Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 117.98 [7][8]. Core Views - The company achieved a revenue of RMB 70.83 billion in 2024, representing a year-on-year growth of 13.6%, and a net profit of RMB 15.60 billion, which is a 52.4% increase year-on-year. Excluding one-time gains from AS listing and placement, the profit was RMB 11.93 billion, up 16.5% year-on-year, slightly above Bloomberg consensus expectations [1]. - The company's market share in the Chinese sports footwear and apparel market increased to 23% in 2024, maintaining its leading position in the industry. The main brands continue to perform well, and the outdoor brand has sustained high growth [1][2]. - The company has initiated a share buyback program, repurchasing a total of HKD 1.97 billion worth of shares since August 2024 [1]. Summary by Sections Revenue and Profitability - In 2024, the main brand revenue increased by 10.6% to RMB 33.52 billion, while FILA's revenue grew by 6.1% to RMB 26.63 billion. Other brands saw a significant increase of 53.7% to RMB 10.68 billion. Online revenue rose by 21.8%, accounting for 35.1% of total revenue [2]. - The gross profit margin decreased by 0.4 percentage points to 62.2%, attributed to a higher proportion of lower-margin footwear products and e-commerce business [3]. Expenses and Operational Efficiency - Advertising expenses increased by 0.8 percentage points to 9.0%, driven by increased spending on advertising, sponsorships, and store upgrades. R&D expenses rose by 0.2 percentage points to 2.8% as the company continues to invest in innovation [3]. - The company maintained a healthy inventory turnover of 123 days, with a cash flow generation capacity of RMB 13.2 billion [3]. Profit Forecast and Valuation - The net profit estimates for 2025 and 2026 have been adjusted downwards by 3.4% and 3.8% to RMB 13.36 billion and RMB 15.01 billion, respectively. A new estimate for 2027 net profit is set at RMB 16.79 billion [4]. - The target price is based on a PE ratio of 23x for 2025, reflecting the company's significant market share and multi-brand operational capabilities [4].

2025 年 3 月 20 日 公司研究 24 年主营业绩健康增长，多品牌龙头优势继续凸显 ——安踏体育（2020.HK）2024 年业绩点评 买入（维持） 当前价：93.15 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 安踏体育 恒生指数 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.2 | -7.0 | -25.6 | | 绝对 | 9.7 | 15.9 | 20.8 | | 资料来源：Wind | | | | 相关研报 24Q4 各品牌流水环比改善，25 年看好多品 牌高质量增长（2025-01-09） Q3 安踏及 FILA 流水走弱，Q4 冬装旺季期 ...

Investment Rating - The investment rating for the company is "Buy" [2][6][7] Core Insights - The company's 2024 performance met market expectations, with revenue reaching 70.83 billion RMB, a year-on-year increase of 13.6% [6] - The company aims for revenue growth in 2025 to be in the high single digits to double digits [6] - The company has maintained a dividend payout ratio of 51.4% for 2024, slightly up from 50.9% in 2023 [6] Financial Overview - Revenue projections for the company are as follows: 62.36 billion RMB in 2023, 70.83 billion RMB in 2024, and 77.16 billion RMB in 2025, with year-on-year growth rates of 16.2%, 13.6%, and 8.9% respectively [5][9] - Net profit is expected to be 10.24 billion RMB in 2023, increasing to 15.60 billion RMB in 2024, and then decreasing to 14.08 billion RMB in 2025 [5][9] - The company’s earnings per share (EPS) are projected to be 3.57 RMB in 2023, 5.37 RMB in 2024, and 4.84 RMB in 2025 [5][10] Brand Performance - The Anta brand generated revenue of 33.52 billion RMB in 2024, a year-on-year increase of 10.6% [6] - The FILA brand's revenue grew by 6.1% to 26.63 billion RMB, with significant sales in footwear [6] - Other brands contributed 10.68 billion RMB, with Descente and Kolon showing strong growth rates of 35% and 60% respectively [6] Market Strategy - The company is focusing on a multi-brand global strategy, with plans to enhance its presence in Southeast Asia and the Middle East [6] - The management has set a target for overseas business contributions to reach 15% within five years [6] - The company expects Anta, FILA, and other brands to achieve high single-digit, mid-single-digit, and over 30% growth respectively in 2025 [6]

