - The multi-brand matrix of the company is seen as a rare resource with significant growth potential in the long term [10] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 623.6 billion RMB - FY2024: 708.3 billion RMB - FY2025E: 789.1 billion RMB - FY2026E: 858.1 billion RMB - FY2027E: 923.0 billion RMB - Net profit forecasts show a significant increase in FY2023 with 102.4 billion RMB, peaking at 159.2 billion RMB in FY2027 [9][20] - The gross margin is expected to improve slightly from 62.6% in FY2023 to 63.9% in FY2027 [9] Brand Performance - Anta and FILA brands showed low single-digit growth in Q3 2025, while other brands experienced a growth rate of 45-50% [10] - FILA's growth was impacted by delayed sales of autumn and winter products, but it is expected to maintain mid-single-digit growth for the year [10] - Other brands like Descente and Maia Active are showing strong growth, with Descente growing approximately 30% and Maia Active around 45% [10] Market Expansion - Anta Sports is expanding its overseas market with a target of reaching 1,000 stores in Southeast Asia within three years [10] - The company is focusing on brand building and market cultivation in strategic markets like Europe and the US [10] Profitability and Cost Management - The company emphasizes quality over quantity in its operations, maintaining a profit margin target of 20-25% for the Anta brand and around 25% for FILA [10] - The report indicates a slight decrease in profit forecasts for 2025-2027 due to the current weak retail environment [10]

Investment Rating - The report maintains a "Strong Buy" rating for Anta Sports [10][11]. Core Insights - Anta's main brand and FILA experienced low single-digit revenue growth in Q3 2025, while other brands saw a significant increase of 45%-50% [1][2]. - The company has adjusted its revenue guidance for the main brand to low single-digit growth for the year, while maintaining the forecast for other brands [10]. - The net profit forecast for 2025-2027 is adjusted to CNY 13.13 billion, CNY 14.77 billion, and CNY 16.46 billion, reflecting year-on-year growth rates of -16%, 12%, and 11% respectively [10]. Revenue Performance - Anta's main brand revenue showed low single-digit growth, with offline sales growing at a low single-digit rate and online sales at a higher single-digit rate [2]. - FILA's revenue also grew at a low single-digit rate, with online sales performing better [3]. - Other brands, including Descente, KOLON, and MAIA, reported substantial revenue growth rates of 30%, 70%, and 45% respectively [4][5][6]. Channel and Market Expansion - The company is exploring new retail formats and optimizing operational efficiency, including the expansion of outdoor segments and increasing coverage in key business districts [10]. - Anta has announced a three-year plan to open 1,000 stores in Southeast Asia and is expanding its presence in the U.S. and European markets [2]. Financial Projections - The projected total revenue for Anta Sports for 2025-2027 is CNY 78.06 billion, CNY 86.73 billion, and CNY 95.55 billion, with year-on-year growth rates of 10%, 11%, and 10% respectively [10][11]. - The earnings per share (EPS) for 2025 is estimated at CNY 4.64, with a price-to-earnings (PE) ratio of 16.5 for 2025 and 15 for 2026 [10][11]. Key Financial Metrics - The report indicates a return on equity (ROE) of 24.5% and a debt-to-asset ratio of 41% [6]. - The company's market capitalization is approximately CNY 235.9 billion [6].

安踏品牌25Q3流水实现同比低单位数正增长，该行估计主品牌线下/线上业务分别实现低单/高单位数增 长，库销比略高于5个月，仍处于健康区间。该行估计随着抖音直播策略及货品调整优化，电商表现有 望修复。 Fila：表现符合预期，双十一备货下库存正常偏高 Fila品牌25Q3流水实现同比低单位数正增长，估计电商表现好于线下。运营方面，该行估计由于黄金周 及双十一备货节点库销比提升至6个月，若Q4电商大促顺利完成，年底有望回落至5~6个月。今年9月 FILA正式发布网球战略，续约中国网球公开赛并升级成为独家官方运动鞋服赞助商，期待品类表现优 于整体。 智通财经APP获悉，中泰证券发布研报称，安踏体育(02020)作为国内运动服饰龙头，多品牌战略成效显 著，成功把握户外运动高景气赛道机遇。主品牌通过渠道和产品创新保持稳健增长，FILA在调整后有 望企稳，新收购的狼爪品牌进一步完善了户外品牌矩阵，全球化布局稳步推进。该行预计公司2025- 2027年实现归母净利润为132/148/166亿元，维持"买入"评级。 中泰证券主要观点如下： 安踏体育发布25Q3营运表现 25Q3安踏和FILA品牌流水均实现低单位数正增长，所有 ...

