MN 9 Jul 2024 CMB International Global Markets | Equity Research | Company Update Anta Sports (2020 HK) Stay cautious about FY24E after an inline 2Q24 Retail sales growth in 2Q24 was roughly inline (Anta was strong while FILA was weak), but we are impressed by the resilient retail discounts (Anta still managed to have YoY improvement on discounts on online channel). Going forward in 2H24E, we still think sales growth could improve slightly. On one hand, we are more confident about Anta's new products, new s ...

[Table_Date] 2024 年 07 月 09 日 证券研究报告|港股公司点评研究报告 [Table_Title] Q2 主品牌及其他品牌增长超预期 [Table_Title2] 安踏体育(2020.HK) [Table_Summary] 事件概述 公司发布 Q2 及 2024H1 公司营运表现:24Q2 安踏/FILA/其 他品牌零售金额同比录得高单位数/中单位数/40-45%的正增 长,主品牌 Q2 超预期我们分析主要由于店效持续提升,FILA 在高基数下保持中单增长;2024H1 安踏/FILA/其他品牌零售金 额同比录得中单位数/高单位数/35-40%的正增长。 分析判断: 我们分析,1)安踏品牌 Q2 实现高单位数增长,我们分析 主要由于主品牌店效持续提升;2)FILA 增速较 Q1 的高单位数 放缓至中单位数。3)迪桑特、KOLON 等其他品牌 Q2 增长 40- 45%,主要由于品牌为高端品牌定位,高端品牌对应人群受消费 降级影响不大。4)从线上数据来看,根据天猫 618 运动户外销 售榜,FILA/安踏维持第 2/5 位排名。 投资建议 我们预计:(1)我们预计 2024 年主品牌、F ...

[Table_Industry] 纺织服装业 Q2 逆势稳健增长,维持全年增长指引 安踏体育(2020)[Table_Invest] 评级: 增持 [当前价格 Table_CurPrice] :(港元) 71.35 [Table_Date] 2024.07.09 | | | | |-----------------|---------------------------|--------------------------------| | | | ——安踏体育 2024Q2 经营数据点评 | | [table_Authors] | 刘佳昆(分析师) | 曹冬青(研究助理) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880122070070 | 本报告导读: 公司 Q2 逆势实现优异流水表现,H1 整体销售符合公司预期,维持全年流水及经营利 润率指引。 [Table_Market] 交易数据 | | ...

证券研究报告 | 公司点评 2024 年 07 月 09 日 安踏体育(02020.HK) Q2 流水平稳增长,折扣稳定,库存健康 公司披露 2024Q2 经营情况公告,各品牌高质量增长。根据公司披露,2024Q2 安踏品牌流水同比增长高单位数,Fila 品牌流水同比增长中单位数,其他品牌流 水同比增长 40%-45%;上半年安踏品牌流水同比增长中单位数,Fila 品牌流水 同比增长高单位数,其他品牌流水同比增长 35%-40%,在波动市场环境下,实 现高质量增长。 安踏品牌:流水稳健增长,营运健康。1)流水 Q2 提速,电商表现优于线下: 大众运动鞋服需求稳健复苏,安踏产品力和品牌力提升同步推进,安踏品牌 Q2 流水同比增长高单位数,较 Q1 的中单位数增速提升。分品牌和渠道看,我们预 计线下成人表现优于儿童,安踏电商流水或有 20%+增长,我们判断不同渠道间 的增速差异一方面来源于基数不同,另一方面安踏持续推动电商业务产品以及运 营优化。2)营运健康,渠道优化:我们预计截至 2024Q2 末安踏品牌库销比仍 在 4-5 之间的健康水平,同时全渠道折扣同比或基本持平。从中长期来看,安踏 品牌仍将在产品端继续 ...