Investment Rating - The report maintains an "Outperform" rating for Anta Sports [3][40]. Core Views - Anta Sports is expected to achieve a core net profit growth of 16.5% in 2024, with a revenue increase of 13.6% to 70.83 billion RMB, excluding non-cash profits from Amer Sports [1][7]. - The company is optimistic about the growth potential in the Chinese sports consumption market, with management projecting high single-digit growth for the Anta brand and over 30% growth for other brands in 2025 [2][39]. Financial Performance Summary - **Revenue and Profit**: In 2024, Anta's revenue is projected to reach 70.83 billion RMB, with a core net profit of 11.93 billion RMB, reflecting a 16.5% increase [1][4]. - **Brand Performance**: Revenue from Anta, FILA, and other brands is expected to be 33.5 billion RMB, 26.6 billion RMB, and 10.7 billion RMB respectively, with growth rates of 10.6%, 6.1%, and 53.7% [2][7]. - **Profit Margins**: The overall gross margin is projected to be 62.2%, with a decline of 0.4 percentage points from the previous year, while the operating profit margin is expected to decrease by 1.2 percentage points to 23.4% [8][29]. Brand-Specific Insights - **Anta Brand**: Revenue is expected to grow by 10.6% to 33.5 billion RMB, with a focus on e-commerce and new retail formats [18][19]. - **FILA Brand**: Revenue growth of 6.1% is anticipated, driven by professional sports series and e-commerce channels, despite a decline in profit margins [22][23]. - **Other Brands**: Significant growth of 53.7% is expected, with Descente and Kolon achieving strong performance [24][26]. Cash Flow and Dividend Policy - The company maintains a robust cash flow with a net cash position of 31.4 billion RMB and a dividend payout ratio of 51.4% [15][39]. - Operating cash inflow is projected at approximately 16.74 billion RMB, indicating a healthy net cash ratio [15][39]. Future Outlook - The report projects net profits for 2025-2027 to be 13.48 billion RMB, 15.46 billion RMB, and 17 billion RMB respectively, with a corresponding growth rate of 13.0%, 14.7%, and 10.0% [3][39]. - The reasonable valuation is adjusted to 113-118 HKD, reflecting an increase from the previous estimate of 103-112 HKD [3][39].

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 20 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 97.90 | 港元 | 113.30↑ | +15.7% | | | 安踏 (2020 HK) | | | | | | | 2024 年业绩符合预期；2025 年指引营收高个位数至双位数增长 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -20% -10% 0% 10% 20% 30% 40% 50% 2020 HK 恒生指数 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 62,356 | 70,826 | 77,163 | 84,476 | 90,862 | | 同比增长 (%) | 16.2 | 13.6 | 8.9 | 9.5 | 7.6 | | 净 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) and raises the target price to HKD 118.8, indicating a potential upside of 21.3% from the current price of HKD 97.9 [2][5]. Core Insights - Despite facing significant pressure on profit margins in the short term, Anta's revenue from its main brand is expected to steadily expand, with other brands maintaining rapid growth. The contribution from Amer Sports is projected to significantly increase, supporting a high growth rate in core net profit by 2025. The multi-brand strategy is anticipated to continue driving overall revenue expansion for the company [1][7][8]. Financial Projections - Revenue is forecasted to grow from RMB 62,356 million in 2023 to RMB 78,838 million in 2025, reflecting a compound annual growth rate (CAGR) of 11.3% [9][13]. - The net profit attributable to shareholders is expected to decrease from RMB 15,596 million in 2024 to RMB 13,965 million in 2025, indicating a decline of 10.5% [9][13]. - The gross margin is projected to remain stable around 62.5% in 2025, with operating profit margin slightly declining to 23.2% [11][12]. Brand Performance - Anta's brand revenue is expected to grow at a high single-digit percentage in 2025, while Fila is projected to grow in the mid-single digits. Other brands like Descente and Kolon are anticipated to exceed 30% growth [7][8]. - The online sales channel is expected to continue to grow, contributing to the overall revenue but also leading to increased discounting pressures on margins [7][8]. Market Strategy - Anta plans to increase market investments in 2025, focusing on expanding the new retail formats, enhancing overseas market presence, and increasing product launches. The company aims for overseas revenue to account for 15% within five years [7][8]. - The multi-brand strategy is expected to be a key driver for long-term revenue growth, with Descente and Kolon brands showing strong growth momentum [7][8].

浦银国际研究 公司研究 | 消费行业 安踏（2020.HK）：利润率短期扩张可能受 限，但多品牌战略将持续驱动规模扩张 展望 2025 年，尽管安踏的利润率可能继续面临较大的压力，但主力品 牌的收入规模有望稳步扩张，其他品牌的流水将维持高速增长，同时 Amer Sports 的收入贡献将大幅提升，助力公司 2025 年核心净利润维 持较高的增长。长期来看，多品牌战略有望持续驱动公司整体收入规 模的扩张。上调目标价至 118.8 港元，并维持"买入"评级。 林闻嘉 首席消费分析师 richard_lin@spdbi.com (852) 2808 6433 桑若楠，CFA 消费分析师 serena_sang@spdbi.com (852) 2808 6439 2025 年 3 月 20 日 评级 | 目标价（港元） | 118.8 | | --- | --- | | 潜在升幅/降幅 | +21.3% | | 目前股价（港元） | 97.9 | | 52 周内股价区间（港元） | 65.6-107.5 | | 总市值（百万港元） | 274,826 | | 近 3月日均成交额（百万港元） | 983.1 | | 注 ...