转自：智通财经 智通财经10月29日讯（编辑 童古）以下为各家机构对港股的最新评级和目标价： 国泰海通：维持小米集团-W增持评级 目标价65.7港元 国泰海通10月29日就小米集团-W(01810.HK)发布研报称，预计Q3汽车交付量接近10.9万台，规模化效 应显现，有望实现经营层面盈利；手机业务受存储涨价影响毛利率承压，但小米17系列高端化成效显 著，有望抵消成本压力。调整盈利预测，目标价65.7港元，维持增持评级。 交银国际：维持安踏体育买入评级 下调目标价至110.9港元 交银国际10月29日就安踏体育(02020.HK)发布研报称，受行业竞争加剧及恢复动能趋缓影响，管理层下 调安踏主品牌全年增速指引至低单位数。尽管短期承压，仍看好公司多品牌战略的长期潜力。基于更加 保守的利润率预期，下调未来三年净利润预测5-10%，目标价由117.9港元下调至110.9港元，维持买入 评级。 招商证券(香港)：维持安踏体育买入评级 下调目标价至105.3港元 招商证券(香港)10月29日就安踏体育(02020.HK)发布研报称，尽管公司长期前景积极，但短期面临宏观 不确定性、竞争加剧及电商业务改革拖累，管理层已下调 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 2025 performance was slightly below expectations due to external factors such as weather, but the multi-brand strategy remains a cornerstone for long-term growth [4][6] - The company has shown stable growth in its main brand and FILA, while other brands have experienced significant growth, particularly in the outdoor segment [6] - The company is expanding its offline presence with new store formats, which are expected to drive future growth [6] - The multi-brand strategy is central to the company's operations, with recent acquisitions and partnerships aimed at enhancing market presence [6] - The establishment of a sneaker design program in collaboration with universities aims to foster innovation and talent in the industry [6] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 62,356 million RMB (2023), 70,826 million RMB (2024), 78,015 million RMB (2025E), 86,289 million RMB (2026E), and 95,069 million RMB (2027E) [5][7] - The expected growth rates for revenue are 16.23% (2023), 13.58% (2024), 10.15% (2025E), 10.61% (2026E), and 10.17% (2027E) [5] - The projected net profit for 2025 is 13,443 million RMB, with a year-on-year decrease of 13.81%, followed by growth of 14.96% in 2026 and 14.06% in 2027 [5][6] - The company's return on equity (ROE) is expected to be 17.90% in 2025, decreasing from 25.27% in 2024 [5][7] - The price-to-earnings (P/E) ratio is projected to be 16.82 in 2025, indicating a favorable valuation compared to historical levels [5]