Investment Rating - The investment rating for Anta Sports (02020.HK) is maintained at "Buy" [2][4] Core Insights - In Q2 2024, Anta's main brand, FILA, and other brands achieved mid to high single-digit growth rates, with the main brand accelerating its growth [4] - The company expects to maintain its profit forecasts for 2024-2026, projecting net profits of 13.43 billion, 13.66 billion, and 15.65 billion yuan respectively, with corresponding EPS of 4.7, 4.8, and 5.5 yuan [4] - The current stock price corresponds to a PE ratio of 13.7, 13.5, and 11.8 for the years 2024, 2025, and 2026 respectively [4] Financial Summary and Valuation Metrics - Revenue (in million yuan): 2021A: 53,651, 2022A: 62,356, 2023A: 70,093, 2024E: 79,253, 2025E: 89,244 [4] - Year-over-Year (YOY) growth rates: 2021A: 8.8%, 2022A: 16.2%, 2023A: 12.4%, 2024E: 13.1%, 2025E: 12.6% [4] - Net profit (in million yuan): 2021A: 7,590, 2022A: 10,236, 2023A: 13,432, 2024E: 13,661, 2025E: 15,652 [4] - Gross margin: 2021A: 60.2%, 2022A: 62.6%, 2023A: 62.9%, 2024E: 63.1%, 2025E: 63.4% [4] - Net margin: 2021A: 14.1%, 2022A: 16.4%, 2023A: 19.2%, 2024E: 17.2%, 2025E: 17.5% [4] - Return on Equity (ROE): 2021A: 20.1%, 2022A: 18.3%, 2023A: 28.0%, 2024E: 23.2%, 2025E: 21.9% [4] - EPS (diluted, in yuan): 2021A: 2.7, 2022A: 3.6, 2023A: 4.7, 2024E: 4.8, 2025E: 5.5 [4] - Price-to-Earnings (P/E) ratios: 2021A: 24.3, 2022A: 18.0, 2023A: 13.7, 2024E: 13.5, 2025E: 11.8 [4] - Price-to-Book (P/B) ratios: 2021A: 4.9, 2022A: 3.3, 2023A: 3.9, 2024E: 3.1, 2025E: 2.6 [4]

Investment Rating - Maintains a "Buy" rating with a 6-month outlook [6] Core Views - Anta has launched the PG7 technology platform, a breakthrough in cushioning technology for mass-market running shoes, with a G-value of 7.8 and a 20% improvement in softness of the yarn [1] - The PG7 series features two running shoes priced at 399 RMB and 299 RMB, significantly lower than international brands like ASICS, Adidas, and Nike, which are priced above 1000 RMB [2] - The PG7 technology is designed based on the actual needs of ordinary runners, rather than being a downgraded version of elite products, marking a颠覆 in the cushioning industry [2] - The PG7 series incorporates advanced materials and design, including a wide last tailored for Chinese foot shapes, Sorona fiber for enhanced softness, and AI-designed midsole for natural bending [3] - Anta is focused on the mass professional sports market, aiming to provide functional and cost-effective sports products, and has strengthened its professional running shoe matrix [3] - Revenue forecasts for 2024-26 are 708 billion RMB, 795 billion RMB, and 878 billion RMB, with net profits of 132 billion RMB, 135 billion RMB, and 156 billion RMB, respectively [4] - EPS for 2024-26 is projected at 4.7 RMB, 4.8 RMB, and 5.5 RMB, with corresponding P/E ratios of 17x, 17x, and 14x [4] Company Data - Total shares outstanding: 2,832.62 million [5] - Market capitalization: 240,631.37 million HKD [5] - Net asset value per share: 20.06 HKD [5] - Debt-to-asset ratio: 39.27% [5] - 52-week high/low: 96.00 HKD / 60.20 HKD [5] Industry Context - Anta operates in the non-essential consumer goods sector, specifically in textiles and apparel [6] - The company's strategy revolves around "mass positioning, professional breakthroughs, and brand elevation" [3]

