Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved excellent performance in 2024 with a revenue growth of 13.6% to 70.826 billion yuan and a net profit growth of 52.4% to 15.596 billion yuan, excluding one-time gains [1] - The company is expected to maintain a long-term high-quality growth trajectory, with a projected revenue growth of 10.5% in 2025 [10] Summary by Sections Company Performance - In 2024, the company's revenue reached 70.826 billion yuan, with a gross margin of 62.2%, slightly down by 0.4 percentage points [1] - The operating profit increased by 8% to 16.595 billion yuan, while the net profit attributable to shareholders grew by 52.4% to 15.596 billion yuan, excluding one-time gains [1] - The company’s market share in the Chinese sports footwear and apparel market increased to 23%, maintaining its leading position [1] Brand Analysis - Anta brand revenue grew by 10.6% to 33.522 billion yuan in 2024, with direct-to-consumer (DTC) and e-commerce channels showing strong growth [2] - The number of Anta adult and children stores increased to 7,135 and 2,784 respectively, indicating a strategic focus on differentiated store formats [2] - Fila brand revenue increased by 6.1% to 26.626 billion yuan, with a focus on high-end sports fashion and an expected better performance in e-commerce compared to offline sales [4] Profitability - The gross margin for Anta brand decreased to 54.5%, and the operating margin fell to 21% due to increased marketing expenses related to the Olympics [3] - Fila brand's gross margin decreased to 67.8%, and the operating margin fell to 25.3%, attributed to a shift towards e-commerce and increased product variety [9] Future Outlook - The company expects revenue growth of 10.5% in 2025, with net profit projected at 13.475 billion yuan, reflecting a 13% increase from 2024 [10] - The outdoor brand segment is anticipated to grow by over 30% in 2025, driven by an increase in store numbers and improved store efficiency [9]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company achieved excellent performance in 2024 with a revenue growth of 13.6% to 70.826 billion yuan and a net profit growth of 52.4% to 15.596 billion yuan, excluding one-time gains [1][11] - The company is expected to maintain a long-term high-quality growth trajectory, with a projected revenue growth of 10.5% in 2025 [10][11] Summary by Sections Company Performance - In 2024, the company's revenue reached 70.826 billion yuan, with a gross margin of 62.2%, slightly down by 0.4 percentage points [1] - The operating profit increased by 8% to 16.595 billion yuan, while the net profit attributable to shareholders grew by 52.4% to 15.596 billion yuan, excluding one-time gains [1] - The company maintained a dividend payout ratio of 51.4%, consistent with the previous year [1] Brand Analysis - Anta brand revenue grew by 10.6% to 33.522 billion yuan in 2024, with direct-to-consumer (DTC) and e-commerce channels showing strong growth [2] - The number of Anta stores increased to 7,135 for adults and 2,784 for children, reflecting a strategic focus on differentiated store formats [2] - Fila brand revenue increased by 6.1% to 26.626 billion yuan, with a focus on high-end sports fashion and an expected better performance in e-commerce compared to offline sales [4][9] Profitability - The company's gross margin for 2024 was 54.5%, with a slight decline in operating profit margin to 21% due to increased marketing expenses related to the Olympics [3] - Fila's gross margin decreased to 67.8%, and operating profit margin fell to 25.3%, attributed to a shift towards e-commerce and increased product variety [9] Future Outlook - The company anticipates a revenue growth of 10.5% in 2025, with net profit expected to reach 13.475 billion yuan, reflecting a 13% increase from 2024, excluding one-time gains [10][11] - The outdoor brands are projected to grow by over 30% in 2025, driven by an increase in store numbers and improved store efficiency [9]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [1][7] Core Views - The company is expected to achieve revenue and net profit growth in 2024, with revenue at 708.26 billion and net profit at 155.96 billion, representing year-on-year growth of 13.6% and 52.4% respectively [2] - The main brand's stability is attributed to online contributions, while FILA faces pressure; other brands maintain high growth [3] - The company plans to expand its store count significantly by 2025, focusing on Southeast Asia and other international markets [3][7] Financial Performance - In 2024, the company's gross margin is projected to be 62.2%, a slight decrease of 0.4 percentage points year-on-year [4] - The operating profit margin (OPM) is expected to decline to 23.4%, down 1.2 percentage points year-on-year [4] - The net profit margin is forecasted to be 22.0%, an increase of 5.6 percentage points year-on-year [4] Revenue and Profit Forecast - Revenue for 2025 is projected at 770.44 billion, with a year-on-year growth of 8.78% [9] - The net profit for 2025 is estimated at 138.74 billion, reflecting a decrease of 11.04% compared to 2024 [9] - Earnings per share (EPS) for 2025 is expected to be 4.94 yuan, with a PE ratio of 18 times [9][7] Brand Performance - Revenue from Anta, FILA, and other brands for 2024 is expected to be 335.22 billion, 266.26 billion, and 106.78 billion respectively, with year-on-year growth rates of 10.6%, 6.1%, and 53.7% [3] - The online sales channel is projected to grow significantly, with online revenue expected to reach 248.6 billion, a year-on-year increase of 21.5% [3] Dividend Policy - The company plans to distribute a final dividend of 1.18 HKD per share, resulting in a dividend yield of 2.4% [2]

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].

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].

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 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 ...

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].