智通财经APP获悉，高盛发布研究报告称，予安踏体育(02020)“买入”评级，目标价115港元。 报告中称，首季安踏核心品牌、FILA及其他品牌的增长分别为中单位数、高单位数及25%至30%，大致符合市场预期，其中安踏品牌略高于预期，主要受惠于3月下半月新产品推动销售加快。就渠道而言，安踏品牌及FILA得益于新产品、强劲的线上执行力及基数效应，其线上表现较线下优秀。同时，各品牌的库存及折扣水平进一步改善，显示出健康的成长路径。 该行表示，管理层强调全年增长目标，安踏品牌及FILA为10%至15%，并预计今年剩余时间将比首季增长加速，推出更多产品，开展更多市场推广活动，以及基数较佳;各品牌与前几季相比下库存水平较低，加上健康的折扣水平，增强管理层以可持续增长达到全年目标的信心;管理层寻求有序的门市扩张计划，并将店铺生产力放在首位。另指，扎实的线上执行力也有助FILA等品牌有效渗透到低线城市客户。 ...

公 纺织服装 司 2024年04月 18日 报 安踏体育(2020.HK) 告 一季度营运表现符合预期 强烈推荐（维持） 事项： 公司发布2024年一季度营运公告：相较2023Q1，2024Q1安踏品牌零售金额 股价：81.6 港元 （按零售价值计算）同比实现中单位数正增长；FILA品牌同比实现高单位数正 增长；其他所有品牌（不包括 2023 年1 月1 日之后新加入集团的品牌）同比 公 主要数据 实现25%-30%的正增长。 司 行业 纺织服装 平安观点： 季 公司网址 www.anta.com;ir.anta.com 大股东/持股 安踏国际集团控股有限公司/42.4%  安踏品牌：流水稳增长，库存表现健康。1）从流水表现看，安踏品牌24Q1 报 实际控制人 丁世忠 流水实现同比正的中单位数增长。2）从存货表现看，安踏品牌 24Q1 存 点 总股本(百万股) 2832.62 货周转低于5个月，处于健康水平。 流通A股(百万股) 评 流通B/H股(百万股)  FILA 品牌：持续保持高质量增长。1）从流水表现看，FILA 品牌 24Q1 总市值（亿元） 2096.23 流水实现同比正的高单位数增长。2）从 ...

M N 18 Apr 2024 CMB International Global Markets | Equity Research | Company Update Anta Sports (2020 HK) An inline 1Q24 plus an improving outlook Retail sales growth in 1Q24 was slow, but it was widely expected. We see Target Price HK$101.73 FY24E growth supported by: 1) healthy momentum in late Mar, 2) an exciting (Previous TP HK$101.73) product launch pipeline, 3) further segmentation by Anta in terms of products Up/Downside 24.7% and store format, and 4) gradual improvement in retail discounts (rather C ...

智通财经APP获悉，里昂发布研究报告称，予安踏体育(02020)“买入”评级，预计下半年安踏及FILA品牌开店策略更集中，相信今年在产品、推广及销售网络方面，已作好最佳化的准备，支持中期增长前景，目标价116港元。 报告中称，公司首季零售销售符合市场预期，实现增长之外，库存及折扣水平健康，同比及按季皆改善，户外用品业务仍然强劲，由第二季开始，核心品牌推出更多产品，包括第二季推出奥运相关产品，及下半年推出与Kyrie Irving合作的球鞋。 ...

智通财经APP获悉，中金发布研究报告称，维持安踏体育(02020)“跑赢行业”评级，2024/25年EPS预测4.63/4.94元不变，目标价109.19港元。公司公布一季度经营情况：安踏品牌零售流水同比增长中单位数，FILA品牌零售流水同比增长高单位数，其他品牌(不含2023年以来新增品牌)零售流水同比增长25-30%。 中金主要观点如下： 虽然去年零售环境好转带来较高基数，1Q24公司继续实现高质量增长。 安踏品牌在1Q22冬奥、1Q23零售环境好转带来两年较高基数下，1Q24零售流水仍同比增长中单位数(1Q22/1Q23分别同比增长10-20%高段、中单位数)。分渠道看，线上流水同比增长20-25%，好于线下渠道表现。截至3月末，安踏品牌库销比维持在5x以下，环比改善继续保持健康水平。虽然行业竞争较为激烈，以及季内春节等传统促销节日，得益于安踏品牌持续提升的品牌力、产品力及健康的库存，季内线下折扣同比保持稳定，线上折扣有所改善。 FILA品牌1Q24零售流水同比增长高单位数，其中FILA大货得益于产品组合及门店布局优化，继续实现较快增长;FILA 儿童及FUSION因短期门店调整增长相对较慢。分渠道看， ...

