安踏体育(2020.HK) 中期业绩再创历史新高 强烈推荐（维持） 事项： 股价：74.85 港元 主要数据 | --- | --- | |------------------|--------------------------------| | 行业 | 纺织服装 | | 公司网址 | www.anta.com;ir.anta.com | | 大股东/持股 | 安踏国际集团控股有限公司/42.4% | | 实际控制人 | 丁世忠 | | 总股本(百万股) | 2832.62 | | 流通 A 股(百万股 | ) | | 流通 B/H 股( | 百万股) | | 总市值（亿港元） | 2120.22 | | 流通 A 股市值( | 亿元) | | 每股净资产(元) | 20.23 | | 资产负债率(%) | 36.58 | | 行情走势图 | | 公 司 半 年 报 点 评 相关研究报告 【平安证券】安踏体育（2020.HK）*季报点评*一季度 营运表现符合预期*强烈推荐20240418 【平安证券】安踏体育（2020.HK）*年报点评*利润端 增速超预期，期待奥运年业绩表现*强烈推荐20240327 【 ...

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 | ...

Investment Rating - The report maintains a "Buy-A" rating for the company [2][6] Core Insights - In the first half of 2024, the company achieved revenue of 33.735 billion yuan, a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 7.721 billion yuan, up 62.6% [3][6] - The company's e-commerce channel revenue grew by 25.1%, increasing its share of total revenue by 3.0 percentage points to 33.8% [1][6] - The performance of the Anta brand and FILA brand showed resilience, with Anta's revenue growing by 13.5% to 16.077 billion yuan, while FILA's revenue increased by 6.8% to 13.056 billion yuan [1][4] Summary by Sections Financial Performance - The company reported a gross margin of 64.1%, an increase of 0.8 percentage points year-on-year, and a net profit margin of 22.9%, up 6.9 percentage points [5][6] - The average inventory turnover days decreased by 10 days to 114 days [5] - Operating cash flow for the first half of 2024 was 8.502 billion yuan, with a cash balance of 32.399 billion yuan at the end of the period [5] Brand Performance - Anta brand's revenue accounted for 47.7% of total revenue, with a retail revenue growth in the mid-single digits [1][4] - FILA brand's revenue growth was slower, but the core segment is expected to see double-digit growth, particularly in footwear [1][4] - Other brands, including Descente and KOLON, saw significant revenue growth of 41.8% to 4.602 billion yuan [4] Market Data - As of August 27, 2024, the closing price was 71.650 HKD, with a market capitalization of 202.957 billion HKD [1][3] - The company plans to distribute an interim dividend of 1.18 HKD per share, with a payout ratio of 50.1% [3]

