Industry and Company Overview * **Industry**: The company operates in the sports apparel and footwear industry, with a focus on outdoor and sports-related products. * **Company**: The company is a leading player in the Chinese sports apparel and footwear market, with a diverse portfolio of brands including Anta, Fila, Descente, and others. Key Points Q4 Performance * **Overall Performance**: The company's Q4 performance was better than Q3, with a year-over-year growth in GMV. However, the growth was not as strong as expected, and the company did not exceed its Q4 targets. * **Inventory and Discounts**: The company's inventory levels were within expectations, and there was no significant increase in discounts compared to previous quarters. * **Online vs. Offline**: Online sales performed better than offline sales, with the company's online channels driving growth. Brand Performance * **Anta**: The Anta brand maintained its market share and profitability, with a focus on product innovation and channel expansion. * **Fila**: Fila continued to grow, with a focus on professional sports categories such as tennis and golf. The brand also aimed to increase its share of the sports apparel market. * **Descente**: Descente's performance was stable, with a focus on maintaining its position in the premium sports market. * **Other Brands**: The company's other brands, including Vela, Veera, and Antara, showed mixed performance, with some brands experiencing growth while others faced challenges. Future Outlook * **Market Environment**: The company expects the market environment to remain uncertain in 2025, with potential challenges from new policies and economic factors. * **Growth Strategy**: The company aims to focus on product innovation, channel expansion, and brand building to drive growth in the coming years. * **Investment**: The company plans to continue its share buyback program and explore M&A opportunities to expand its business. Additional Points * **Cost Control**: The company has implemented measures to control costs and improve efficiency. * **Brand Expansion**: The company is exploring opportunities to expand its brands internationally, with a focus on emerging markets. * **Online Growth**: The company is investing in its online channels to drive growth and improve customer experience. Conclusion The company's Q4 performance was mixed, with some brands performing well while others faced challenges. The company is focused on driving growth through product innovation, channel expansion, and brand building. The company expects the market environment to remain uncertain in 2025, but it is confident in its ability to navigate the challenges and achieve its growth targets.

Investment Rating - ANTA Sports Products is rated **Overweight** with a price target of HK$117.00, implying a 17% upside from the current price of HK$100.10 [5] Core Views - The market reaction to 3Q24 earnings is expected to be neutral to negative due to FILA's sales miss, partially offset by strong Golden Week sales [2] - ANTA brand's new initiatives are showing positive results, with Descente and Kolon continuing strong growth [2] - Management remains confident in achieving its 2024 profit target, contingent on 4Q sales performance [3] Financial Performance - ANTA brand saw mid-single-digit% retail sales growth in 3Q24, with ANTA Core and Kids both growing by mid-single-digit% [4] - FILA brand's 3Q retail sales declined by low-single-digit%, with FILA Classic flat but dragged down by FILA Kids and Fusion [8] - Outdoor brands (Descente and Kolon) grew 45-50%, with Descente up 35-40%+ and Kolon up 65-70% [8] Sales Channels and Inventory - ANTA's offline sales declined by low-single-digit%, while e-commerce grew over 20% [4] - FILA's online sales grew by high-single-digit%, but offline sales declined by mid-to-high-single-digit% [8] - Inventory levels for both ANTA and FILA were below 5 months [4][8] Golden Week Performance - Golden Week sales exceeded management's target, with ANTA and FILA both achieving above teens levels of growth [9] - ANTA's performance was driven by strong same-store sales growth and new store openings (~300 new stores before Golden Week) [9] Full-Year Guidance - Management sees uncertainties in achieving full-year sales targets (10% growth for ANTA and high-single-digit% for FILA) due to 3Q sales miss, but remains focused on inventory and business quality [9] 4Q Outlook and Growth Drivers - The company does not anticipate significant discounting pressure in 4Q due to healthy inventory levels [10] - ANTA Superstore is expected to be a new growth driver, with plans to open ~50 stores by year-end, targeting Rmb20mn+ annual store productivity [10] Valuation and Market Share - The base case valuation assumes a 25x target P/E multiple on 2024 EPS estimates, supported by market share gains through a diversified brand portfolio [12]

20240708【安踏体育】2024Q2 运营情况 一、2024Q2 经营情况 消费者信心、天气影响下，Q2 符合预期，分品牌看，都有高质量增长： 安踏 Q2 高单增长，环比 Q1 的中单提速，并且 23Q2 有高基数。 FILA Q2 中单增长，23Q2 FILA 增长 20%，基数更高，符合预期。 其他品牌 Q2 40-45%增长。 亮点 1：在健康的库销比下折扣率还有提升 折扣：改善 1-2pct。安踏线上改善 1-2pct，FILA 折扣持平，迪桑特、可隆线上折扣改 善 6pct、7pct。 库销比：安踏、FILA 都是 5 以下。 亮点 2：集团总体线下有高单增长，尽管月度有差异，因为 4-5 月天气影响，安踏 和 fila 线下有中单-高单表现。 亮点 3：线上有增长，集团层面接近 20%增长，618 集团/品牌层面都是双位数增 长，618 排名安踏第二、fila 第四、可隆和迪桑特有较快提升。 Q2 分品牌看： 安踏 Q2：高单 大货高单增长，儿童中单增长，按季提升，电商 20-25%增长，和 Q1 差不多； 库销比<5； 折扣比 Q1 改善 1pct，同期持平，主要是线上改善 2pct。 Fi ...

FILA Q2 中单增长，23Q2 FILA 增长 20%，基数更高，符合预期。 其他品牌 Q2 40-45%增长。 Q2 分品牌看： 20240708【安踏体育】2024Q2 运营情况 一、2024Q2 经营情况 消费者信心、天气影响下，Q2 符合预期，分品牌看，都有高质量增长： 安踏 Q2 高单增长，环比 Q1 的中单提速，并且 23Q2 有高基数。 亮点 1：在健康的库销比下折扣率还有提升 折扣：改善 1-2pct。安踏线上改善 1-2pct，FILA 折扣持平，迪桑特、可隆线上折扣改 善 6pct、7pct。 库销比：安踏、FILA 都是 5 以下。 亮点 2：集团总体线下有高单增长，尽管月度有差异，因为 4-5 月天气影响，安踏 和 fila 线下有中单-高单表现。 亮点 3：线上有增长，集团层面接近 20%增长，618 集团/品牌层面都是双位数增 长，618 排名安踏第二、fila 第四、可隆和迪桑特有较快提升。 大货高单增长，儿童中单增长，按季提升，电商 20-25%增长，和 Q1 差不多； 库销比<5； Fila Q2：中单 库销比 5 以下； 其他品牌 Q2：40-45%增长 线上增长非常厉 ...