An ta Sports | 2020.HK Rating BUY Maintain Multi-branded strategy drives quality growth Target price HK$128.8 C Cuu rr rr ee nn t price HK$85.15 Upside: +51.3% Curren ◼ FY23 results above e xpectation: Company Update Anta announced FY23 results on 26th Mar with revenue and net profit arrived at 15 Apr 2024 RMB62.4bn and RMB10,236m, up 16.2%/34.9% YoY. The strong earnings growth was mainly driven by higher store productivity, disciplined retail discount and higher interest Hugo Suen income. And they declared ...

Financial Performance - Revenue increased by 16.2% to RMB 62.4 billion[7] - Gross profit margin rose by 2.4 percentage points to 62.6%[7] - Net profit attributable to shareholders surged by 34.9% to RMB 10.2 billion[8] - Basic earnings per share grew by 30.9% to RMB 3.69[11] - Dividend payout ratio was 50.7% of net profit attributable to shareholders[11] - Revenue for the year ended December 31, 2023, reached RMB 62,356 million, a 16.2% increase from RMB 53,651 million in 2022[14] - Gross profit increased by 20.8% to RMB 39,028 million in 2023 from RMB 32,318 million in 2022[14] - Operating profit surged by 36.8% to RMB 15,367 million in 2023 compared to RMB 11,230 million in 2022[14] - Net profit attributable to shareholders rose by 44.9% to RMB 10,954 million in 2023 from RMB 7,562 million in 2022[14] - Free cash flow increased significantly by 71.1% to RMB 17,823 million in 2023 from RMB 10,415 million in 2022[14] - Earnings per share (basic) grew by 30.9% to RMB 3.69 in 2023 from RMB 2.82 in 2022[14] - Gross margin improved to 62.6% in 2023, up 2.4 percentage points from 60.2% in 2022[14] - Operating margin increased to 24.6% in 2023, up 3.7 percentage points from 20.9% in 2022[14] - Net margin rose to 18.1% in 2023, up 2.7 percentage points from 15.4% in 2022[14] - Advertising and promotion expenses as a percentage of revenue decreased to 8.2% in 2023 from 10.3% in 2022[14] - Revenue for 2023 reached RMB 62,356 million, a 16.2% increase from 2022[16] - Gross profit for 2023 was RMB 39,028 million, with a gross margin of 62.6%[16] - Operating profit for 2023 stood at RMB 15,367 million, a 36.8% increase from 2022[16] - Net profit attributable to shareholders for 2023 was RMB 10,236 million, a 34.9% increase from 2022[16] - Total assets for 2023 increased to RMB 92,228 million, up 33.3% from 2022[16] - Revenue reached a record high of RMB 62.36 billion, a 16.2% increase year-over-year[26] - Gross margin rose to 62.6%, up 2.4 percentage points from the previous year[26] - Operating profit margin increased to 24.6%, up 3.7 percentage points year-over-year[26] - Shareholders' net profit excluding joint ventures surged 44.9% to RMB 10.95 billion[26] - FILA's revenue grew 16.6% to RMB 25.1 billion, with a gross margin of 69.0%[29] - Other brands' combined revenue soared 57.7% to RMB 6.95 billion, with a gross margin of 72.9%[30] - Amer Sports' revenue increased 30.1% to RMB 31.25 billion, with EBITDA up 45.4% to RMB 3.75 billion[30] - Operating cash flow surged to RMB 19.63 billion, a significant increase from RMB 12.15 billion in the previous year[27] - Free cash flow reached RMB 17.82 billion, up from RMB 10.42 billion in 2022[27] - Cash and cash equivalents totaled RMB 48.52 billion as of December 31, 2023[27] - Total revenue for 2023 increased by 16.2% to RMB 62,356 million compared to RMB 53,651 million in 2022[117][120] - Revenue from the Anta brand grew by 9.3% to RMB 30,306 million, contributing 48.6% of total revenue[119][121] - FILA brand revenue increased by 16.6% to RMB 25,103 million, accounting for 40.3% of total revenue[119][121] - Revenue from all other brands surged by 57.7% to RMB 6,947 million, driven by DESCENTE and KOLON SPORT[122] - Gross margin improved by 2.4 percentage points to 62.6% in 2023, up from 60.2% in 2022[123][125] - Anta brand's gross margin rose by 1.3 percentage points to 54.9%, attributed to DTC model transformation[126] - FILA brand's gross margin increased by 2.6 percentage points to 69.0%, due to improved retail discounts[126] - E-commerce revenue grew by 11.0% in absolute terms, contributing 32.8% of total revenue[122] - DTC revenue for Anta brand surged by 24.2% to RMB 17,005 million, representing 56.1% of Anta's total revenue[121] - Employee costs increased by 14.6% to RMB 9,304 million, reflecting continued investment in human resources[128] - Inventory write-back of RMB 20 million was recorded in the current fiscal year, compared to a write-down of RMB 414 million in 2022[129] - Other net income for the fiscal year was RMB 1,705 million, down from RMB 2,128 million in 2022[130] - Operating profit margin increased by 3.7 percentage points to 24.6% in 2023, driven by revenue growth and improved operating leverage[132] - FILA's operating profit margin rose by 7.6 percentage points to 27.6%, attributed to reduced operating expenses as a percentage of revenue[134] - Total interest income surged to RMB 1,470 million in 2023, up from RMB 609 million in 2022, due to higher average bank deposit balances and interest rates[141] - Proposed final dividend of HK$1.15 per share, bringing total ordinary dividends to RMB 5,188 million, representing 50.7% of the year's attributable profit[142] - Cash and cash equivalents totaled RMB 15,228 million as of December 31, 2023, with net cash position increasing to RMB 33,573 million[145] - Operating cash inflow reached RMB 19,634 million, reflecting strong cash generation capabilities[146] - Free cash inflow for the year was