Investment Rating - The investment rating for Anta Sports (2020.HK) is "Buy" and is maintained [5]. Core Insights - In 2023, Anta Sports achieved revenue of 62.4 billion yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 10.2 billion yuan, up 34.9% year-on-year, exceeding expectations [5][6]. - The strong performance is attributed to a significant increase in interest income, which reached 1.47 billion yuan, up 8.6 billion yuan year-on-year, driven by improved cash flow and higher bank deposit rates [5][6]. - The company expects continued growth in 2024, supported by the Olympic catalyst for the Anta brand and the strengthening of the FILA brand [6]. Summary by Sections Financial Performance - In 2023, Anta Sports reported revenue of 62.4 billion yuan, a 16% increase year-on-year, and a net profit of 10.2 billion yuan, reflecting a 34.9% increase [5][6]. - The company’s cash deposits increased to 48.5 billion yuan in 2023 from 27.7 billion yuan in 2022, contributing to improved financial performance [5]. Brand Performance - The Anta brand's revenue grew by 9% year-on-year, with direct-to-consumer (DTC) sales accounting for 56% of total revenue, reaching 17 billion yuan [5]. - FILA's revenue increased by 17%, with operating profit margin (OPM) improving by 7.6 percentage points to 27.6% due to enhanced store efficiency [5][6]. - Descente and KOLON saw revenue growth of 58% to 6.9 billion yuan, with OPM increasing by 6.5 percentage points to 27.1% [5]. Inventory and Efficiency - All brands achieved double-digit growth in store efficiency, with Anta brand store efficiency reaching 280,000 to 290,000 yuan, and FILA nearing 1 million yuan [5][6]. - Inventory management improved, with total inventory reported at 7.2 billion yuan, down 15% year-on-year, and inventory turnover days reduced by 15 days to 123 days [5]. Future Outlook - The company anticipates a positive contribution from its joint ventures in 2024, despite a loss reported in 2023 due to a one-time impairment [6]. - Projections for net profit attributable to shareholders are 13.4 billion yuan in 2024, 13.7 billion yuan in 2025, and 15.4 billion yuan in 2026, with corresponding P/E ratios of 16, 16, and 14 times [6].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 120, based on a projected PE of 26 times for 2024 [1][2][4]. Core Insights - Anta Sports achieved a revenue of RMB 62.36 billion in 2023, representing a year-on-year growth of 16.2%. The net profit attributable to shareholders increased by 34.9% to RMB 10.236 billion, exceeding expectations [1][2]. - The Direct-to-Consumer (DTC) transformation has significantly contributed to revenue growth, with DTC revenue for the main brand rising by 24.2% to RMB 17.005 billion in 2023 [2]. - The successful listing of Amer in February 2024 is expected to bring a one-time non-cash gain of RMB 1.6 billion, positively impacting the financial results for the first half of 2024 [1][2]. Financial Performance Summary - Revenue for 2023 was RMB 62.36 billion, with a gross margin of 62.6%, an increase of 2.4 percentage points year-on-year. The main brand's gross margin improved to 54.9% [1][3]. - The report forecasts EPS for 2024-2026 to be RMB 4.26, RMB 4.88, and RMB 5.46 respectively, with a projected revenue growth rate of 11.5% in 2024 [3][7]. - The company’s net profit margin is expected to rise from 16.4% in 2023 to 17.0% in 2024, indicating improved profitability [3][8]. Market Position and Strategy - Anta Sports is positioned as a leading player in the Chinese sportswear industry, benefiting from a multi-brand strategy that includes brands like Fila and Descente [2][4]. - The company has optimized its sales network, with over 12,000 stores globally, and plans to leverage the upcoming Paris Olympics to enhance brand visibility and competitiveness [2][4].

