Investment Rating - The report gives a "Buy" rating for Anta Sports, indicating a positive outlook for the company's future performance [4][52]. Core Insights - Anta Sports has established itself as a leading brand in the domestic sportswear market through a clear strategic direction and effective decision-making, supported by a multi-brand strategy and overseas expansion plans [3][4]. - The demand for sportswear is expected to grow due to economic growth and changing consumer attitudes towards health and fitness, with the domestic sportswear market projected to grow at a low double-digit annual rate [3][8]. - The company's multi-brand operation and global expansion are key factors in enhancing its competitive edge, with the main brand, FILA, and other brands targeting different market segments [3][4][8]. Summary by Sections 1. Strategic Clarity and Decision-Making - Anta Sports has developed a robust multi-brand strategy, acquiring several leading brands to strengthen its market position [3][14]. - The management team is experienced and well-structured, contributing to effective operational execution [15][19]. 2. Industry Demand Drivers - Economic growth and increased health awareness among consumers are driving demand for sportswear, with government policies supporting the industry [8][30]. - The domestic sportswear market is still in a growth phase, with per capita spending expected to rise significantly [30][31]. 3. Company Performance and Brand Strategy - Anta's main brand and FILA have shown strong revenue growth, with CAGR of 14.80% and 14.18% respectively from 2019 to 2023 [21][24]. - The outdoor brands DESCENTE and KOLON SPORT are also experiencing rapid growth, with a CAGR of 42.01% during the same period [21][24]. 4. Financial Forecasts and Valuation - The report forecasts Anta's revenue to reach 709.75 billion RMB in 2024, with a year-on-year growth of 13.82% [51][52]. - The expected net profit for 2024 is 129.41 billion RMB, reflecting a growth of 26.42% compared to the previous year [51][52]. 5. Comparative Valuation - Anta's 2024 PE ratio is projected to be 15.3X, compared to a weighted average PE of 18.4X for comparable companies, indicating potential for growth [4][52].

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4] Core Views - Anta's main brand revenue grew in the high single digits year-on-year in Q2 2024, while FILA's revenue increased in the mid-single digits. Other brands saw revenue growth of 40%-50%, with Anta's main brand slightly exceeding expectations [2] - The improvement in discounts for Anta's main brand and the strategy to stabilize and expand is promising. E-commerce channels continue to drive steady growth, with Q2 2024 e-commerce revenue growth of 20%-25%. The online discount for the main brand improved, with a healthy inventory-to-sales ratio below 5. The signing of NBA star Kyrie Irving as a spokesperson and the opening of new high-end urban channels are expected to enhance brand value [2][3] - FILA's online performance was strong, with over 20% revenue growth despite a high base. The inventory-to-sales ratio remained healthy below 5. Descente and Kolon also performed well, with revenue growth of 60% and 35%-40% respectively in Q2 2024, indicating strong consumer purchasing power and a robust outdoor market [2] - The earnings forecast predicts EPS of 4.53, 4.87, and 5.59 CNY per share for 2024-2026. Excluding one-time gains from Amer's listing in 2024, the report assigns a 20x PE valuation for 2024, corresponding to a fair value of 91.61 HKD per share [2][3] Financial Summary - Revenue (in million CNY) is projected to grow from 62,356 in 2023 to 70,682 in 2024, reflecting a growth rate of 13.4% [3] - EBITDA is expected to increase from 17,333 in 2023 to 21,467 in 2024 [3] - Net profit attributable to shareholders is forecasted to rise from 10,236 in 2023 to 12,835 in 2024, with a growth rate of 25.39% [3] - EPS is projected to grow from 3.61 in 2023 to 4.53 in 2024 [3]