RMB 17,823 million, up from RMB 10,415 million in 2022[146] - Actual tax rate for the fiscal year was 26.7%, returning to normal levels compared to 27.5% in 2022[136] - Net cash inflow from financing activities was RMB 3,471 million, including net proceeds of RMB 10,497 million from the April 2023 placement and top-up subscription, and RMB 4,022 million paid for the final dividend of fiscal year 2022 and interim dividend of this fiscal year[147] - Total assets of the group as of December 31, 2023, were RMB 92,228 million, with current assets amounting to RMB 52,140 million, and total liabilities and non-controlling interests totaling RMB 40,768 million[148] - The group's debt ratio as of December 31, 2023, was 16.2%, a decrease from 18.3% on December 31, 2022[148] - Average inventory turnover days decreased by 15 days, and the inventory balance at the end of the fiscal year was reduced compared to December 31, 2022, indicating improved retail market conditions and the group's ability to manage excess inventory[149] - The group's investment in AS Holding had a carrying value of RMB 9,283 million as of December 31, 2023, representing 10.1% of the group's total assets[158] - AS Holding recorded a net loss of RMB 1,367 million for the fiscal year, primarily due to an impairment loss of RMB 1,131 million on goodwill and trademarks related to the Peak Performance business[157] - AS Holding's revenue for the fiscal year was RMB 31,248 million, with EBITDA of RMB 3,745 million, reflecting improved operational profitability[156] - Amer Sports, Inc. completed its IPO on February 1, 2024, issuing 105,000,000 common shares at an initial offering price of $13.00 per share, with an additional 15,750,000 shares issued under an over-allotment option[159] - The company invested $220 million (equivalent to RMB 1,595 million) to purchase 16,923,076 ordinary shares of Amer Sports, Inc. as a cornerstone investor[160] - After the completion of Amer Sports' IPO and related restructuring, the company holds 218,915,443 ordinary shares, representing approximately 43.33% of Amer Sports, Inc.'s total issued shares[160] - The company expects to record a non-cash accounting gain of approximately RMB 1.6 billion in its consolidated financial statements for the year ending December 31, 2024, due to the equity dilution from Amer Sports' IPO[160] - The company acquired a 75.13% equity stake in MAIA ACTIVE, a sportswear brand designed for Asian women, to strengthen its brand portfolio and enhance its product offerings for female customers[161] - The company issued €1 billion zero-coupon convertible bonds due in 2025, with a total outstanding principal amount of €1 billion (equivalent to RMB 8,071 million) as of December 31, 2023[163] - The convertible bonds can be converted into 86,682,707 shares at a conversion price of HKD 99.75 per share[164] - The company completed a placement and subscription of 119,000,000 shares at HKD 99.18 per share, raising a total of HKD 11,802 million (equivalent to RMB 10,497 million)[166] - As of December 31, 2023, HKD 4,571 million (equivalent to RMB 4,211 million) of the net proceeds from the subscription remained unused[167] - The company allocated HKD 9,121 million for repaying financial liabilities, with HKD 4,550 million used and HKD 4,571 million remaining, expected to be utilized by December 31, 2025[168] - The company's capital commitments amounted to RMB 3,187 million, primarily for the construction of Anta's Shanghai headquarters and logistics center, as well as retail store renovations[169] - AS Holding fully utilized a EUR 1,300 million (equivalent to RMB 10,492 million) term loan facility, which was subsequently fully repaid after the fiscal year-end[171][172] - The company's profit attributable to shareholders (before dividends) was RMB 10,236 million in 2023, up from RMB 7,590 million in 2022[200] Store Operations and Expansion - Number of ANTA stores in Mainland China and overseas reached 7,053, up from 6,924[12] - Number of FILA stores in Mainland China, Hong Kong, Macau, and Singapore totaled 1,972, down from 1,984[12] - Number of DESCENTE stores in Mainland China, Hong Kong, and Macau reached 187, down from 191[12] - Number of KOLON SPORT stores in Mainland China and Hong Kong increased to 164 from 161[12] - ANTA has 12,000 offline stores globally, covering multiple brands including ANTA, FILA, DESCENTE, and KOLON SPORT[40] - As of December 31, 2023, Anta operated 7,053 stores in mainland China and overseas, with 44% of its 5,400 Anta stores and 64% of its 2,200 Anta Kids stores directly operated[59] - As of December 31, 2023, Anta Kids operated 2,778 stores in mainland China and overseas[64] - FILA operates 1,972 stores across Mainland China, Hong Kong, Macau, and Singapore, including FILA KIDS and FILA FUSION standalone stores[71] - DESCENTE operated 187 stores in Mainland China, Hong Kong, and Macau as of December 31, 2023[75] - KOLON SPORT operated 164 stores in Mainland China and Hong Kong as of December 31, 2023[80] - Anta plans to expand its Anta and Anta Kids stores in mainland China and overseas to 7,100-7,200 and 2,800-2,900 respectively by the end of 2024[181] - FILA stores, including FILA KIDS and FILA FUSION, are expected to reach 2,100-2,200 in mainland China, Hong Kong, Macau, and Singapore by the end of 2024[181] - DESCENTE stores in mainland China, Hong Kong, and Macau are projected to be 220-230 by the end of 2024[181] - KOLON SPORT stores in mainland China and Hong Kong