Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 93.50 [2][8][13] Core Views - Anta's retail performance in Q2 2024 showed strong growth, with retail sales increasing in the mid-single digits year-on-year, and Fila achieving high single-digit growth. Other brands saw a growth of 40-45% [2][3] - The overall retail sales for Anta in the first half of 2024 are expected to grow in the mid-single digits, with Fila showing high single-digit growth and other brands growing by 35-40% [2][3] - The company is expected to maintain its profit performance in the first half of 2024 due to effective cost control, despite the high base and weather impacts [2][3] - The report anticipates a double-digit growth in retail sales for the full year 2024, supported by a decrease in the base in the second half of the year [3] Summary by Sections Retail Performance - Anta's Q2 2024 retail sales growth was better than the industry average, with effective cost control leading to favorable profit performance [2][3] - Fila's retail sales in Q2 2024 continued to grow despite a challenging consumer environment, with online sales increasing by 20-30% [4] - The outdoor brand segment also showed strong growth, with expectations for continued improvement in retail sales and inventory turnover [5] Financial Projections - Revenue projections for Anta are set at RMB 69.971 billion for 2024, with a net profit forecast of RMB 13.248 billion [6][11] - EPS for 2024 is adjusted to RMB 4.27, with upward revisions for 2025 and 2026 to RMB 4.88 and RMB 5.51 respectively [2][11] - The report highlights a target PE ratio of 20x for 2024, reflecting a slight adjustment from previous estimates [2][13] Brand Strategy - Anta's brand strategy includes a strong product lineup and marketing initiatives, such as partnerships for the Olympics, which are expected to enhance consumer engagement [3] - The introduction of new store formats like Super Anta and Champion stores has significantly outperformed traditional store formats [3]

Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020.HK) [1] Core Views - Anta Sports demonstrated high-quality growth across its multi-brand matrix in Q2 2024, with retail sales for the Anta brand, FILA, and other brands showing significant year-on-year increases [1] - The company is expected to achieve its revenue growth targets of 10-15% for both the Anta brand and FILA for the full year, supported by ongoing brand optimization and marketing efforts related to the Olympics [1] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from 62,661 million RMB in 2023 to 70,422 million RMB in 2024, reflecting a year-on-year increase of 12.39% [1] - Net profit attributable to shareholders is expected to rise from 10,236 million RMB in 2023 to 13,293 million RMB in 2024, marking a growth of 29.86% [1] - The latest diluted EPS is forecasted to increase from 3.61 RMB in 2023 to 4.69 RMB in 2024 [1] Retail Performance - In Q2 2024, retail sales for the Anta brand grew at a high single-digit rate, while FILA and other brands saw mid-single-digit and 40-45% growth, respectively [1] - The Anta brand's performance improved in a challenging consumer environment, with significant online growth of 20-25% [1] - FILA's performance was impacted by a high base, with mid-single-digit growth in Q2 2024, while other brands like Descente and Kolon showed strong growth of 35-40% and 60%, respectively [1] Brand Strategy - Anta continues to implement a mass-market positioning and brand elevation strategy, introducing new store formats and products to meet diverse market demands [1] - The introduction of the Super Anta store and Anta Champion store has been well-received, enhancing brand influence and market response [1] Financial Health - The company maintains a healthy inventory turnover ratio, with discounts remaining stable year-on-year and improving quarter-on-quarter [1] - The overall inventory levels are healthy, and the company expects to continue benefiting from economies of scale and reduced rental costs [1] Valuation - The report adjusts the net profit forecasts for 2024-2025 upwards, reflecting the contribution from Amer Sports' US listing, with corresponding P/E ratios of 14, 13, and 12 for 2024-2026 [1] - The current valuation is considered to be at a historically low level, supporting the "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [5] Core Views - Anta's main brand achieved high single-digit growth in Q2 2024, with a significant acceleration compared to Q1 2024, and a year-on-year growth in the first half of the year in the single digits, meeting expectations [5] - FILA's revenue in Q2 2024 grew in the mid-single digits despite a high base from the previous year, indicating stable performance [5] - Other brands experienced a revenue growth of 40-45% in Q2 2024, exceeding expectations, supported by a strong outdoor trend and brand strength [5] - The company maintains a healthy inventory level with improving discount rates, indicating high-quality retail growth [5] - Management expects a recovery in sales to accelerate in the second half of the year, maintaining growth guidance for all brands [5] - The multi-brand matrix is seen as a valuable resource, with steady growth in the main and FILA brands, and strong performance from new outdoor brands [5] Financial Summary - For FY2023, the company reported a revenue of 624 billion RMB, a year-on-year increase of 16% [6] - The net profit attributable to shareholders for FY2023 was 102.4 billion RMB, reflecting a year-on-year growth of 35% [6] - The gross margin improved to 62.6%, up 2.4 percentage points from the previous year, while the net profit margin increased to 16.4%, up 2.3 percentage points [6][7] - The company forecasts revenues of 703 billion RMB for FY2024, with a projected net profit of 134.8 billion RMB [9]