[Table_Date] 2024 年 08 月 28 日 [Table_Title] FILA 增速放缓，宣布百亿回购计划 [Table_Title2] 安踏体育(2020.HK) | --- | --- | --- | --- | |-----------------------------|-------|----------------------------|------------| | [Table_DataInfo]评级： 买入 | | 股票代码： | 2020 | | 上次评级： 买入 | | 52 周最高价/最低价(港元)： | 90.95/65.2 | | 目标价格(港元)： | | 总市值(亿港元) | 2,029.57 | | 最新收盘价(港元)： | 71.65 | 自由流通市值(亿港元) | 2,029.57 | | | | 自由流通股数(百万) | 2,832.62 | [Table_Summary] 事件概述 2024H1 公司实现收入/归母净利/经营性现金流净额分别为 337.35/77.21/85.02 亿元、同比增长 13.8%/62.6%/-16.4%，归母净利润增速 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) with a current price of HKD 71.65 [1] Core Views - Anta Sports reported better-than-expected performance in the first half of 2024, with a revenue increase of 13.8% year-on-year and a significant net profit growth of 62.6% including the impact of the joint venture AMER [6][11] - The company emphasizes high-quality growth and substantial share buybacks, reflecting confidence in future performance [11] Financial Performance - Revenue for the first half of 2024 reached CNY 33.74 billion, with a net profit of CNY 7.72 billion, marking a 62.6% increase year-on-year [6] - Earnings per share (EPS) stood at CNY 2.75, with a proposed interim cash dividend of HKD 1.18, resulting in a payout ratio of 50.1% [6] - Gross margin improved by 0.8 percentage points to 64.1%, while operating profit margin remained stable at 25.7% [8][9] Brand Performance - The main brand Anta, along with FILA and other brands, showed revenue growth of mid-single digits, high-single digits, and 35-40% respectively [6][10] - Online sales increased by 25.1%, contributing to a total revenue growth of approximately 9% in offline channels [7][10] Strategic Initiatives - The company continues to focus on a "single focus, multi-brand, globalization" strategy, enhancing operational efficiency and retail capabilities [10][11] - Anta aims for a revenue growth target of 10-15% for the main brand in 2024, with FILA's target adjusted to high-single digits [11] Cash Flow and Financial Health - As of June 2024, the company reported a net cash position of CNY 32.4 billion, indicating strong liquidity and risk resilience [11] - Operating cash flow for the first half of 2024 was CNY 8.5 billion, a decrease of 16.4% year-on-year [9][11] Future Outlook - The report anticipates continued high-quality growth and plans for share buybacks of up to HKD 10 billion over the next 18 months, signaling confidence in future performance [11]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4] Core Views - Anta Sports reported a revenue growth of 14% and a profit growth of 63% in H1 2024, exceeding expectations. The company achieved a revenue of 33.7 billion yuan, with a gross margin increase of 0.8 percentage points to 64.1% [1] - The board declared an interim dividend of HKD 1.18 per share, maintaining a stable payout ratio of 50.1%. Additionally, a share buyback plan of up to HKD 10 billion over the next 18 months was announced [1] Revenue Summary - Anta brand revenue grew by 13.5% in H1 2024, driven by product and channel optimization. Direct-to-Consumer (DTC) sales increased by 10.5%, e-commerce by 20.1%, and traditional wholesale by 8.5%. Over 80% of Anta's stores operate under the DTC model [2] - FILA brand revenue increased by 6.8% to 13.1 billion yuan, with strong performance in e-commerce and adult categories. The brand focuses on high-quality development and expanding product categories [3] Profitability Summary - Anta's gross margin improved by 0.8 percentage points to 56.6%, and operating profit margin increased by 0.8 percentage points to 21.8% in H1 2024, attributed to channel structure changes and product mix optimization [2] - FILA's gross margin rose by 1 percentage point to 70.2%, while operating profit margin decreased by 1.1 percentage points to 28.6% [8] Future Outlook - The company expects a revenue growth of 12% and a profit growth of 35% for 2024. The anticipated contribution from Amer Sports and a one-time gain of 1.6 billion yuan are factored into the profit forecast [9] - The report adjusts the net profit forecast for 2024-2026 to 13.836 billion, 14.093 billion, and 15.998 billion yuan, respectively, corresponding to a PE ratio of 13 times for 2024 [9]

Investment Rating - The report maintains a rating of "Buy" for Anta Sports [2][4]. Core Views - Anta Sports' H1 performance exceeded expectations, with plans to repurchase shares worth up to HKD 10 billion [4]. - The company expects to continue growth above industry levels in H2, leading to an upward revision of net profit forecasts for 2024-2026 [4]. Financial Summary - H1 revenue reached CNY 33.74 billion, a year-on-year increase of 13.8% [4]. - Excluding Amer, net profit was CNY 6.16 billion, up 17% year-on-year [4]. - Gross margin improved to 64.1%, an increase of 0.8 percentage points [4]. - Operating profit margin remained stable at 25.7% [4]. Brand Performance - Main brand revenue grew by 13.5% in H1, totaling CNY 16.08 billion, driven by product matrix optimization and channel refinement [4]. - FILA's H1 revenue was CNY 13.06 billion, up 6.8%, with a gross margin of 70.2% [4]. - Other brands saw significant growth, with revenue of CNY 4.6 billion, a 41.8% increase [4]. Future Expectations - The main brand's performance in July and August aligns with expectations, maintaining a forecast of double-digit growth for the year [4]. - FILA's annual revenue growth forecast has been revised down to high single digits due to pressures in the trendy and children's segments [4]. - Other brands are expected to meet initial revenue forecasts, with Descente projected to grow over 20% and KOLON over 30% [4].

Anta Sports (2020 HK) A moderate outlook and buybacks announced We are satisfied by the 1H24 results, where the one-off gains and dividends have more than offset the slow core profit growth. Going forward, even though the growth outlook has kind of moderated, we do think the impressive share buyback programme should more than compensate for that. Maintain BUY but trim TP to HK$ 97.05, based on 18x FY25E P/E (rolled over from 20x FY24E P/E). It is trading at 14x FY25E P/E. Anta brand's FY24E guidance reitera ...