are expected to reach 180-190 by the end of 2024[181] Brand and Product Development - The company established the Southeast Asia International Business Department in February 2023 to advance its "multi-brand" and "globalization" strategy[20] - Anta opened its first direct-operated store in Singapore in April 2023, marking a significant milestone in its expansion into the Southeast Asian market[22] - Anta signed NBA star Kyrie Irving as a brand ambassador for its basketball products in July 2023[23] - The company joined the Science Based Targets initiative (SBTi) in January 2023 to set scientifically validated carbon reduction targets[19] - Anta launched the second phase of the "Anta Membrane" R&D project in April 2023, focusing on green and low-carbon sustainable development[22] - ANTA's e-commerce accounted for 32.8% of the company's total revenue[40] - ANTA's self-produced footwear accounted for 15.0% of total sales volume, while self-produced apparel accounted for 4.3%[37] - ANTA operates 6 global design centers located in China, the US, Japan, South Korea, Italy, and the Netherlands[38] - ANTA upgraded its Global Research and Innovation Center, covering product performance testing, sports science experiments, material R&D, and product development[37] - ANTA implemented a "5+N" logistics network strategy in China and established regional warehouses overseas to support global operations[39] - The company's multi-brand strategy focuses on professional sports, fashion sports, and outdoor sports groups[41] - ANTA's digital platform leverages big data to drive digital transformation across the entire value chain, from product development to delivery[40] - The company has strategically deployed a full-scenario, full-crowd, and full-track coverage and layout, with significant multi-brand synergy value[46] - The company's three major brand groups include the professional sports brand group led by Anta, the fashion sports brand group led by FILA, and the outdoor sports brand group composed of DESCENTE and KOLON SPORT[47] - The company has over 30 years of channel management and terminal operation experience in the Chinese retail market, with leading retail operation efficiency in their respective fields[48] - The company has established R&D and design studios in the US, Europe, Japan, and South Korea, collaborating with global research institutions and suppliers[49] - The company has established a Southeast Asia International Business Division and is actively expanding in strategic markets such as Singapore and the Philippines[50] - Anta has extended its contract with the International Olympic Committee until 2027, enhancing its global influence[55] - The company has developed the "Tanding" weightlifting shoe with five patented technologies, showcasing its commitment to R&D and product quality[55] - The company is leveraging its mature supply chain, cost-effective products, and extensive channel expansion experience to advance its globalization strategy[51] - The company is focusing on high-growth potential vertical sports fields, achieving breakthroughs in brand positioning and consumer cognition[47] - The company is targeting the Southeast Asian market, where the rising middle class and increasing consumer demand present significant opportunities[50] - Anta signed NBA star Kyrie Irving as the latest spokesperson and Chief Creative Officer for its basketball products, who participated in the design of exclusive logos and personal product lines[56] - Anta partnered with Ethiopian long-distance runner Kenenisa Bekele and launched the "Anta Plateau C Plan" to establish a high-altitude training base in Africa for Chinese athletes[56] - Anta developed the high-performance waterproof and breathable material "Anta Membrane" in collaboration with Donghua University, used in the "Storm Armor" and "Ice Armor" outdoor product series[58] - Anta expanded its Southeast Asian market by opening its first directly operated store in Singapore and a flagship store in Thailand[58] - Anta Kids launched the "Anta Youth" series targeting teenagers, covering sports categories such as figure skating, artistic gymnastics, and skiing[62] - Anta Kids organized events like the "527 Children's Balance Bike Festival" and sponsored top balance bike competitions to promote children's interest in cycling[63] - Anta Kids introduced the "Storm Armor" two-piece set with water-repellent technology for outdoor activities[63] - Anta Kids promoted green sustainability by increasing the use of eco-friendly materials, such as recycled polyester fibers in its Heat Return Tech IV down jackets[64] - FILA's shoe product sales exceeded 10 billion yuan for the first time, with the "Cat Claw" and "Mars" shoes each selling over 1 million pairs annually[65] - FILA expanded its e-commerce business and achieved significant growth in online sales, ranking high in Tmall's "Double 11" shoe category sales[66] - FILA KIDS strengthened its presence in the tennis and skiing markets by sponsoring events like the FILA KIDS Diamond Cup and national youth skiing championships[68] - FILA FUSION launched collaborations with international brands like TEAM WANG design and BEAMS, enhancing its trendy and innovative image[70] - DESCENTE's retail sales surpassed 5 billion yuan for the first time, driven by its focus on professional sports like skiing, triathlon, and golf[74] - DESCENTE partnered with China's national skiing teams and launched the "Everything Starts with Skiing"

