安踏体育（02020.HK） 优于大市 上半年收入增长 14%，发布回购计划提升股东回报 | --- | --- | --- | --- | --- | --- | |------------------------|----------|-----------|-----------|-----------|-----------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 53,651 | 62,356 | 69,507 | 75,950 | 82,616 | | (+/-%) | 8.8% | 16.2% | 11.5% | 9.3% | 8.8% | | 净利润(百万元) | 7590 | 10236 | 13647 | 13490 | 14820 | | (+/-%) | -1.7% | 34.9% | 33.3% | -1.2% | 9.9% | | 每股收益（元） | 2.68 | 3.61 | 4.82 | 4.76 | 5.23 | | EBIT Margin | 17.0% | 21.9% | 19. ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020 HK) with a target price of HKD 135.00, indicating a potential upside of 80.4% from the current price of HKD 74.85 [1][2][3]. Core Insights - Anta Sports achieved a notable sales growth of 13.8% year-on-year in the first half of 2024, reaching RMB 33.7 billion. The growth was driven by the performance of Anta, FILA, and other brands, with respective growth rates of 13.5%, 6.8%, and 41.8% [2]. - The company's gross margin improved by 0.8 percentage points to 64.1%, supported by higher gross margins in footwear products and an increased proportion of new products [2]. - The multi-brand management strategy is beginning to yield high-quality growth, with the Champion series under Anta seeing over 20% growth in the first half of the year [2]. - The report anticipates continued growth for Anta's main brand and other brands, with a focus on differentiated store layouts and maintaining double-digit growth guidance [2]. Financial Overview - For the fiscal year ending December 31, 2024, the projected revenue is RMB 71.15 billion, reflecting a year-on-year growth of 14.1% [5]. - The net profit for 2024 is estimated at RMB 13.57 billion, with a significant growth of 36.2% compared to the previous year [5]. - The earnings per share (EPS) for 2024 is projected to be RMB 4.86, with a dividend yield of 3.7% [5][9]. - The company’s market capitalization is approximately HKD 210.44 billion, with a 52-week high of HKD 94.25 and a low of HKD 64.15 [4]. Market Position and Strategy - Anta Sports is focusing on global multi-brand strategies, enhancing competitiveness in niche markets such as golf, urban sports, and tennis through the FILA brand [2]. - The company plans to accelerate the expansion of Descente and Kolon brands in first-tier and new first-tier cities, maintaining sales growth targets of over 20% and 30% respectively [2]. - The report highlights that Anta's main brand has shown resilience with mid-single-digit growth despite high base pressure, and the second quarter has seen an acceleration in growth [2].

浦银国际研究 公司研究 | 消费行业 浦银国际 公司研究 安踏 （2020.HK） 安踏（2020.HK）：1H24 净利润超预期，预计 多品牌战略将持续驱动收入增速高于行业 安踏 1H24 核心净利润（不包括 Amer 上市带来的一次性收入）同比增 长 29%，高于我们预期，主要归功于毛利率显著提升且销售费用率低 于预期。尽管外部环境充满挑战，但安踏主品牌的品牌力持续提升、 Fila 品牌力依然保持稳健、其他品牌维持高速增长、公司整体基本面 持续向好。公司宣布将在未来 18 个月使用不超过 100 亿港元回购公 司股票，体现了董事会对公司长期基本面较大的信心。我们认为公司 多品牌全球化策略以及管理层强大的品牌运营能力将为公司注入持续 的增长动力，确保高于行业的收入增速。基于 16x 2025 P/E，我们得到 新的目标价 89.6 港元，维持安踏"买入"评级以及运动服饰行业首选。 管理层 2024 全年业绩展望强于同业：管理层表示安踏主品牌进入下 半年以来的流水表现符合预期，且 8 月趋势较好。因此，公司依旧维 持安踏主品牌 2024 全年流水双位数增长目标不变。Fila 整体流水面 临挑战，因此管理层将 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4][6] Core Views - Anta Sports' mid-year performance significantly exceeded expectations, with total revenue of 33.7 billion RMB, a year-on-year increase of 14%, and a net profit of 7.7 billion RMB, up 63% year-on-year. Excluding a one-time investment gain of 1.6 billion RMB from the IPO of Amer Sports, net profit grew 17% to 6.2 billion RMB, driven by improved gross margins and effective cost control [4][5][6] - The company announced a share buyback plan of up to 10 billion HKD over the next 18 months, reflecting confidence in its long-term development [6] - The main brand and outdoor brands showed robust growth, while FILA's growth expectations were slightly adjusted downwards [5][6] Summary by Sections Financial Performance - In H1 2024, Anta's main brand revenue reached 16.08 billion RMB, a 13.5% increase year-on-year, with a gross margin of 56.6% [5] - FILA brand revenue was 13.06 billion RMB, up 6.8% year-on-year, with a gross margin of 70.2% [5] - Other brands generated 4.6 billion RMB in revenue, a 42% increase year-on-year, with a gross margin of 72.7% [5] Channel Performance - E-commerce revenue grew 25% year-on-year, accounting for 33.8% of total revenue [5] - Over 80% of Anta's adult and children's stores have adopted a Direct-to-Consumer (DTC) model, enhancing operational efficiency [5] Inventory and Profitability - Inventory turnover days decreased to 114 days, indicating healthy inventory management [5] - The overall gross margin improved to 64.1%, with a net profit margin of 18.3%, the highest in history [5][11] Future Outlook - Anta aims for a 10-15% revenue growth for the main brand in 2024, while FILA's growth is expected to be in the high single digits [5][6] - The company has adjusted its profit forecasts for 2024-2026, with net profits projected at 13.86 billion RMB, 13.92 billion RMB, and 15.43 billion RMB respectively [6][14]

