Investment Rating - The report initiates coverage with a "Buy" rating for Amer Sports, highlighting its future growth potential [4]. Core Insights - Amer Sports is positioned as a leading global multi-brand operator in the sports and outdoor sector, with a strong portfolio including brands like Arc'teryx, Salomon, and Wilson. The company has shown significant revenue growth, with a 23% year-on-year increase in 2023, reaching $4.4 billion [2][4]. - The report emphasizes the company's robust channel and product operation capabilities, particularly under the Direct-to-Consumer (DTC) model, which has led to improved profitability and revenue growth [4][23]. - Amer Sports is expected to leverage Anta's distribution advantages to accelerate its penetration into the Chinese market, where outdoor sports apparel is experiencing rapid growth [3][4]. Summary by Sections Company Overview - Amer Sports operates multiple well-known brands across various sports categories, including professional sports, outdoor activities, and ball sports. The company has expanded its brand matrix through acquisitions and is now a leading player in the global market [2][6]. Industry Context - The outdoor sports apparel market in China is growing rapidly, with a CAGR of approximately 20% over the past three years. Amer Sports has been increasing its presence in this market since its acquisition by Anta in 2019, with significant growth in the Greater China region [3][4]. Financial Performance - In 2023, Amer Sports reported revenues of $4.368 billion, a 23.1% increase year-on-year, and an adjusted EBITDA of $611 million, reflecting a 34.8% growth from the previous year. The company has improved its net loss position, narrowing it by 17.6% compared to 2022 [9][10]. - The report forecasts revenue growth for 2024-2026, with expected revenues of $70.9 billion, $79.6 billion, and $88.4 billion, respectively, indicating a positive growth trajectory [4][11]. Growth Drivers - The company is expected to achieve double-digit revenue growth in 2024, driven by strong brand positioning, product innovation, and effective channel strategies. The anticipated earnings per share for 2024 is projected to be between $0.30 and $0.40 [20][21]. - Amer Sports is focusing on enhancing its operational efficiency and profitability through strategic initiatives, including optimizing its debt structure following its IPO [10][11]. Market Positioning - Amer Sports has a diversified product portfolio and a strong brand presence across various regions, with 40% of its revenue coming from the Americas and 33% from Europe, the Middle East, and Africa [2][18]. - The company is committed to innovation and sustainability, continuously investing in research and development to meet evolving consumer demands [15][17].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨安踏体育（ ） 2020.HK [表Ta现b符le_合T预itle期] ，全年增长可期 报告要点 [公Ta司bl发e_布Su2m0m24aQry1] 零售数据，安踏/FILA/其他品牌流水分别同比增长中单位数/高单位数/25%- 30%，流水表现符合预期。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown steady revenue growth across its brands in Q1 2024, with Anta brand and Fila experiencing mid-single-digit and high-single-digit growth respectively, while other brands grew by 25%-30% [3]. - The collaboration with star athlete Kyrie Irving has significantly enhanced the brand's global influence, with the launch of the "Anta Kyrie 1" sneaker receiving a strong market response [3]. - The introduction of innovative retail formats, such as the "ANTA SNEAKERVERSE" store, aims to attract younger consumers and enhance brand engagement [3]. - The company is projected to achieve net profits of 13.38 billion and 13.55 billion yuan in 2024 and 2025 respectively, with a PE valuation range of 20-23X for 2024, translating to a target price of 102.70-118.11 HKD per share [3]. Financial Performance and Forecast - Revenue is expected to grow from 62.36 billion in 2023 to 70.20 billion in 2024, reflecting a year-on-year growth of 12.6% [4]. - Net profit is forecasted to increase from 10.24 billion in 2023 to 13.38 billion in 2024, representing a year-on-year growth of 30.7% [4]. - The gross margin is projected to remain stable at around 62.5% from 2024 onwards [4]. - The return on equity is expected to be 23.0% in 2024, slightly decreasing to 20.9% by 2025 [4]. Comparative Valuation - The company is compared with peers such as Li Ning, Nike, Adidas, and Lululemon, with an average PE ratio of 22.90 for 2024 [5]. - The valuation metrics indicate that the company is positioned competitively within the industry, with a focus on maintaining strong growth and profitability [5].