[Table_Page] 年报点评|耐用消费品与服装 证券研究报告 [【Table_T广itle] 发 纺 服 & 海 外 】 安 踏 体 育 [公Tab司le_I评nves级t] 买入 当前价格 88.80港元 （02020.HK） 合理价值 91.64港元 前次评级 买入 利润率超预期改善，期待 24 年高质量表现 报告日期 2024-04-07 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 公司公告 23 年业绩：23年公司营收同增 16.2%至623.6亿元；不含 2% -7%04/23 06/23 08/23 10/23 12/23 01/24 03/24 JV的归母净利同增44.9%至109.5亿元，超于预期。 -16% ⚫ 集团盈利能力超预期改善，其中FILA opm改善明显。分品牌来看， -24% （1）23年安踏主品牌收入同增9.3%至303.1亿元，流水同增高单位 -33% 数。23年收入主要由DTC渠道驱动，DTC/批发/电商收入分别同比变 -42% 安踏体育 恒生指数 化+24.2%/-22.7%/+2.6%，电商及 DTC 渠 ...

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨安踏体育（ ） 2020.HK [业Ta绩b表le_现T超itle预] 期，多品牌协同增长 报告要点 [2T0a2b3le年_S安um踏m体a育ry]实现收入624亿元，同比+16%，归母净利润102亿元，同比+34.9%（不考 虑JV归母净利110亿元同比+45%），业绩表现超预期。 ...

Table_BaseInfo 2024 年 4 月 2 日 公司动态分析 安踏体育（2020.HK） 证券研究报告 运动鞋服 波动市场下实现高质量增长，多品牌战略成效显著 投资评级： xx 买入 xx 事件：安踏体育公布2023年度财务表现，收入同比增长16.2%，股东应占溢利（含 JV 贡献）同比增长 34.9%，整体业绩表现超预期。我们预测 2024-2026 年 EPS 为 目标价格： 120 港元 4.26/4.88/5.46元，给予2024年26倍PE，目标价120港元，维持“买入”评级。 现价(2024-3-28)： 83.2港元 报告摘要 全年高质量增长，Amer 成功上市带来一次性收益。2023 年，安踏集团录得收入 623.56 亿元，同比增长 16.2%。其中，安踏主品牌收入增长 9.3%至 303.06 亿元， 总市值(百万港元) 235,674.28 250,467.00 主要是由于 DTC 转型卓有成效；Fila 收入增长 16.6%至 251.03 亿元，主要由电商 流通市值(百万港元) 235,674.28 250,467.00 业务的增长带动；其他品牌收入大幅增长 57.7%至 ...