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 ...

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]

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].

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].

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].

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a target price of HKD 104.50, indicating a potential upside of 27.2% from the current price of HKD 82.15 [1][6][13] Core Insights - The company experienced a recovery in retail sales in Q4 2024, with the main brand, Anta, achieving high single-digit growth year-on-year. The FILA brand also showed a strong recovery, exceeding expectations [4][12] - For 2025, Anta Sports is focusing on expanding its main brand's business model, introducing new series such as Super Anta and Anta Champion to enhance its competitive edge in various market segments [5][10] - The overall outlook for 2025 remains positive, driven by new business models and strong performance in the outdoor segment, which is expected to continue its high growth trajectory [11][12] Summary by Sections Financial Performance - The company reported a revenue of RMB 62.36 billion in 2023, with a year-on-year growth of 16.2%. Projections for 2024 and 2025 are RMB 69.66 billion and RMB 77.17 billion, respectively, with expected growth rates of 11.7% and 10.8% [7][16] - The net profit attributable to the parent company for 2023 was RMB 10.24 billion, reflecting a significant year-on-year increase of 34.9%. Forecasts for 2024 and 2025 are RMB 13.12 billion and RMB 13.70 billion, with growth rates of 28.1% and 4.4% [7][16] Brand Performance - The main brand, Anta, achieved nearly double-digit growth for the year, while the FILA brand also performed well, with a year-on-year growth in Q4 despite a high base from the previous year [4][9] - Other brands under Anta, such as Descente and KOLON, reported impressive growth rates of 50% and 60-65%, respectively, contributing to an overall growth of 40-45% for these brands [4][9] Market Strategy - Anta Sports is set to continue exploring new business models in 2025, aiming to enhance its market share and brand influence through innovative product offerings and marketing strategies [5][10] - The company is expected to leverage its established brand marketing and product development capabilities to drive future growth [11][12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is actively transforming its brand strategy to break through the limitations of a single brand, focusing on differentiated store formats and a multi-brand operational capability [4][8] - The company aims to expand its market presence both domestically and internationally, with specific plans for store openings and revenue growth projections [68] Summary by Sections 1. Company Overview - The company has over 80% of its stores operating under a Direct-to-Consumer (DTC) model, enhancing its control over channel operations and inventory management [8] - The company is restructuring its store types into five levels: Arena, Palace, Elite, Standard, and Non-standard, to diversify its retail strategy [54][56] 2. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 704.70 billion, 781.21 billion, and 864.19 billion CNY, respectively, with year-on-year growth rates of +13.0%, +10.9%, and +10.6% [4][68] - Net profit estimates for the same years are 137.33 billion, 140.12 billion, and 156.73 billion CNY, with growth rates of +34.2%, +2.0%, and +11.9% [4][68] 3. Brand Strategy - The company is launching new store concepts such as "Super Anta," "Champion Store," and "0 Carbon Mission Store," each targeting different consumer segments and emphasizing unique product offerings [12][41][49] - The "Super Anta" concept aims to create a one-stop shopping experience for sports products, focusing on high-quality, cost-effective items [12][13] 4. International Expansion - The company has made strides in international markets, particularly in North America and Southeast Asia, with plans to open stores in the U.S. and expand its presence in Southeast Asia [61][66] - The partnership with Kyrie Irving has helped the company gain traction in the global sneaker market, with successful product launches and collaborations [11][65] 5. Competitive Positioning - The company is positioned as a potential leader in the market, akin to Uniqlo and Decathlon, leveraging its supply chain advantages and brand recognition [23][68] - The report highlights the importance of Olympic sponsorships and collaborations with high-profile athletes in enhancing brand image and market reach [11][23]

Investment Rating - Buy rating maintained for Anta Sports (2020 HK) [6] Core Views - Anta Sports reported Q4 and full-year 2024 retail sales performance with Anta and FILA brands showing high single-digit growth in Q4 while other brands grew 50%-55% [2][4] - Full-year retail sales for Anta and FILA brands grew by high single-digit and mid single-digit respectively with other brands growing 40%-45% [2][4] - Anta brand's Q4 retail sales grew by high single-digit (mid single-digit in Q3) with healthy inventory levels and slightly deeper discounts [7] - FILA brand's Q4 retail sales exceeded expectations with high single-digit growth driven by strong performance across its mainline children's and trendy sub-brands [7] - Descente and Kolon continued high growth rates becoming the third growth pillar for the group [7] - Anta Sports' 2024-2026 net profit attributable to shareholders is expected to be 12 0/138/154 billion yuan representing year-on-year growth of 18%/15%/11% respectively [7] - Current price corresponds to PE ratios of 17/14/13X for 2024-2026 indicating relatively low valuation [7] Financial Forecasts - Anta Sports' operating income is projected to grow from 62 356 million yuan in 2023 to 85 117 million yuan in 2026 with year-on-year growth rates of 16 23%/12 63%/10 29%/9 89% [9] - Net profit attributable to shareholders is expected to increase from 10 236 million yuan in 2023 to 15 394 65 million yuan in 2026 with year-on-year growth rates of 34 86%/33 04%/1 46%/11 42% [9] - EPS is forecasted to rise from 3 63 yuan/share in 2023 to 5 45 yuan/share in 2026 [9]