公司研究 | 动态跟踪 安踏体育 02020.HK 买入（维持） 业绩超预期，呈现高质量增长 股价（2024年03月28日） 83.2港元 目标价格 117.05港元 52周最高价/最低价 116.37/60.2港元 总股本/流通H股（万股） 283,262/283,262 H股市值（百万港币） 235,674 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司发布2023年业绩公告，实现营业收入623.6亿，同比增长16.2%，实现归母净 报告发布日期 2024年03月29日 利润102.4亿，同比增长34.9%，若不包含分占合营公司损益，归母净利润同比增 长44.9%至109.5亿元，盈利表现超市场预期。 1周 1月 3月 12月 ⚫ 经营利润率大幅改善，实现高质量增长。2023年公司经营利润率同比提升3.7pct至 绝对表现% 1.34 11.45 9.11 -25.02 24.6%，改善明显；分品牌来看，安踏/FILA/所有其他品牌的经营利润率分别为 相对表现% 3.25 11.42 12.06 -8.63 22.2%、27.6%和27.1%，同比提升0.8、7.6和6.5pct，我们认为核心原因包 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 62.356 billion RMB in 2023, representing a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 10.236 billion RMB, up 34.9% year-on-year [4][6] - The company is expected to continue its long-term strategic progress, with anticipated revenue growth driven by brand influence expansion and improved discount rates [6][8] Financial Performance Summary - In 2023, the company's revenue by brand showed significant growth: Anta brand revenue increased by 9.3% to 30.306 billion RMB, FILA brand revenue rose by 16.6% to 25.103 billion RMB, and other brands saw a 57.7% increase to 6.947 billion RMB [2][4] - Revenue by category in 2023: footwear revenue increased by 12.7% to 25.332 billion RMB, apparel revenue grew by 18.8% to 35.067 billion RMB, and accessories revenue rose by 18.1% to 1.957 billion RMB [2][4] - The company's overall gross margin improved by 2.4 percentage points to 62.6%, and the operating profit margin increased by 3.7 percentage points to 24.6% in 2023 [4][6] Future Earnings Forecast - The company is projected to achieve revenues of 70.276 billion RMB, 78.458 billion RMB, and 87.087 billion RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.7%, 11.6%, and 11.0% [6][8] - The net profit attributable to shareholders is expected to be 13.439 billion RMB, 14.023 billion RMB, and 16.225 billion RMB for the same years, reflecting growth rates of 31.3%, 4.3%, and 15.7% respectively [6][8] Market Position and Strategy - As of the end of 2023, the company operated 7,053 Anta stores, 2,778 Anta Kids stores, and 1,972 FILA stores, indicating a focus on optimizing sales networks and enhancing brand influence [6][8] - The direct-to-consumer (DTC) model has been successfully implemented, with approximately 44% of Anta stores operated directly by the company, enhancing operational efficiency and profitability [6][8]

2024 年3 月28 日 耐用消费品及服装: 超配 证券研究报告 / 业绩点评报告 安踏体育 (2020 HK, 买入, 目标价: HK$105.55) 23 年业绩亮眼，预计 24 年营收同比增长 12.8% 目标价: HK$105.55 当前股价: HK$82.00 • 2023 年营收表现符合预期，利润端略超预期； 股价上行/下行空间 +29% 52周最高/最低价 (HK$) 118.40/60.20 • 我们预计2024 年营收/归母净利润分别同比增长12.8%/ 22.8%至703.2/ 125.7 亿 市值 (US$mn) 29,690 元； 当前发行数量(百万股) 2,833 • 维持买入评级，上调目标价9%至105.55 港元，对应20 倍2025 年P/E。 三个月平均日交易額 83 (US$mn) 23 年利润端表现略超预期：1）安踏体育发布23 年业绩，营收/归母净利润分别同比增长 流通盘占比 (%) 100 16.2%/ 34.9%至623.6/102.4 亿元，折算2H23 营收/归母净利润分别同比增长18.1%/ 主要股东 (%) 37.1%至327.1/54.9 亿元，营收端符 ...