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HK$101.85, reflecting a 4% decrease from the previous target price of HK$105.55 [1][3]. Core Insights - Anta Sports is expected to achieve a revenue growth of 10.4% year-on-year in 1H24, with net profit attributable to shareholders benefiting from the listing of Amer Sports, projected to increase by 51.1% [3]. - The Anta brand is anticipated to meet its annual guidance, while the FILA brand may face some pressure [3]. - The report forecasts a revenue increase for Anta Sports of 11.8% and a net profit increase of 25.6% for the full year 2024, reaching RMB 697.2 billion and RMB 128.6 billion, respectively [4]. Financial Projections - Revenue for 2024 is projected at RMB 69.723 billion, with a net profit of RMB 12.859 billion, translating to an EPS of RMB 4.54 [5][6]. - The report adjusts the revenue forecasts for 2024-2026 downwards by 0.8%, 1.4%, and 2.0%, respectively, while net profit forecasts are adjusted upwards by 2.3% for 2024 and downwards for 2025 and 2026 [4][6]. - The expected P/E ratio for 2025 is maintained at 20 times, corresponding to the new target price of HK$101.85, which still offers a 48% upside potential from the current price of HK$69.00 [2][4]. Brand Performance - The Anta brand is projected to achieve a revenue growth of 12.5% in 2H24 and 10.0% for the full year 2024, driven by successful product launches and marketing strategies [3][4]. - FILA's revenue growth is expected to slow down, with a forecast of 10.7% growth in 2H24 and 9.0% for the full year 2024, indicating potential challenges [4]. - Other brands under Anta are expected to see significant growth, with a projected revenue increase of 35%-40% in 1H24 [3].

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020 HK) with a target price of 69 70 HKD [4][6] Core Views - Anta Sports achieved steady retail sales growth across all brands in Q2 2024 with healthy inventory and discount levels [2] - The company is expected to continue high-quality growth driven by its multi-brand strategy and upcoming Paris Olympics [4] - Anta brand retail sales grew by high single digits in Q2 2024 while FILA grew by mid single digits and other brands surged 40-45% [2] - The company has maintained good cost control particularly on rental and Paris Olympics marketing expenses [4] Financial Performance - Revenue is projected to grow from 70 347 million RMB in 2024E to 88 059 million RMB in 2026E representing a CAGR of 11 5% [5] - Net profit is expected to increase from 13 002 million RMB in 2024E to 15 782 million RMB in 2026E [5] - EPS is forecasted to rise from 4 59 RMB in 2024E to 5 57 RMB in 2026E [5] - ROE is projected to remain strong at 22 8% in 2024E and 21 5% in 2026E [5] Brand Performance - Anta brand achieved high single digit growth in Q2 2024 with inventory turnover ratio below 5 months and improved retail discounts [2] - FILA brand grew by mid single digits in Q2 2024 with inventory turnover ratio below 5 months and stable retail discounts [2] - Other brands including KOLON and DESCENTE grew rapidly at 40-45% in Q2 2024 with improved discounts and inventory levels [2] Operational Highlights - Anta brand launched multiple products including the Owen series and Paris Olympics award ceremony outfits [3] - FILA upgraded store image and increased focus on professional sports and footwear products [3] - DESCENTE and KOLON maintained rapid growth and expanded their scale [3] Valuation Metrics - The stock is trading at 14x 2024E PE and 3x 2024E PB [5] - EV EBITDA ratio is projected to improve from 10x in 2023 to 8x in 2024E [16] - Dividend yield is expected to increase from 2 2% in 2023 to 3 7% in 2024E [16]

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 93.50 [2][8][13] Core Views - Anta's retail performance in Q2 2024 showed strong growth, with retail sales increasing in the mid-single digits year-on-year, and Fila achieving high single-digit growth. Other brands saw a growth of 40-45% [2][3] - The overall retail sales for Anta in the first half of 2024 are expected to grow in the mid-single digits, with Fila showing high single-digit growth and other brands growing by 35-40% [2][3] - The company is expected to maintain its profit performance in the first half of 2024 due to effective cost control, despite the high base and weather impacts [2][3] - The report anticipates a double-digit growth in retail sales for the full year 2024, supported by a decrease in the base in the second half of the year [3] Summary by Sections Retail Performance - Anta's Q2 2024 retail sales growth was better than the industry average, with effective cost control leading to favorable profit performance [2][3] - Fila's retail sales in Q2 2024 continued to grow despite a challenging consumer environment, with online sales increasing by 20-30% [4] - The outdoor brand segment also showed strong growth, with expectations for continued improvement in retail sales and inventory turnover [5] Financial Projections - Revenue projections for Anta are set at RMB 69.971 billion for 2024, with a net profit forecast of RMB 13.248 billion [6][11] - EPS for 2024 is adjusted to RMB 4.27, with upward revisions for 2025 and 2026 to RMB 4.88 and RMB 5.51 respectively [2][11] - The report highlights a target PE ratio of 20x for 2024, reflecting a slight adjustment from previous estimates [2][13] Brand Strategy - Anta's brand strategy includes a strong product lineup and marketing initiatives, such as partnerships for the Olympics, which are expected to enhance consumer engagement [3] - The introduction of new store formats like Super Anta and Champion stores has significantly outperformed traditional store formats [3]

Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020.HK) [1] Core Views - Anta Sports demonstrated high-quality growth across its multi-brand matrix in Q2 2024, with retail sales for the Anta brand, FILA, and other brands showing significant year-on-year increases [1] - The company is expected to achieve its revenue growth targets of 10-15% for both the Anta brand and FILA for the full year, supported by ongoing brand optimization and marketing efforts related to the Olympics [1] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from 62,661 million RMB in 2023 to 70,422 million RMB in 2024, reflecting a year-on-year increase of 12.39% [1] - Net profit attributable to shareholders is expected to rise from 10,236 million RMB in 2023 to 13,293 million RMB in 2024, marking a growth of 29.86% [1] - The latest diluted EPS is forecasted to increase from 3.61 RMB in 2023 to 4.69 RMB in 2024 [1] Retail Performance - In Q2 2024, retail sales for the Anta brand grew at a high single-digit rate, while FILA and other brands saw mid-single-digit and 40-45% growth, respectively [1] - The Anta brand's performance improved in a challenging consumer environment, with significant online growth of 20-25% [1] - FILA's performance was impacted by a high base, with mid-single-digit growth in Q2 2024, while other brands like Descente and Kolon showed strong growth of 35-40% and 60%, respectively [1] Brand Strategy - Anta continues to implement a mass-market positioning and brand elevation strategy, introducing new store formats and products to meet diverse market demands [1] - The introduction of the Super Anta store and Anta Champion store has been well-received, enhancing brand influence and market response [1] Financial Health - The company maintains a healthy inventory turnover ratio, with discounts remaining stable year-on-year and improving quarter-on-quarter [1] - The overall inventory levels are healthy, and the company expects to continue benefiting from economies of scale and reduced rental costs [1] Valuation - The report adjusts the net profit forecasts for 2024-2025 upwards, reflecting the contribution from Amer Sports' US listing, with corresponding P/E ratios of 14, 13, and 12 for 2024-2026 [1] - The current valuation is considered to be at a historically low level, supporting the "Buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [5] Core Views - Anta's main brand achieved high single-digit growth in Q2 2024, with a significant acceleration compared to Q1 2024, and a year-on-year growth in the first half of the year in the single digits, meeting expectations [5] - FILA's revenue in Q2 2024 grew in the mid-single digits despite a high base from the previous year, indicating stable performance [5] - Other brands experienced a revenue growth of 40-45% in Q2 2024, exceeding expectations, supported by a strong outdoor trend and brand strength [5] - The company maintains a healthy inventory level with improving discount rates, indicating high-quality retail growth [5] - Management expects a recovery in sales to accelerate in the second half of the year, maintaining growth guidance for all brands [5] - The multi-brand matrix is seen as a valuable resource, with steady growth in the main and FILA brands, and strong performance from new outdoor brands [5] Financial Summary - For FY2023, the company reported a revenue of 624 billion RMB, a year-on-year increase of 16% [6] - The net profit attributable to shareholders for FY2023 was 102.4 billion RMB, reflecting a year-on-year growth of 35% [6] - The gross margin improved to 62.6%, up 2.4 percentage points from the previous year, while the net profit margin increased to 16.4%, up 2.3 percentage points [6][7] - The company forecasts revenues of 703 billion RMB for FY2024, with a projected net profit of 134.8 billion RMB [9]

