Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.0 HKD, representing a potential upside of 32.8% from the current price of 76.8 HKD [1][2]. Core Insights - The company reported a significant year-on-year increase in net profit attributable to shareholders of 62.6%, reaching 7.72 billion RMB in the first half of 2024, alongside a robust revenue growth of 13.8% to 33.74 billion RMB [1]. - The gross margin improved by 0.8 percentage points to 64.1%, driven by the performance of the Anta main brand and Fila [1]. - The company announced a share repurchase plan of 10 billion RMB over the next 18 months to enhance market confidence [1]. Financial Performance Summary - **Revenue**: The company achieved a revenue of 33.74 billion RMB in H1 2024, up 13.8% year-on-year [1]. - **Net Profit**: The net profit attributable to shareholders increased by 62.6% to 7.72 billion RMB, with core net profit rising 17.0% to 6.16 billion RMB [1]. - **Gross Margin**: The gross margin rose to 64.1%, reflecting a 0.8 percentage point increase [1]. - **Operating Profit**: Operating profit grew by 13.6% to 8.66 billion RMB, maintaining an operating margin of 25.7% [1]. - **Free Cash Flow**: The company generated free cash flow of 7.62 billion RMB [1]. - **Net Cash Position**: The net cash position increased significantly to 32.39 billion RMB [1]. Brand Performance - **Anta Main Brand**: Revenue for the Anta main brand grew by 13.5% to 16.1 billion RMB, benefiting from strong e-commerce growth and product effectiveness [1]. - **FILA Brand**: Revenue for the FILA brand increased by 6.8% to 13.01 billion RMB, with growth driven primarily by bulk sales [1]. - **Other Brands**: Other brands saw a revenue increase of 41.8% to 4.6 billion RMB, with DESCENTE and KOLON leading the growth [1]. Future Outlook - The company expects double-digit growth for the Anta brand in 2024, while the FILA brand's growth forecast has been adjusted to high single digits [1]. - The operating profit margins for the Anta and FILA brands are projected to be around 20% and 25%, respectively [1].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 118, based on a projected 25x PE for 2024 [3][5]. Core Insights - Anta Sports reported a strong performance in H1 2024, with revenue increasing by 13.8% year-on-year to HKD 33.7 billion and net profit attributable to shareholders (excluding JV impact) rising by 17.0% to HKD 6.16 billion. Including JV impact, net profit surged by 62.6% to HKD 7.72 billion, exceeding market expectations [2][3]. - The management announced a share buyback plan of up to HKD 10 billion over the next 18 months and declared an interim dividend of HKD 1.18 per share, reflecting confidence in the company's future and commitment to shareholder returns [2][3]. Summary by Sections Financial Performance - Anta's main brand revenue grew by 13.5% to HKD 16.08 billion, driven by double-digit growth in running categories and improved store efficiency. DTC, e-commerce, and wholesale revenues were HKD 8.937 billion, HKD 5.567 billion, and HKD 1.573 billion, respectively, with growth rates of 10.5%, 20.1%, and 8.5% [2]. - FILA's revenue increased by 6.8% to HKD 13.06 billion, with professional products showing double-digit growth. However, children's and trendy brands faced challenges. Gross margin improved by 1pp to 70.2% [2]. - Other brands, particularly in outdoor sports, saw a significant revenue increase of 41.8% to HKD 4.6 billion, with Descente and Kolon growing by 30% and over 50%, respectively [2]. Future Projections - The report forecasts EPS for 2024-2026 to be HKD 4.35, HKD 4.97, and HKD 5.53, respectively, with revenue growth rates projected at 11.0%, 12.8%, and 10.9% [3][8]. - The gross margin is expected to improve gradually, reaching 63.3% by 2026, while the net profit margin is projected to stabilize around 17.7% [9]. Market Position - As a leading player in China's sportswear industry, Anta is well-positioned to benefit from industry growth and consumer trends, particularly in the premium segment [3][8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 102 HKD based on a 19x PE valuation for 2024 [2][3][6]. Core Insights - The company reported a revenue of 33.74 billion, a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 7.72 billion, up 62.6%. Excluding the impact of joint ventures and the gain from Amer's listing, the net profit was 6.16 billion, reflecting a 17% year-on-year growth [1][6]. - Anta's main brand saw revenue growth of 13.5% to 16.08 billion, with direct-to-consumer (DTC) and online sales growing by 10.5% and 20.1%, respectively. The company opened 73 new stores, bringing the total to 9,904 [1][6]. - FILA brand revenue increased by 6.8% to 13.06 billion, with a gross margin improvement to 70.2%. The operating profit margin decreased slightly to 28.6% due to increased advertising expenses [1][6]. - Other brands achieved a revenue of 4.6 billion, a significant year-on-year growth of 41.8%, maintaining a high operating profit margin of 29.9% [1][6]. - The company announced a share buyback plan of up to 10 billion HKD over 18 months, indicating confidence in future operations [1][6]. Financial Summary - The company expects earnings per share (EPS) for 2024, 2025, and 2026 to be 4.91, 5.04, and 5.80 CNY, respectively [2][6]. - Revenue projections for 2024-2026 are 70.11 billion, 78.32 billion, and 87.19 billion CNY, with year-on-year growth rates of 12.4%, 11.7%, and 11.3% [5][6]. - The gross margin is projected to improve from 62.6% in 2023 to 63.2% in 2024, while the net profit margin is expected to rise from 16.4% to 19.8% [5][6].