Financial Performance - Revenue for the first half of 2024 increased by 13.8% to RMB 33,735 million[2] - Net profit attributable to shareholders increased by 62.6% to RMB 7,721 million, including non-cash accounting gains from Amer Sports[2] - Basic earnings per share grew by 58.0% to RMB 2.75[8] - Gross profit increased to RMB 21,618 million, up 15.3% from RMB 18,755 million in the previous year[12] - Operating profit for Anta reached RMB 8,660 million, a 13.6% increase compared to RMB 7,623 million in 2023[12] - The net profit attributable to shareholders rose by 17.0% to RMB 6.16 billion, up from RMB 5.26 billion in the previous year[18] - Total comprehensive income for the period was RMB 9,475 million, up from RMB 6,173 million in the same period last year, marking an increase of 53.5%[132] Dividends and Shareholder Returns - The board declared an interim dividend of HKD 1.18 per share, representing 50.1% of net profit attributable to shareholders[8] - The company declared an interim dividend of 118 HKD cents per share, a 43.9% increase from 82 HKD cents in the previous year[12] - The interim dividend for 2024 is projected to be HKD 118 per share, reflecting a consistent increase from previous years[117] Store Expansion and Market Presence - Total number of Anta stores reached 7,073, with 2,831 dedicated children's stores[9] - FILA stores totaled 1,981 across mainland China, Hong Kong, Macau, and Singapore[9] - Anta Sports plans to increase the number of Anta and Anta Kids stores to between 7,100 and 7,200 in mainland China and between 2,800 and 2,900 overseas by the end of 2024[112] - FILA aims to expand its store count to between 2,100 and 2,200 across mainland China, Hong Kong, Macau, and Singapore by the end of 2024[112] E-commerce and Digital Strategy - The company is strategically increasing investments in e-commerce, which has shown rapid growth outpacing major competitors[21] - Anta's e-commerce business contributed 33.8% to the overall revenue, up from 30.8% in the same period last year, with a 25.1% increase in absolute terms compared to the previous year[27] - The company has implemented artificial intelligence in product design and live streaming operations to improve product development efficiency and enhance consumer experience[39] Product Development and Innovation - The company launched core technologies and products such as Anta Membrane, Soft Heart Yarn, and C10 Pro during the fiscal period to enhance consumer satisfaction and product quality[39] - Anta Sports has launched two high-performance cushioning running shoes, "Travel Step" and "Travel Path," utilizing PG7 technology co-developed with Sinopec, enhancing comfort with Sorona® fiber[29] - The company is expanding its product offerings in running shoes, having signed Ethiopian long-distance runner Kenenisa Bekele as a spokesperson, enhancing its professional running shoe matrix[28] Financial Health and Cash Flow - Operating cash inflow for the period was RMB 8,502 million, with free cash flow at RMB 7,619 million[2] - Cash and cash equivalents totaled RMB 47.83 billion as of June 30, 2024, slightly down from RMB 48.52 billion at the end of 2023[19] - The net cash flow from operating activities was RMB 8,502 million, compared to RMB 10,164 million in the same period last year[95] Sustainability and Corporate Responsibility - The company aims to reduce absolute greenhouse gas emissions by 42.0% for Scope 1 and Scope 2 by 2030, using 2022 as the base year, and aims for a 51.6% reduction in Scope 3 emissions per dollar added value[39] - Over 140 suppliers have been encouraged to use clean and renewable energy, and a carbon inventory data management system has been established to support suppliers in collecting carbon emissions and energy usage data[39] - The company has trained over 6,800 sports teachers and built 185 Anta Dream Centers, benefiting over 7.2 million young people through its public welfare initiatives[40] Market Trends and Consumer Behavior - The consumer market is showing a polarization trend, with high-income groups favoring high-quality and personalized products, while price-sensitive consumers lean towards high-value alternatives[25] - The shift in consumer demographics, particularly the growing influence of the post-90s and post-95 generations, is leading to increased demand for outdoor sports products, necessitating timely marketing adjustments[48] Risks and Challenges - The company faces significant risks related to technological advancements and product innovation, which could adversely affect its operations if it fails to adapt[46] - Intense competition in the domestic sports footwear and apparel industry is shifting from quantity and price to new technologies and high-value products, potentially impacting future revenue and profitability[49] - The company’s overseas operations are subject to foreign exchange risks, as fluctuations in currency values can affect the valuation of assets, liabilities, income, and expenses[50]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 Amer Q2 业绩超预期，增厚安踏全年利润 安踏体育(2020) [Table_Industry] 纺织服装业 [Table_Invest] 评级： 增持 ——安踏体育更新报告 股票研究 /[Table_Date] 2024.08.22 | --- | --- | --- | |----------|---------------------------|-----------------------------| | | 刘佳昆(分析师) | 曹冬青(分析师) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880524080001 | 本报告导读： Q2 Amer 收入利润均超预期，看好 2024 年 Amer 增厚安踏集团业绩。 投资要点： [Table_Summary] ...