证券研究报告·海外公司点评·纺织及服饰(HS) 安踏体育（02020.HK） 24H1 业绩点评：多品牌高质量增长，百亿回购计 划彰显发展信心 2024 年 08 月 28 日 | --- | --- | --- | --- | --- | --- | |----------------------------|--------|-------|-------|--------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 53651 | 62356 | 69713 | 77193 | 85180 | | 同比(%) | 8.76 | 16.23 | 11.80 | 10.73 | 10.35 | | 归母净利润（百万元） | 7590 | 10236 | 13676 | 13480 | 15189 | | 同比(%) | (1.68) | 34.86 | 33.60 | (1.43) | 12.68 | | EPS-最新摊薄（元/股） | 2.68 | 3.61 | 4.83 | ...

安踏体育(2020.HK) 中期业绩再创历史新高 强烈推荐（维持） 事项： 股价：74.85 港元 主要数据 | --- | --- | |------------------|--------------------------------| | 行业 | 纺织服装 | | 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% | | 实际控制人 | 丁世忠 | | 总股本(百万股) | 2832.62 | | 流通 A 股(百万股 | ) | | 流通 B/H 股( | 百万股) | | 总市值（亿港元） | 2120.22 | | 流通 A 股市值( | 亿元) | | 每股净资产(元) | 20.23 | | 资产负债率(%) | 36.58 | | 行情走势图 | | 公 司 半 年 报 点 评 相关研究报告 【平安证券】安踏体育（2020.HK）*季报点评*一季度 营运表现符合预期*强烈推荐20240418 【平安证券】安踏体育（2020.HK）*年报点评*利润端 增速超预期，期待奥运年业绩表现*强烈推荐20240327 【 ...

证券研究报告·海外公司点评·纺织及服饰(HS) 安踏体育（02020.HK） 24H1 业绩点评：多品牌高质量增长，百亿回购计 划彰显发展信心 2024 年 08 月 28 日 | --- | --- | --- | --- | --- | --- | |----------------------------|--------|-------|-------|--------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 53651 | 62356 | 69713 | 77193 | 85180 | | 同比(%) | 8.76 | 16.23 | 11.80 | 10.73 | 10.35 | | 归母净利润（百万元） | 7590 | 10236 | 13676 | 13480 | 15189 | | 同比(%) | (1.68) | 34.86 | 33.60 | (1.43) | 12.68 | | EPS-最新摊薄（元/股） | 2.68 | 3.61 | 4.83 | ...

Investment Rating - The report maintains a "Buy-A" rating for the company [2][6] Core Insights - In the first half of 2024, the company achieved revenue of 33.735 billion yuan, a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 7.721 billion yuan, up 62.6% [3][6] - The company's e-commerce channel revenue grew by 25.1%, increasing its share of total revenue by 3.0 percentage points to 33.8% [1][6] - The performance of the Anta brand and FILA brand showed resilience, with Anta's revenue growing by 13.5% to 16.077 billion yuan, while FILA's revenue increased by 6.8% to 13.056 billion yuan [1][4] Summary by Sections Financial Performance - The company reported a gross margin of 64.1%, an increase of 0.8 percentage points year-on-year, and a net profit margin of 22.9%, up 6.9 percentage points [5][6] - The average inventory turnover days decreased by 10 days to 114 days [5] - Operating cash flow for the first half of 2024 was 8.502 billion yuan, with a cash balance of 32.399 billion yuan at the end of the period [5] Brand Performance - Anta brand's revenue accounted for 47.7% of total revenue, with a retail revenue growth in the mid-single digits [1][4] - FILA brand's revenue growth was slower, but the core segment is expected to see double-digit growth, particularly in footwear [1][4] - Other brands, including Descente and KOLON, saw significant revenue growth of 41.8% to 4.602 billion yuan [4] Market Data - As of August 27, 2024, the closing price was 71.650 HKD, with a market capitalization of 202.957 billion HKD [1][3] - The company plans to distribute an interim dividend of 1.18 HKD per share, with a payout ratio of 50.1% [3]

[Table_Date] 2024 年 08 月 28 日 [Table_Title] FILA 增速放缓，宣布百亿回购计划 [Table_Title2] 安踏体育(2020.HK) | --- | --- | --- | --- | |-----------------------------|-------|----------------------------|------------| | [Table_DataInfo]评级： 买入 | | 股票代码： | 2020 | | 上次评级： 买入 | | 52 周最高价/最低价(港元)： | 90.95/65.2 | | 目标价格(港元)： | | 总市值(亿港元) | 2,029.57 | | 最新收盘价(港元)： | 71.65 | 自由流通市值(亿港元) | 2,029.57 | | | | 自由流通股数(百万) | 2,832.62 | [Table_Summary] 事件概述 2024H1 公司实现收入/归母净利/经营性现金流净额分别为 337.35/77.21/85.02 亿元、同比增长 13.8%/62.6%/-16.4%，归母净利润增速 ...

公司研究 上半年业绩好于预期，坚持高质量增长、大额回购彰显信心 ——安踏体育（2020.HK）2024 年中期业绩点评 买入（维持） 当前价：71.65 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 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 总股本(亿股) 28.33 总市值(亿港元)： 2029.57 一年最低/最高(港元)： 60.2/96.0 近 3 月换手率： 22.9% 股价相对走势 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 23/0823/0923/1023/1123/1224/0124/0224/0324/0424/0524/0624/0724/08 安踏体育 恒生指数 收益表现 % 1M 3M 1Y 相对 -2.2 -13.4 -13.5 绝对 2.8 - ...