Investment Rating - The investment rating for the company is "Buy" with a target price set at 76.8 HKD, maintaining the rating for the next six months [8]. Core Insights - The company reported a revenue of 33.7 billion HKD for the first half of 2024, representing a year-on-year increase of 13.8%, with a net profit attributable to shareholders of 6.16 billion HKD, up 17% [1]. - The board declared an interim dividend of 1.18 HKD per share, a 43.9% increase year-on-year, with dividends accounting for 50.1% of net profit [1]. - The company plans to repurchase up to 10 billion HKD of its shares over the next 18 months, which will be canceled to enhance shareholder returns [1]. Financial Performance - The overall gross margin for the company was 64.1%, an increase of 0.8 percentage points year-on-year [2]. - The operating profit margin (OPM) remained stable at 25.7%, with the net profit margin at 18.3%, reflecting a 0.5 percentage point increase [2]. - Advertising and promotional expenses accounted for 7.5% of total revenue, showing a slight increase of 0.4 percentage points [2]. Brand and Market Expansion - The company actively expanded its online platforms, achieving a 25.1% increase in e-commerce revenue, which now represents 33.8% of total revenue [3]. - The company maintained a steady expansion of physical stores, with a net increase of 20 stores for the main brand and 53 for the children's line [3]. - The company is enhancing its product matrix in running and basketball categories, launching new products to meet diverse consumer needs [4]. Brand Positioning - FILA is focusing on a blend of professional and fashionable sports image, with strong sales in functional products [5]. - The outdoor brand, Descente, is creating differentiated product matrices and enhancing brand communication to penetrate high-end markets [6].

Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020) with a target price set at 76.80 HKD [1][4]. Core Insights - The company's H1 2024 financial results exceeded expectations, with revenue reaching 33.74 billion HKD, a year-on-year increase of 13.8%. The net profit attributable to shareholders was 7.72 billion HKD, up 62.6% year-on-year. Excluding one-time gains from the listing of Amer Sports, the adjusted net profit was 6.16 billion HKD, reflecting a 17.0% increase [1][4]. - Anta Sports announced a share buyback plan of up to 10 billion HKD over the next 18 months, demonstrating confidence in future growth and commitment to shareholder returns [1][4]. Summary by Sections Financial Performance - H1 2024 revenue was 33.74 billion HKD, up 13.8% year-on-year. The net profit attributable to shareholders was 7.72 billion HKD, a 62.6% increase. Adjusted net profit, excluding one-time gains, was 6.16 billion HKD, reflecting a 17.0% increase [1][4]. - The company declared an interim dividend of 1.18 HKD per share, with a payout ratio of approximately 50% when excluding the one-time gain from Amer Sports [1][4]. Brand Performance - Anta brand revenue for H1 2024 was 16.08 billion HKD, up 13.5%, with a gross margin of 56.6%. FILA brand revenue was 13.06 billion HKD, up 6.8%, with a gross margin of 70.2%. Other brands, including Descente and Kolon, saw revenue growth of over 30% [1][4]. - The online sales channel grew by 25%, increasing its share from 30.8% in H1 2023 to 33.8% in H1 2024. The number of stores for Anta and FILA brands increased, with a focus on the DTC model [1][4]. Inventory and Profitability - Inventory turnover days improved to 114 days, down 10 days year-on-year, contributing to better discount management. The gross margin for H1 2024 was 64.1%, up 0.8 percentage points year-on-year [1][4]. - The net profit margin (excluding Amer Sports) reached a historical high of 18.3%, up 0.5 percentage points year-on-year [1][4]. Future Outlook - The company maintains its revenue growth guidance for the Anta brand at 10%-15% for 2024, while FILA's growth forecast has been adjusted to high single digits. The overall strategy focuses on high-quality growth across multiple brands [1][4].

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 | ...