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 69.7 HKD [7]. Core Insights - The company has shown strong retail performance in Q2 2024, with Anta brand retail sales increasing by high single digits year-on-year, FILA brand retail sales increasing by mid single digits, and other brands (excluding those added in 2023 and later) experiencing a retail sales growth of 40-45% [1]. - For the first half of 2024, Anta brand retail sales grew by mid single digits, FILA brand retail sales grew by high single digits, and other brands saw a growth of 35-40% [1]. - Anta continues to focus on a strategy of "mass positioning, professional breakthroughs, and brand elevation," maintaining its leadership in the Chinese sports brand market [2]. - FILA is innovating in the high-end fashion sector, aligning with various consumer trends and expanding its product offerings to meet the demands of high-end users in first and second-tier cities [3]. - The company maintains its profit forecast, projecting revenues of 70.8 billion RMB, 79.5 billion RMB, and 87.8 billion RMB for 2024-2026, with corresponding net profits of 13.2 billion RMB, 13.5 billion RMB, and 15.6 billion RMB [5]. Summary by Sections Retail Performance - In Q2 2024, Anta brand retail sales increased by high single digits, while FILA brand retail sales increased by mid single digits. Other brands saw a retail sales growth of 40-45% [1]. - For H1 2024, Anta brand retail sales grew by mid single digits, FILA brand retail sales grew by high single digits, and other brands experienced a growth of 35-40% [1]. Strategic Positioning - Anta's strategy focuses on "mass positioning, professional breakthroughs, and brand elevation," which has solidified its position as a leader in the Chinese sports brand market [2]. - The company leverages Olympic resources to enhance its product matrix, catering to a wide range of consumer needs [2]. Product Innovation - FILA continues to innovate in the high-end fashion sector, focusing on design, functionality, and consumer preferences across various styles [3]. - The brand is expanding its product lines in elite sports such as golf, tennis, and elite running, targeting high-end consumers [3]. Financial Projections - The company maintains its profit forecast with expected revenues of 70.8 billion RMB, 79.5 billion RMB, and 87.8 billion RMB for 2024-2026, and net profits of 13.2 billion RMB, 13.5 billion RMB, and 15.6 billion RMB respectively [5].

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 ...

Investment Rating - The report maintains a "Buy-A" rating for Anta Sports [2][4] Core Views - In Q2 2024, Anta's brand retail sales accelerated with healthy inventory levels and improved retail discounts. The company expects a 10%-15% growth in retail sales for both Anta and FILA brands, with Descente and Kolon brands projected to grow by at least 20% and 30% respectively [4][5] - The report indicates that FILA's retail sales growth has slowed, primarily due to the performance of FILA FUSION and FILA KIDS, while the main FILA products performed well [4][3] Summary by Sections Retail Performance - Anta brand retail sales in Q2 2024 grew by a high single-digit percentage year-on-year, with online sales expected to outperform offline sales, showing a 20%-25% increase [1][3] - FILA brand retail sales grew by a mid-single-digit percentage year-on-year, with online sales also expected to exceed 20% growth [1][3] - Other brands, including Descente and Kolon, saw retail sales growth of 40%-45%, with Kolon expected to grow by 60% and Descente by 35%-40% [1][3] Inventory and Discounts - As of the end of Q2 2024, inventory turnover for Anta and FILA brands remained below 5 months, indicating a healthy inventory level [1][3] - Retail discounts for Anta improved by 1 percentage point, with online discounts improving by 1-2 percentage points [1][3] - FILA's retail discounts remained stable year-on-year [1][3] Financial Projections - The report maintains earnings forecasts for Anta, projecting earnings per share (EPS) of 4.71, 4.85, and 5.47 for 2024, 2025, and 2026 respectively [4][5] - The price-to-earnings (P/E) ratios for 2024-2026 are projected at 13.8, 13.4, and 11.9 times [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][12] Core Views - The company reported strong retail performance in Q2 2024, with the main brand Anta achieving high single-digit growth, FILA achieving mid-single-digit growth, and other brands experiencing a growth of 40-45% [1][2] - The second quarter showed a healthy inventory turnover and a significant reduction in online discounts, indicating improved operational quality [2][5] - The company is expected to maintain its industry-leading growth due to the star effect of the Anta brand, product matrix upgrades, and multi-brand incubation efforts [2][6] Summary by Sections Q2 Performance - In Q2 2024, Anta's main brand recorded high single-digit growth, while FILA saw mid-single-digit growth, and other brands grew by 40-45% [1][2] - All brands achieved a target completion rate of 100%, with inventory turnover ratios improving and online discounts narrowing significantly [2][5] Financial Forecast - The forecast for net profit from 2024 to 2026 is as follows: 134.6 billion, 134.8 billion, and 147.8 billion yuan, representing growth rates of 31.5%, 0.2%, and 9.6% respectively [2][7] - Adjusted net profit estimates, excluding a one-time gain from AmerSports, are approximately 118.6 billion, 134.8 billion, and 147.8 billion yuan, with growth rates of 15.8%, 13.7%, and 9.6% [2][6] Valuation and Target Price - The target price is set between 104-113 HKD, with a relative P/E ratio of 23-25x based on the adjusted EPS for 2024 [2][6] - The company is expected to continue enhancing its competitiveness in the global sports market through its multi-tiered brand matrix in China and its multi-brand layout globally [2][6]