公司于 3 月 19 日公布 2024 年年报。全年实现营收 708.3 亿元， 同增 13.0%，不包含 Amer Sports 上市收益的归母净利润 119.3 亿 元，同增 16.5%，多品牌矩阵保持快速发展趋势。公司 2024 年预 计总计派发股息 2.36 港元，派息率为 51.4%，维持买入评级。 安踏牌：多店型策略显效，核心场拉动增长。24 全年安踏主品牌 营收为 335.2 亿元，同增 10.6%，其中核心场拉动作用显著，超级 安踏、作品集等新零售业态店效持续提升，部分超级安踏店店效已 提升至传统店 3 倍。同时安踏爆品策略进一步强化，24 年新品 PG7 跑鞋凭借其高性价比上市三个月内销售量破百万双。安踏儿童方 面亦延续推出安踏 CAMPUS 特色门店新业态，已在一线城市高端商 场开设，店效达到传统店态 2 倍，增长潜力显著。 FILA：儿童、潮牌调整迅速，鞋类心智强化。FILA 品牌营收为 266.3 亿元，同增 6.1%，其中鞋类拓展顺利，24 年增长超 10%、达 2300 万双，预计 25 年进一步打造鞋类百万 IP，拉动品牌增长。FILA 儿 童、潮牌的增量品类鞋、书包等亦持续突破 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][40]. Core Insights - The company is expected to achieve a core net profit growth of 16.5% in 2024, with a revenue increase of 13.6% to 70.83 billion RMB. The net profit attributable to shareholders is projected to grow to 11.93 billion RMB, excluding non-cash gains from Amer Sports [1][7]. - The company maintains a high dividend payout ratio of 51.4% and has repurchased approximately 1.28 billion HKD worth of shares during the year [1][15]. - The management remains optimistic about the growth prospects of the sports consumption market in China, with expectations for significant growth across its brand portfolio [2][39]. Financial Performance Summary - **Revenue and Profit Growth**: The company reported a revenue of 70.83 billion RMB in 2024, reflecting a 13.6% year-on-year increase. The core net profit is expected to reach 11.93 billion RMB, marking a 16.5% increase [1][7]. - **Brand Performance**: Revenue from the Anta brand reached 33.52 billion RMB, up 10.6%, while FILA's revenue grew by 6.1% to 26.63 billion RMB. Other brands saw a significant increase of 53.7% to 10.68 billion RMB [2][24]. - **Profit Margins**: The overall gross margin for 2024 is projected at 62.2%, a slight decrease from 62.6% in 2023. The operating profit margin is expected to be 23.4%, down from 24.6% [8][29]. Brand and Market Strategy - **Anta Brand**: The Anta brand is focusing on new retail formats and has launched successful products like the PG7 running shoes. The brand's revenue from e-commerce channels grew by 20.7% [2][19]. - **FILA Brand**: FILA's revenue growth is driven by its professional sports series and footwear. The brand aims to enhance its product functionality and quality while expanding its retail presence [22][23]. - **Other Brands**: Brands like Descente and KOLON have shown strong growth, with Descente's revenue increasing by over 35% and KOLON by more than 60% [24][26]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 13.48 billion RMB, 15.46 billion RMB, and 17 billion RMB respectively, reflecting a growth rate of 13.0%, 14.7%, and 10.0% [3][39]. - The target price has been revised to 113-118 HKD, based on the updated profit forecasts, corresponding to a PE ratio of 22-23x for 2025 [3][40].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported strong performance for 2024, with revenue of 70.8 billion, a year-on-year increase of 13.6%, and net profit attributable to shareholders of 15.6 billion, up 52.4% [1] - The main brand, Anta, achieved a high single-digit growth in revenue, with reported income of 33.5 billion, a year-on-year increase of 10.6% [2] - FILA brand showed healthy growth with reported income of 26.6 billion, a year-on-year increase of 6.1% [3] - Other brands experienced significant growth, with revenue increasing by 53.7% to 10.7 billion [4] - Amer Sports reported a revenue of 5.18 billion USD, a year-on-year increase of 18%, with the Greater China region leading growth at 54% [5] - The company expects revenue growth of 10% in 2025, 8% in 2026, and 7% in 2027, with net profit projected to be 13.4 billion, 14.7 billion, and 16.1 billion respectively [6] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 70.8 billion, with a net profit of 15.6 billion, reflecting a strong performance [1] - The cash dividend payout ratio was 51.4%, maintaining a normal level [1] Brand Performance - Anta brand revenue reached 33.5 billion, with DTC and e-commerce growing by 7.2% and 20.7% respectively [2] - FILA brand revenue was 26.6 billion, with a focus on enhancing product functionality and quality [3] - Other brands saw a revenue increase of 53.7%, with a notable performance from Descente and Kolon [4] Future Outlook - The company plans to continue focusing on product innovation and expanding its global brand presence [2][3] - The leadership change in FILA is expected to drive further brand innovation and growth [3] - The company maintains a positive outlook on revenue growth and profitability for the coming years [6]