Investment Rating - The report maintains a "Buy" rating for Anta Sports, with a current price of HKD 78.10 and a fair value of HKD 93.67 [5]. Core Views - Anta Sports has demonstrated high operational quality in Q4, with Fila's sales recovery exceeding expectations. The main brand's revenue growth is driven by e-commerce channels and store renovations, maintaining a healthy inventory turnover ratio [8]. - The multi-brand strategy of Anta Group is showing robust development, with strong performance from brands like Descente and Kolon, indicating strong consumer purchasing power in the outdoor market [8]. - The earnings forecast for Anta Sports predicts EPS of RMB 4.70, RMB 4.81, and RMB 5.38 for 2024, 2025, and 2026 respectively, with a PE valuation of 18 times for 2025, leading to a fair value of HKD 93.67 per share [8]. Financial Summary - Revenue is projected to grow from RMB 53,651 million in 2022 to RMB 81,594 million in 2026, with growth rates of 8.8%, 16.2%, 8.1%, 9.7%, and 10.4% respectively [4][10]. - EBITDA is expected to increase from RMB 12,483 million in 2022 to RMB 26,330 million in 2026 [4]. - Net profit attributable to shareholders is forecasted to rise from RMB 7,590 million in 2022 to RMB 15,187 million in 2026, with growth rates of -1.68%, 34.86%, 29.60%, 2.26%, and 11.94% [4][10]. - The report indicates a stable gross margin, with projections of 58.2% in 2022 and increasing to 62.9% by 2026 [10]. Operational Insights - The main brand's operational quality is expected to remain stable, with online discounts maintained and a healthy inventory turnover ratio [8]. - The report highlights the successful adjustment of Fila's brand positioning, contributing to overall brand growth and maintaining healthy operational quality [8]. Market Position - Anta Sports is positioned to benefit from its strong channel management capabilities and cost control, which are expected to support steady growth in an uncertain retail environment [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 106.4, representing a potential upside of 35.6% from the current price of HKD 78.5 [2][4]. Core Insights - The company's fourth-quarter performance in 2024 exceeded expectations, with significant growth in retail sales across its main brand and FILA, driven by various store formats and targeted products [4]. - The company is optimistic about 2025, projecting low double-digit growth for both the ANTA and FILA brands, with a long-term revenue target for FILA set at RMB 40-50 billion [4]. - The overall retail performance for 2024 showed high single-digit growth for the ANTA brand and mid-single-digit growth for FILA, with other brands experiencing a remarkable 50-55% increase [4]. Financial Summary - Revenue is projected to grow from RMB 62,356 million in 2023 to RMB 69,600 million in 2024, reflecting a year-on-year increase of 11.6% [3]. - The net profit is expected to rise from RMB 10,236 million in 2023 to RMB 13,050 million in 2024, marking a growth of 27.5% [3]. - The basic earnings per share (EPS) is forecasted to increase from RMB 3.69 in 2023 to RMB 4.70 in 2024, representing a growth of 27.5% [3]. Operational Performance - In Q4 2024, the ANTA brand's retail sales recorded high single-digit growth, with e-commerce sales increasing nearly 20% [4]. - The inventory turnover ratio is maintained at around 5, indicating efficient inventory management [4]. - The discount rate for online sales improved by 1 percentage point compared to the previous year, while offline discounts remained stable [4]. Market Outlook - The company plans to expand its presence in Southeast Asia and aims to open its first direct store in Los Angeles by 2025, along with plans for cross-border e-commerce [4]. - Despite fluctuations in the domestic consumption sector, the company continues to demonstrate high-quality growth, showcasing the advantages of its "single focus, multi-brand, and all-channel" development strategy [4].