Group 1: Baima Tea Industry - Baima Tea Industry, known as the "first high-end Chinese tea stock," officially listed on the Hong Kong Stock Exchange on October 28, with an initial surge of 73% to HKD 86.5 [2] - The IPO was priced at HKD 50, with the public offering receiving a record 2,680.04 times subscription and international placement at 13.58 times [2] - Established in 1997, Baima Tea is the largest high-end tea company in China, with over 3,700 chain stores nationwide, and has consistently ranked first in sales for various tea categories [2] - The IPO raised approximately HKD 450 million, with 35% allocated for production base expansion and 20% for brand value enhancement and product line expansion [2] Group 2: Anta Group - Anta Group has initiated the establishment of the world's first sports shoe design major in collaboration with Wuhan Textile University and Donghua University [4] - This initiative marks a significant step in the professional and systematic training of design talents in the sports goods industry, injecting new momentum into industry innovation [4] - Anta has previously established a national-level postdoctoral research station to attract top talent and has developed several proprietary technologies through industry-academia collaboration [4] Group 3: Yake Food - Yake Food received multiple honors at the 32nd China International Advertising Festival, including the "Annual Integrated Marketing Gold Case" for its campaign with CCTV Children's Channel [6] - The company was recognized as the "Most Loved Vitality Brand by College Students" based on insights into young consumer trends [6] - Yake's innovative snack, Yake Konjac Money Stomach, was selected as a "Favorite Youth Product" for its unique taste and innovative concept [6]

Investment Rating - The report maintains a "Buy" rating for Anta Sports Products Limited (2020 HK) with a target price adjusted to HKD 110.90, reflecting a potential upside of 26.3% from the closing price of HKD 87.80 [2][5][9]. Core Insights - The third quarter performance showed weak revenue growth, leading management to lower the full-year guidance and adjust profit forecasts downwards. The main brand, Anta, is expected to see low single-digit growth, while FILA and other brands maintain mid-single-digit and over 40% growth expectations respectively [3][9]. - Revenue forecasts for 2025-2027 have been reduced by 1-3% due to a slowdown in industry recovery and increased competition, resulting in a 5-10% decrease in net profit projections for the same period [9][10]. - Despite short-term pressures, the long-term growth potential of the multi-brand strategy and operational resilience in a complex environment are viewed positively [9][10]. Financial Overview - Revenue projections (in million RMB) for the years ending December 31 are as follows: - 2023: 62,356 - 2024: 70,826 - 2025E: 78,080 - 2026E: 85,159 - 2027E: 91,473 - Year-on-year growth rates are expected to decline from 16.2% in 2023 to 7.4% in 2027 [4][21]. - Net profit projections (in million RMB) are as follows: - 2023: 10,236 - 2024: 15,596 - 2025E: 13,320 - 2026E: 14,804 - 2027E: 15,927 - The expected earnings per share (in RMB) are projected to be 3.57 in 2023, increasing to 5.50 by 2027 [4][21]. Brand Performance - Anta brand revenue growth is expected to be low single-digit, with inventory turnover slightly above five months. The company is optimizing its channels, having completed around 100 store renovations [9][10]. - FILA's revenue growth has slowed to low single digits, with inventory turnover increasing to about six months due to preparations for the Double Eleven shopping festival [9][10]. - Other brands, such as Descente and KOLON, continue to show strong growth, with respective revenue increases of approximately 30% and 70% in the third quarter [9][10].

Core Viewpoint - Anta Sports has demonstrated resilience in a challenging retail environment, achieving positive growth in its core brands while other competitors face declines [1][2][4] Group 1: Company Performance - Anta and FILA brands achieved low single-digit positive growth in retail sales, while other brands (excluding those added after January 1, 2024) saw retail sales increase by 45%-50% year-on-year [1] - The company maintained stable discount rates for Anta and FILA brands, ensuring a healthy inventory turnover ratio, reflecting a focus on brand value and profitability rather than just scale [2][3] - The introduction of new products, such as the PG7 series and C202 marathon shoes, has driven sales growth in high-end performance categories, showcasing Anta's effective product strategy [3] Group 2: Market Trends - The overall retail growth in the apparel and footwear sector has slowed, with the sportswear segment facing increased competition and pressure, leading to a general market weakness [1][4] - International brands, including Nike, are experiencing revenue declines in the Greater China region, highlighting the contrasting performance of Anta in the same market [2] - The sportswear market is shifting from scale expansion to quality improvement, with Anta's multi-brand strategy proving effective in navigating market fluctuations [5] Group 3: Future Outlook - Anta's growth logic remains sustainable, with increasing penetration rates in outdoor and running categories, supported by a comprehensive multi-brand and pricing strategy [4] - The company is well-positioned to capitalize on the ongoing trends in the sportswear industry, with a focus on innovation and global brand integration [4][5] - Anta's strong performance in e-commerce platforms, particularly during the Double Eleven shopping festival, indicates robust competitive strength across its brand portfolio [5]