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 [【Table_T广itle] 发 纺 服 & 海 外 】 安 踏 体 育 [公Tab司le_I评nves级t] 买入 当前价格 83.80港元 （02020.HK） 合理价值 91.61港元 前次评级 买入 Q1 流水稳健增长，库存及折扣均有改善 报告日期 2024-04-22 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 公司发布24Q1营运公告：安踏主品牌流水同增中单位数，FILA流水 2% 同增高单位数、所有其他品牌同增20%-30%，符合预期。 -5%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -12% ⚫ 安踏主品牌折扣及库销比均有改善，维稳拓新策略值得期待。根据业 -18% 绩会，电商渠道驱动安踏主品牌稳健增长，24Q1电商流水同增20%- -25% 25%。此外，24Q1主品牌线上折扣有所改善，库销比为低于5的健康 -32% 安踏体育 恒生指数 水平，环比有所改善。我们认为，安踏主品牌签约NBA篮球明星欧文 为篮球品类代言人、高线城市新业 ...

Table_BaseInfo 2024 年 4 月 19 日 公司动态分析 安踏体育（2020.HK） 证券研究报告 运动鞋服 Q1 流水稳健增长，多品牌发展符合预期 投资评级： xx 买入 xx 事件：安踏体育公布24Q1流水情况，其中安踏主品牌同比录得中单位数增长； FILA 同比录得高单位数增长；其他品牌同比录得 25-30%增长。主品牌和 FILA 目标价格： 120 港元 流水表现符合预期，其他品牌表现超预期。我们预测2024-2026年EPS为4.26/ 现价(2024-4-18)： 84.95港元 4.88/5.46元，给予2024年26倍PE，目标价120港元，维持“买入”评级。 报告摘要 安踏主品牌：24Q1 在高基数背景下仍同比实现中单位数增长，符合公司预期。 总市值(百万港元) 240,631.37 250,467.00 流通市值(百万港元) 240,631.37 250,467.00 年初两月目标完成率为 100%，3 月下半月超额完成预期目标，目标完成率达 总股本(百万股) 2,832.62 2,714.00 120%。库存维持良好，库销比小于 5，环比改善，整体折扣维持在 75-8 ...

港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 2024年04月 20日 投资评级 零售向上，成长提质 行业 非必需性消费/纺织及 服饰 公司披露24Q1零售表现 6个月评级 买入（维持评级） 当前价格 83.8港元 安踏品牌零售金额（线上+线下，下同）同比增长中单，Fila品牌同比增长 目标价格 港元 高单，所有其他品牌同比增长25-30%。 安踏围绕“大众定位、专业突破、品牌向上”，在品牌、商品上深入变革 基本数据 港股总股本(百万股) 2,832.62 近期安踏与东丽中国面料创新基地（TSD、PTHL）就联合深度研发达成合 作。近年来，多家全球顶级合作伙伴陆续加入安踏全球开放式创新生态网 港股总市值(百万港元) 237,373.85 络平台，围绕运动鞋服新材料研发、面料技术开发、智能制造技术方向， 每股净资产(港元) 20.06 已取得了以高性能防水透湿材料“安踏膜”、引入徐卫林院士科研成果 “嵌 资产负债率(%) 39.27 入纺”技术的“柔心纱”等为代表的联合创新成果，重新定义行业标准和 一 年内最高/最低(港元) 101.30/60.20 消费者体验，并完成市场转化。 作者 安踏 ...