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[ 安 TIna 踏fbole] 体 _T 育itle （] 2020） [评Tab级le_：Inv est] 增持 当前价格（港元）： 87.85 Amer Q1 业绩超预期，看好全年利润贡献 2024.05.23 海 ——安踏体育更新 [ 交Ta易bl数e_据M arket] 外 刘佳昆(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 64.15-94.25 公 021-38038184 0755-23976666 010-83939831 当前股本（百万股） 2,833 当前市值（百万港元） 248,846 司 liujiakun029641@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com 证书编号 S0880524040004 S0880122070070 S0880122070053 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 Amer Q1收入利润均超预期，始祖鸟/萨洛 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][6]. Core Views - Anta Sports demonstrated robust short-term operations with a revenue growth of 16.2% and a net profit growth of 34.9% in 2023, reaching 62.4 billion and 10.236 billion RMB respectively. The company is expected to continue its high-quality growth trajectory through effective multi-brand management and optimization strategies [20][24]. Summary by Sections Short-term Tracking - The company's multi-brand management capabilities enhance performance stability amid fluctuating consumer environments. In Q1 2024, Anta and Fila brands showed mid-single-digit and high-single-digit revenue growth respectively, with healthy inventory levels [20][21]. Long-term Trends - Anta Sports' multi-brand strategy is expected to sustain long-term growth. The company is positioned to leverage its core brand Anta, Fila, and other international brands to diversify revenue streams and enhance overall performance [26][28]. Brand Performance - **Anta Brand**: In 2023, Anta's revenue grew by 9.3% to 30.306 billion RMB, with a projected CAGR of 10%-15% from 2023 to 2026. The brand is entering a phase of high-quality growth through channel and product structure optimization [29][30]. - **Fila Brand**: Fila's revenue increased by 16.6% to 25.1 billion RMB in 2023, transitioning to a high-quality growth phase with a similar CAGR forecast of 10%-15% [28][29]. - **Other Brands**: The segment saw a significant revenue increase of 57.7% to 6.947 billion RMB in 2023, benefiting from high operational efficiency and market potential [28][29]. Financial Forecasts - The report projects net profits for Anta Sports to be 13.6 billion, 13.99 billion, and 16.16 billion RMB for 2024, 2025, and 2026 respectively, with a PE ratio of 17 times for 2024 [2][4][5]. Organizational Structure - Anta has established a platform-based and divisional management structure to enhance operational efficiency and support multi-brand growth. The DTC (Direct-to-Consumer) model is being emphasized to improve insights into consumer behavior and operational efficiency [2][18].

Summary of Conference Call Company and Industry - The conference call is focused on Anta Sports, a prominent player in the sportswear industry [1] Core Points and Arguments - The company welcomes investors and provides an overview of its performance and strategic direction [1] Other Important but Possibly Overlooked Content - The presentation includes a reference to a specific page, indicating detailed financial or operational data may be discussed later [1]

Investment Rating - The report maintains a "Strongly Recommend" rating for Anta Sports, reflecting confidence in its growth trajectory and market position [1][5] Core Views - Anta Sports achieved robust growth in 2023, with revenue reaching RMB 62.356 billion, a 16.2% YoY increase, and net profit attributable to the parent company (excluding joint venture losses) rising 44.9% to RMB 10.954 billion [1] - The company's multi-brand strategy continues to drive growth, with Anta, FILA, and other brands (DESCENTE and KOLON) contributing significantly to revenue and market expansion [1] - Anta Sports' 2024 Q1 performance showed steady growth, with Anta brand retail sales increasing by mid-single digits and FILA by high-single digits, while other brands grew 25-30% [1] Financial Performance - In 2023, Anta Sports' gross margin improved to 62.6%, up 2.4 percentage points, driven by DTC (Direct-to-Consumer) initiatives and improved retail discounts for FILA [1] - Operating profit margin rose to 24.6%, a 3.7 percentage point increase, reflecting strong cost control and operational leverage [1] - The company's joint ventures showed significant improvement, with EBITDA reaching RMB 3.745 billion, a 45.4% YoY increase, and expected gains of RMB 1.6 billion in 2024 due to the joint venture's listing [1] Multi-Brand Strategy - Anta brand revenue grew 9.3% YoY to RMB 30.306 billion, while FILA revenue increased 16.6% to RMB 25.103 billion, with notable growth in footwear and children's wear [1] - DESCENTE and KOLON achieved a 57.7% revenue growth, reaching RMB 6.947 billion, highlighting their role as new growth engines [1] - The company plans to maintain double-digit growth for Anta, achieve RMB 40-50 billion in FILA sales, and develop DESCENTE and KOLON into the third RMB 10 billion brand by 2026 [1] Market Position and Expansion - Anta Sports aims to become the market leader in China by 2025 and a global leader by 2030, leveraging its multi-brand strategy and market segmentation [1] - The company expanded its retail network, with Anta adult stores increasing to 7,053 (net addition of 129) and Anta Kids stores to 2,778 (net addition of 99) by the end of 2023 [1] Valuation and Forecast - The report forecasts Anta Sports' net profit for 2023-2025 to be RMB 12.85 billion, RMB 13.373 billion, and RMB 15.152 billion, respectively, with a current PE ratio of 19.7x, 18.9x, and 16.7x [5] - The company's EPS is expected to grow from RMB 2.68 in 2023 to RMB 5.35 in 2026, reflecting strong earnings potential [7]