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 115, based on a 25 times PE for 2024 [1][2][4]. Core Views - Anta's main brand achieved high single-digit growth in Q2 2024, with significant contributions from both offline and online sales channels [2]. - The company is expected to continue benefiting from the recovery in consumer spending and the launch of new products, leading to accelerated growth in the second half of the year [2]. - The overall inventory and discount levels are healthy, with a stock-to-sales ratio maintained below 5, indicating effective inventory management [2]. Summary by Sections Main Brand Performance - Anta's main brand recorded high single-digit growth in Q2 2024, with offline sales growing in the mid-single digits and e-commerce sales increasing by 20-25% [2]. - The company launched the PG7 running shoe platform, priced at HKD 399 and HKD 299, aimed at consolidating its position in the mass market [2]. - The brand is also expanding its presence in premium shopping areas with new store formats [2]. FILA Brand Performance - FILA experienced mid-single-digit growth in Q2 2024, with e-commerce sales still growing by 20% despite a high base from the previous year [2]. - The brand's performance was affected by market saturation in children's products and cyclical challenges in the Fusion line [2]. Other Brands Performance - Other brands, particularly in outdoor sports, showed strong performance with growth rates of 40-45% in Q2 2024 [2]. - Descent and Kolon brands recorded growth rates of 35-40% and nearly 60%, respectively, with improvements in discount levels for Kolon [2]. Financial Projections - The report forecasts EPS for 2024, 2025, and 2026 to be RMB 4.26, RMB 4.88, and RMB 5.46, respectively [1][2]. - Revenue is projected to grow from RMB 62.36 billion in 2023 to RMB 69.55 billion in 2024, reflecting a growth rate of 11.5% [3][7]. - The net profit attributable to shareholders is expected to reach RMB 11.81 billion in 2024, with a growth rate of 15.4% [3][7].

2024 年 7 月 9 日 CMB 国际全球市场 | 股票研究 | 公司更新 安踏体育 ( 2020 香港 ) 在连续 2Q24 之后 , 对 FY24E 保持谨慎 第二季度的零售销售增长大致一致 ( 安踏强劲,而 FILA 疲软 ),但弹性零售折扣给我们留 下了深刻的印象 ( 安踏在在线渠道折扣方面仍取得了同比增长 ) 。展望未来,我们仍然认为 销售增长可能会略有改善。一方面,我们对安踏的新产品、新店铺形式和品牌建设市场等更有 信心。但另一方面,我们对 FILA 变得更加谨慎。然而,总而言之,FY24E 的盈利能力仍然不 错,因此我们并不过度担心底线。安踏是我们在该行业的首选,这要归功于其弹性表现和获得 市场份额的能力。 FY24E 指导保持不变 , 但我们对安踏比 FILA 更有信心。管理层维持安踏和 FILA 零售 销售增长 10% - 15% 的指导。但是,我们对安踏更有信心,并预计其销售增长将在 2H24E 加速至 10 % 以上的水平,受以下支持 : 1 ) 令人兴奋的新产品线 ( 奥运相关 产品 ,Kyrie Irvig 的产品以及物有所值的产品 ),2 ) 商店扩张以进一步细分客户 ( Se ...