智通财经APP获悉，小摩发布研究报告称，维持安踏体育(02020)“增持”评级，是中国运动服饰板块首选股，目标价144港元。公司发布2024年1季度最新运营数据，安踏品牌/斐乐品牌零售额同比增长中单位数/高单位数(符合预期，并达到预期区间(低到中单位数/中到高单位数)的高端)，其他品牌零售额增长25-30%(超过约20%的预期增幅)。 报告中称，2024年1季度安踏品牌/斐乐品牌符合预期;其他品牌超预期。安踏品牌2024年1季度零售额同比增长中单位数，增长势头从3月中旬开始加速。分渠道看，线上业务增长20-25%，并跑赢线下业务。库存水平进一步下降至5个月以下;线下业务折扣率持平，线上业务折扣率收窄。斐乐品牌2024年1季度零售额同比增长高单位数，斐乐成人表现优于其他斐乐业务板块，原因是斐乐成人优化了门店布局和强化了产品，而斐乐儿童/Fusion正在进行门店更新(2023年净关门店约10%)。分渠道看，线上业务在高基数基础上(2023年1季度增长约40%)保持增长势头，同比增幅为25-30%。库存也保持在5个月以下的健康水平，线上/线下业务折扣率分别收窄3个/1个百分点。其他品牌保持25-30%的稳健增长，其 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][3]. Core Views - Anta Sports reported steady growth in Q1 2024, with retail sales increasing across its brands, particularly FILA, which saw a high single-digit growth, and other brands achieving a 25-30% increase [2]. - The company is expected to continue its multi-brand strategy, with revenue growth targets of 10-15% for Anta and FILA, and over 20% for Descente and KOLON [3]. - The upcoming Paris Olympics in July 2024 is anticipated to enhance the company's market influence through coordinated product and marketing efforts [3]. Summary by Sections Q1 Performance - Anta brand retail sales grew in the mid-single digits year-on-year, with a notable increase in late March [2]. - FILA brand retail sales increased by 25-30% year-on-year, with inventory turnover improving [2]. - Other brands, including KOLON and Descente, reported significant growth, with KOLON exceeding 50% year-on-year [2]. Brand Strategy - Anta launched new basketball products and secured sponsorships, enhancing its global presence [3]. - FILA continues to focus on premium products and optimizing its channel structure [3]. - Descente and KOLON are expanding their product lines and channels, contributing to their revenue growth [3]. Financial Projections - Revenue is projected to grow from 70,347 million RMB in 2024 to 88,059 million RMB by 2026, with a compound annual growth rate of approximately 12.8% [4]. - Net profit is expected to rise from 13,002 million RMB in 2024 to 15,782 million RMB in 2026, reflecting a growth rate of 27% in 2024 [4]. - Earnings per share (EPS) are forecasted to increase from 4.59 RMB in 2024 to 5.57 RMB in 2026 [4]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 17 for 2024 and 16 for 2025, suggesting a favorable valuation compared to historical levels [4][10]. - The return on equity (ROE) is projected to be 22.8% in 2024, indicating strong profitability [10].

证券研究报告 | 2024年04月18日 安踏体育（02020.HK） 买入 第一季度流水稳健增长，库销比下降和折扣收窄  公司研究·海外公司快评  纺织服饰·服装家纺  投资评级：买入（维持评级） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 关竣尹 0755-81982834 guanjunyin@guosen.com.cn 执证编码：S0980523110002 事项： 4月17日，公司公告第一季度零售表现，2024第一季度，安踏主品牌录得中单位数正增长，FILA录得高 单位数正增长，其他品牌录得25-30%正增长。 国信纺服观点： 1、2024第一季度：高基数上流水稳健增长，各品牌目标达成率100%，库销比改善，折扣收窄； 2、风险提示：疫情反复冲击消费需求；改革不及预期；品牌形象受损；市场的系统性风险。 3、投资建议：第一季度经营质量高，看好主品牌势能升级和多品牌矩阵的成长潜力。第一季度安踏和FILA 分别增长中单位数和高单位数，主要由于去年疫情管控放开后的高基数，实际上各品牌目标达成率 ...

智通财经APP获悉，美银证券发布研究报告称，安踏体育(02020)2024年首季的营运表现大致符合预期，在新产品发布和巴黎奥运会相关营销活动的支持下，下半年的业绩增长可能会更加强劲，维持“买入”评级，目标价110港元。 报告中称，集团强大且经过验证的多品牌零售营运能力，有助于其更好地捕捉消费者偏好，其核心品牌定位于大众市场，而其他品牌由于独特的功能和情感价值及强大的执行力而更具弹性。 ...