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 69.7 HKD [7]. Core Insights - The company has shown strong retail performance in Q2 2024, with Anta brand retail sales increasing by high single digits year-on-year, FILA brand retail sales increasing by mid single digits, and other brands (excluding those added in 2023 and later) experiencing a retail sales growth of 40-45% [1]. - For the first half of 2024, Anta brand retail sales grew by mid single digits, FILA brand retail sales grew by high single digits, and other brands saw a growth of 35-40% [1]. - Anta continues to focus on a strategy of "mass positioning, professional breakthroughs, and brand elevation," maintaining its leadership in the Chinese sports brand market [2]. - FILA is innovating in the high-end fashion sector, aligning with various consumer trends and expanding its product offerings to meet the demands of high-end users in first and second-tier cities [3]. - The company maintains its profit forecast, projecting revenues of 70.8 billion RMB, 79.5 billion RMB, and 87.8 billion RMB for 2024-2026, with corresponding net profits of 13.2 billion RMB, 13.5 billion RMB, and 15.6 billion RMB [5]. Summary by Sections Retail Performance - In Q2 2024, Anta brand retail sales increased by high single digits, while FILA brand retail sales increased by mid single digits. Other brands saw a retail sales growth of 40-45% [1]. - For H1 2024, Anta brand retail sales grew by mid single digits, FILA brand retail sales grew by high single digits, and other brands experienced a growth of 35-40% [1]. Strategic Positioning - Anta's strategy focuses on "mass positioning, professional breakthroughs, and brand elevation," which has solidified its position as a leader in the Chinese sports brand market [2]. - The company leverages Olympic resources to enhance its product matrix, catering to a wide range of consumer needs [2]. Product Innovation - FILA continues to innovate in the high-end fashion sector, focusing on design, functionality, and consumer preferences across various styles [3]. - The brand is expanding its product lines in elite sports such as golf, tennis, and elite running, targeting high-end consumers [3]. Financial Projections - The company maintains its profit forecast with expected revenues of 70.8 billion RMB, 79.5 billion RMB, and 87.8 billion RMB for 2024-2026, and net profits of 13.2 billion RMB, 13.5 billion RMB, and 15.6 billion RMB respectively [5].

20240708【安踏体育】2024Q2 运营情况 一、2024Q2 经营情况 消费者信心、天气影响下，Q2 符合预期，分品牌看，都有高质量增长： 安踏 Q2 高单增长，环比 Q1 的中单提速，并且 23Q2 有高基数。 FILA Q2 中单增长，23Q2 FILA 增长 20%，基数更高，符合预期。 其他品牌 Q2 40-45%增长。 亮点 1：在健康的库销比下折扣率还有提升 折扣：改善 1-2pct。安踏线上改善 1-2pct，FILA 折扣持平，迪桑特、可隆线上折扣改 善 6pct、7pct。 库销比：安踏、FILA 都是 5 以下。 亮点 2：集团总体线下有高单增长，尽管月度有差异，因为 4-5 月天气影响，安踏 和 fila 线下有中单-高单表现。 亮点 3：线上有增长，集团层面接近 20%增长，618 集团/品牌层面都是双位数增 长，618 排名安踏第二、fila 第四、可隆和迪桑特有较快提升。 Q2 分品牌看： 安踏 Q2：高单 大货高单增长，儿童中单增长，按季提升，电商 20-25%增长，和 Q1 差不多； 库销比<5； 折扣比 Q1 改善 1pct，同期持平，主要是线上改善 2pct。 Fi ...

FILA Q2 中单增长，23Q2 FILA 增长 20%，基数更高，符合预期。 其他品牌 Q2 40-45%增长。 Q2 分品牌看： 20240708【安踏体育】2024Q2 运营情况 一、2024Q2 经营情况 消费者信心、天气影响下，Q2 符合预期，分品牌看，都有高质量增长： 安踏 Q2 高单增长，环比 Q1 的中单提速，并且 23Q2 有高基数。 亮点 1：在健康的库销比下折扣率还有提升 折扣：改善 1-2pct。安踏线上改善 1-2pct，FILA 折扣持平，迪桑特、可隆线上折扣改 善 6pct、7pct。 库销比：安踏、FILA 都是 5 以下。 亮点 2：集团总体线下有高单增长，尽管月度有差异，因为 4-5 月天气影响，安踏 和 fila 线下有中单-高单表现。 亮点 3：线上有增长，集团层面接近 20%增长，618 集团/品牌层面都是双位数增 长，618 排名安踏第二、fila 第四、可隆和迪桑特有较快提升。 大货高单增长，儿童中单增长，按季提升，电商 20-25%增长，和 Q1 差不多； 库销比<5； Fila Q2：中单 库销比 5 以下； 其他品牌 Q2：40-45%增长 线上增长非常厉 ...