安踏体育 20250324 摘要 • 安踏集团 2024 年各品牌表现强劲，安踏品牌贡献 266 亿元，同比增长 6.1%，其他品牌增长超过 40%，整体毛利率维持在 62.2%，净利率 23.4%。 预计 2025 年安踏主品牌流水高单位数增长，碧迪品牌中单位数增长，其他 品牌增速超 30%，集团整体流水维持双位数增长。 • 安踏将 ESG 融入企业战略核心，通过供应链能源转型、节能减排等投入， 提高运营效率和企业韧性。多品牌战略针对不同消费群体，以价值主张打 动消费者，如安踏零碳门店和 Design V3 产品序列，提升企业竞争力并为 股东创造长期价值。 • 安踏品牌采取品牌向上、价格向下的策略应对市场竞争，通过技术创新打 造高性价比商品如 PG7，并推出安踏冠军店、超级安踏店等新业态提升品 牌影响力。超级安踏店针对下沉市场，目前处于调试阶段，计划开设更多 门店以确定最优模式。 • 安踏电商渗透率约为 35%，策略是在线上线下之间取得平衡，新品和爆品 主要在线下渠道销售，线上销售常规商品。斐乐品牌电商占比约为 40%， 流水占比约为 30%，今年希望线下也能贡献更多增长。 • 安踏和迪桑特品牌不依赖大规模 ...

安踏体育 20250319 摘要 Q&A 2024 年安踏体育的整体销售表现如何？各品牌的具体增长情况如何？ 2024 年，安踏体育实现了 708 亿元的销售额，其中安踏品牌占比 47.3%，实现 了 10.6%的双位数增长。Fila 品牌继续坚持高端时尚定位，流水接近 300 亿， 从报表口径来看为 260 多亿元，占比 37.6%。迪桑特品牌占比接近 10%，增长超 过 40%。Kolon Sport 尽管占比中单位数，但增速超过 60%。此外，安踏大货和 儿童系列分别实现了低双位数和高单位数的增长。潮牌在第四季度表现明显好 转，实现中单位数增长。 • 安踏体育 2024 年净利润达 155.91 亿元，若不含一次性收益为 119 亿元， 符合市场预期。多品牌策略下，各品牌定位差异化，整体盈利水平稳定， 其中迪桑特和 Kolon Sport 表现突出，净利率分别超过 30%和 25%。 • Fila 品牌流水接近 300 亿，报表口径 260 多亿元，占比 37.6%，虽体量大， 仍保持健康增长。2024 年调整策略，增加功能性面料和科技感，并扩大儿 童产品线，预计 2025 年将推出更多新品以满足市场需 ...

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 ...