港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 2024年03月 29日 投资评级 业绩超预期，彰显强劲运营能力 行业 非必需性消费/纺织及 服饰 23年收入624亿同增16%，归母净利 102亿同增35%，业绩超预期 6个月评级 买入（维持评级） 当前价格 83.2港元 公司发布财报，23 年收入 623.6 亿同增 16.2%，其中 H1/H2 分别为 296.5 目标价格 港元 亿同增14%、327.1亿同增18%。 公司 23 年归母净利（含 Amer）102.4 亿同增 35%，H1/H2 归母净利分别 基本数据 47.5亿同增32%、54.9亿同增37%；若不考虑Amer影响，归母净利109.5 港股总股本(百万股) 2,832.62 亿同增45%，净利率17.6%同增3.5pct。 港股总市值(百万港元) 235,674.28 公司拟派发普通末期股息每股 115 分港币，此前中期派发每股 82 分；23 每股净资产(港元) 20.06 年分红率50.7%。 资产负债率(%) 39.27 一 年内最高/最低(港元) 118.40/60.20 我们预计各品牌24年增速或跟随公司此前 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports, indicating a positive outlook for the company's stock performance relative to the market [4][11]. Core Insights - The Chinese sports industry is entering a new phase characterized by stable overall growth and structural differentiation, with Anta Sports positioned as a rare multi-brand leader that aligns with new development trends [3]. - The company achieved a revenue of 62.36 billion RMB in 2023, reflecting a year-on-year growth of 16.2%, while net profit attributable to shareholders reached 10.24 billion RMB, up 34.9% year-on-year [3]. - For the years 2024 to 2026, the projected net profits are 13.26 billion RMB, 14.07 billion RMB, and 16.08 billion RMB respectively, with corresponding price-to-earnings ratios of 16, 15, and 13 times [3]. Financial Summary - In 2023, the company's revenue was 62.36 billion RMB, with a gross profit margin improvement driven by a higher proportion of direct-to-consumer (DTC) sales [3][7]. - The main brand's gross margin increased by 1.3 percentage points, while Fila's gross margin improved by 2.6 percentage points due to better discount management [3]. - The company anticipates steady revenue growth in 2024, with guidance for the main brand and Fila at 10-15%, Descente at over 20%, and Kolon at over 30% [3].

Investment Rating - Maintains an **Outperform** rating with a target price of HK$113.1, representing a 36% upside from the current price of HK$83.20 [3][5] Core Views - Anta Sports' 2023 revenue of RMB 62.36 billion (+16.2% YoY) met market expectations, with FILA and other brands surpassing the main Anta brand in revenue [4][8] - Net profit in 2023 reached RMB 10.24 billion (+34.9% YoY), exceeding market expectations but in line with the report's forecasts [4][8] - The company plans to increase marketing efforts in 2024, focusing on basketball, running, Olympic promotions, and children's products to drive brand growth [4][8] Financial Performance - Revenue for 2024-2026 is projected to grow at a low double-digit rate, with expected revenues of RMB 69.89 billion, RMB 78.29 billion, and RMB 87.69 billion, respectively [5][9] - Net profit for 2024-2026 is forecasted at RMB 13.2 billion, RMB 14.34 billion, and RMB 16.59 billion, with YoY growth rates of 29%, 8.6%, and 15.7%, respectively [5][9] - Gross margins for Anta, FILA, and other brands are expected to remain strong, with slight improvements in 2024 [4][9] Brand Performance - Anta brand revenue in 2023 was RMB 30.31 billion (+9.3% YoY), while FILA and other brands grew by 16.6% and 57.7%, respectively [4][8] - FILA's gross margin improved by 2.6 percentage points to 69.0%, driven by better discount rates and product mix [4][8] - Other brands, including Descente and Kolon, achieved record store efficiencies, with Descente surpassing RMB 5 billion in revenue [4][8] Growth Drivers - Anta's basketball series, led by the Kyrie Irving line, is expected to boost global brand recognition [4][8] - The company's sponsorship of the Paris Olympics will enhance its global brand image [4][8] - FILA's expansion in golf, tennis, and fashion categories is expected to drive further growth in 2024 [4][8] Valuation - The company is valued at 22x PE for 2024, with a target price of HK$113.1, reflecting its strong multi-brand platform and global operational capabilities [5][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][39]. Core Views - The company achieved record high performance in 2023, with revenue of 62.36 billion yuan (up 16.2% year-on-year) and net profit attributable to shareholders of 10.24 billion yuan (up 34.9%) [4][13]. - The report anticipates that the main brand's innovation will release vitality, and the earnings forecasts for 2024-2026 have been adjusted upwards due to the expected one-time gain from Amer's listing of approximately 1.6 billion yuan [4][39]. Summary by Sections 1. 