Core Insights - Anta Group has demonstrated resilience in its growth amidst challenges faced by the apparel and textile industry, particularly in the sportswear sector, which has seen a decline in growth due to macroeconomic factors and unusual weather conditions [1][4] Group 1: Financial Performance - In Q3 2025, Anta's main brands, Anta and FILA, achieved low single-digit growth, aligning with the overall trend in the mass sports market, showcasing sustained growth resilience [3] - FILA's performance was bolstered by e-commerce, which continued to grow despite delays in autumn and winter product sales due to weather [3] - Other brands under Anta recorded a retail value increase of 45-50%, indicating strong growth momentum and the success of Anta's multi-brand strategy [3] Group 2: Market Position and Strategy - Anta's collective growth among its multiple brands during a period when competitors like Nike faced revenue declines highlights its operational resilience [4] - The company is well-positioned for future growth, as it has maintained healthy operational levels and controlled retail discounts, which supports its pricing power and brand value [1][3] Group 3: Seasonal Trends and Sales Performance - The onset of the fourth quarter has seen a recovery in terminal sales as temperatures drop, setting the stage for a strong autumn and winter sales season [5] - Anta's brands have performed well in the pre-sales for the "Double 11" shopping festival, with FILA ranking first in Tmall's sports and outdoor sales and Anta also performing strongly [7][9] Group 4: Long-term Outlook - The long-term demand for health and sports remains strong, supported by government policies aimed at enhancing sports consumption and developing the sports industry [9] - Anta's multi-brand strategy is expected to translate into sustained and robust growth momentum, maintaining both growth potential and certainty in the market [9]

Core Insights - Anta Sports reported positive growth in retail sales for both Anta and FILA brands, with other brands experiencing a significant increase of 45%-50% year-on-year [1] - The sports apparel industry faced challenges in Q3 2025, with a general slowdown in retail sales growth, particularly in the clothing and footwear categories [1] - Anta Sports maintained a strong market position through a well-defined brand matrix and precise category strategies, outperforming industry averages [1][2] Industry Overview - The overall retail sales growth in Q3 2025 slowed compared to Q2, with the apparel and footwear sector showing only low single-digit growth, indicating market pressures [1] - The sports segment saw a divergence in performance, with sports apparel outperforming sports footwear, particularly in running shoes, while basketball and skate shoes faced ongoing challenges [1][2] Company Performance - Anta Sports' ability to sustain solid fundamentals in a weak consumer environment is attributed to its unique business model focused on "brand + retail" and its multi-brand management capabilities [2] - The company successfully maintained stable discount rates for Anta and FILA brands while keeping inventory levels healthy, reflecting a strategic focus on brand value and profitability [2] Product Strategy - Anta has focused on a core strategy of "mass positioning, professional breakthroughs, and brand elevation," successfully capturing market share with innovative products like the PG7 series and C202 marathon shoes [3] - FILA has shown resilience in the high-end sports fashion market, launching a tennis strategy and innovative products that have performed well despite market challenges [3] Growth Drivers - Other brand segments within Anta Sports have continued to grow rapidly, indicating successful positioning in high-end outdoor and professional sports categories [4] - The company’s growth logic remains sustainable, with increasing penetration in outdoor and running categories, supported by a comprehensive multi-brand strategy [4] Market Positioning - Anta Sports brands have demonstrated strong competitive performance in the market, with FILA leading in sales on platforms like Tmall and Douyin, and Anta also ranking highly [5] - The transition in the sports apparel industry from "scale expansion" to "quality improvement" has been effectively navigated by Anta Sports, establishing a unique competitive moat [5]