2023 Performance Highlights - The company reported a revenue of 62.36 billion yuan, with a net profit of 10.24 billion yuan, exceeding expectations [4][13]. - The performance in the first and second halves of 2023 showed revenue of 29.65 billion yuan (up 14.2%) and 32.71 billion yuan (up 18.1%) respectively [13]. 1.1 Brand Performance - Revenue growth by brand in 2023: Anta increased by 9.3% to 30.31 billion yuan, FILA grew by 16.6% to 25.10 billion yuan, and other brands surged by 57.7% to 6.95 billion yuan [18][19]. - The DTC (Direct-to-Consumer) channel for Anta saw a revenue increase of 24.2%, while e-commerce grew by 2.6% [5][18]. 1.2 Category Breakdown - In 2023, footwear revenue was 25.33 billion yuan (up 12.7%), apparel revenue was 35.07 billion yuan (up 18.8%), and accessories revenue was 1.96 billion yuan (up 18.1%) [22]. 1.3 Amer Brand Improvement - Amer's revenue reached 31.25 billion yuan (up 30.1%), with EBITDA of 3.75 billion yuan (up 45.4%) [23]. 2. Channel Performance - E-commerce revenue for the company was 20.5 billion yuan (up 11%), accounting for 32.8% of total revenue [24]. - The total number of Anta stores increased by 228 to 9,831, while FILA closed 12 stores, bringing the total to 1,972 [25]. 3. FILA's Profitability - FILA's revenue was 25.10 billion yuan with a gross margin of 69% (up 2.6 percentage points) [27][28]. - The operating profit margin (OPM) for FILA improved to 27.6% (up 7.6 percentage points) [32]. 4. Earnings Forecast and Investment Advice - The company is expected to achieve net profits of 13.43 billion yuan, 13.66 billion yuan, and 15.65 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.7, 4.8, and 5.5 yuan [4][39].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2] Core Views - Anta Sports reported a strong performance in 2023, with revenue increasing by 16% to 62.36 billion RMB and net profit rising by 35% to 10.236 billion RMB, exceeding expectations [2][6] - The company aims for double-digit growth in 2024 for both Anta and FILA brands, supported by effective brand management and operational improvements [2] - The successful IPO of Amer Sports is expected to contribute positively to Anta's performance in 2024, with a projected one-time gain of approximately 1.6 billion RMB [2] Financial Performance Summary - In 2023, Anta's revenue reached 62.36 billion RMB, with a year-on-year growth rate of 16% [2][9] - The net profit for 2023 was 10.236 billion RMB, reflecting a 35% increase compared to the previous year [2][9] - The gross margin improved by 2.4 percentage points to 62.6%, while the net profit margin increased by 2.3 percentage points to 16.4% [2][6] - The company plans to achieve revenues of 70.32 billion RMB in 2024, with a projected growth rate of 13% [9] Brand Performance - Anta brand revenue grew by 9.3% to 30.306 billion RMB in 2023, with a gross margin of 54.9% [2] - FILA brand revenue increased by 16.6% to 25.103 billion RMB, with a gross margin of 69.0% [2] - Other brands saw a significant revenue increase of 57.7% to 6.947 billion RMB, benefiting from outdoor trends and high brand recognition [2] Store Expansion and Channel Strategy - Anta's adult stores increased by 129 to 7,053 in 2023, with expectations to reach 7,100-7,200 stores in 2024 [2] - FILA's store count decreased by 12 to 1,972, but is expected to recover in 2024 with an increase to 2,100-2,200 stores [2] - The company is optimizing its new brand stores while expanding its main brand presence [2] Profitability and Efficiency - The company achieved a significant improvement in profitability, with operating profit margin rising by 3.7 percentage points to 24.6% [2] - Inventory turnover days decreased by 15 days to 123 days, indicating improved efficiency [2] - Operating cash flow increased by 62% year-on-year to 19.634 billion RMB [2]