Investment Rating - The report maintains a "Buy-A" rating for Anta Sports [2][4] Core Views - In Q2 2024, Anta's brand retail sales accelerated with healthy inventory levels and improved retail discounts. The company expects a 10%-15% growth in retail sales for both Anta and FILA brands, with Descente and Kolon brands projected to grow by at least 20% and 30% respectively [4][5] - The report indicates that FILA's retail sales growth has slowed, primarily due to the performance of FILA FUSION and FILA KIDS, while the main FILA products performed well [4][3] Summary by Sections Retail Performance - Anta brand retail sales in Q2 2024 grew by a high single-digit percentage year-on-year, with online sales expected to outperform offline sales, showing a 20%-25% increase [1][3] - FILA brand retail sales grew by a mid-single-digit percentage year-on-year, with online sales also expected to exceed 20% growth [1][3] - Other brands, including Descente and Kolon, saw retail sales growth of 40%-45%, with Kolon expected to grow by 60% and Descente by 35%-40% [1][3] Inventory and Discounts - As of the end of Q2 2024, inventory turnover for Anta and FILA brands remained below 5 months, indicating a healthy inventory level [1][3] - Retail discounts for Anta improved by 1 percentage point, with online discounts improving by 1-2 percentage points [1][3] - FILA's retail discounts remained stable year-on-year [1][3] Financial Projections - The report maintains earnings forecasts for Anta, projecting earnings per share (EPS) of 4.71, 4.85, and 5.47 for 2024, 2025, and 2026 respectively [4][5] - The price-to-earnings (P/E) ratios for 2024-2026 are projected at 13.8, 13.4, and 11.9 times [4][5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2][12] Core Views - The company reported strong retail performance in Q2 2024, with the main brand Anta achieving high single-digit growth, FILA achieving mid-single-digit growth, and other brands experiencing a growth of 40-45% [1][2] - The second quarter showed a healthy inventory turnover and a significant reduction in online discounts, indicating improved operational quality [2][5] - The company is expected to maintain its industry-leading growth due to the star effect of the Anta brand, product matrix upgrades, and multi-brand incubation efforts [2][6] Summary by Sections Q2 Performance - In Q2 2024, Anta's main brand recorded high single-digit growth, while FILA saw mid-single-digit growth, and other brands grew by 40-45% [1][2] - All brands achieved a target completion rate of 100%, with inventory turnover ratios improving and online discounts narrowing significantly [2][5] Financial Forecast - The forecast for net profit from 2024 to 2026 is as follows: 134.6 billion, 134.8 billion, and 147.8 billion yuan, representing growth rates of 31.5%, 0.2%, and 9.6% respectively [2][7] - Adjusted net profit estimates, excluding a one-time gain from AmerSports, are approximately 118.6 billion, 134.8 billion, and 147.8 billion yuan, with growth rates of 15.8%, 13.7%, and 9.6% [2][6] Valuation and Target Price - The target price is set between 104-113 HKD, with a relative P/E ratio of 23-25x based on the adjusted EPS for 2024 [2][6] - The company is expected to continue enhancing its competitiveness in the global sports market through its multi-tiered brand matrix in China and its multi-brand layout globally [2][6]

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 115, based on a 25 times PE for 2024 [1][2][4]. Core Views - Anta's main brand achieved high single-digit growth in Q2 2024, with significant contributions from both offline and online sales channels [2]. - The company is expected to continue benefiting from the recovery in consumer spending and the launch of new products, leading to accelerated growth in the second half of the year [2]. - The overall inventory and discount levels are healthy, with a stock-to-sales ratio maintained below 5, indicating effective inventory management [2]. Summary by Sections Main Brand Performance - Anta's main brand recorded high single-digit growth in Q2 2024, with offline sales growing in the mid-single digits and e-commerce sales increasing by 20-25% [2]. - The company launched the PG7 running shoe platform, priced at HKD 399 and HKD 299, aimed at consolidating its position in the mass market [2]. - The brand is also expanding its presence in premium shopping areas with new store formats [2]. FILA Brand Performance - FILA experienced mid-single-digit growth in Q2 2024, with e-commerce sales still growing by 20% despite a high base from the previous year [2]. - The brand's performance was affected by market saturation in children's products and cyclical challenges in the Fusion line [2]. Other Brands Performance - Other brands, particularly in outdoor sports, showed strong performance with growth rates of 40-45% in Q2 2024 [2]. - Descent and Kolon brands recorded growth rates of 35-40% and nearly 60%, respectively, with improvements in discount levels for Kolon [2]. Financial Projections - The report forecasts EPS for 2024, 2025, and 2026 to be RMB 4.26, RMB 4.88, and RMB 5.46, respectively [1][2]. - Revenue is projected to grow from RMB 62.36 billion in 2023 to RMB 69.55 billion in 2024, reflecting a growth rate of 11.5% [3][7]. - The net profit attributable to shareholders is expected to reach RMB 11.81 billion in 2024, with a growth rate of 15.4% [3][7].

2024 年 7 月 9 日 CMB 国际全球市场 | 股票研究 | 公司更新 安踏体育 ( 2020 香港 ) 在连续 2Q24 之后 , 对 FY24E 保持谨慎 第二季度的零售销售增长大致一致 ( 安踏强劲,而 FILA 疲软 ),但弹性零售折扣给我们留 下了深刻的印象 ( 安踏在在线渠道折扣方面仍取得了同比增长 ) 。展望未来,我们仍然认为 销售增长可能会略有改善。一方面,我们对安踏的新产品、新店铺形式和品牌建设市场等更有 信心。但另一方面,我们对 FILA 变得更加谨慎。然而,总而言之,FY24E 的盈利能力仍然不 错,因此我们并不过度担心底线。安踏是我们在该行业的首选,这要归功于其弹性表现和获得 市场份额的能力。 FY24E 指导保持不变 , 但我们对安踏比 FILA 更有信心。管理层维持安踏和 FILA 零售 销售增长 10% - 15% 的指导。但是,我们对安踏更有信心,并预计其销售增长将在 2H24E 加速至 10 % 以上的水平,受以下支持 : 1 ) 令人兴奋的新产品线 ( 奥运相关 产品 ,Kyrie Irvig 的产品以及物有所值的产品 ),2 ) 商店扩张以进一步细分客户 ( Se ...

MN 9 Jul 2024 CMB International Global Markets | Equity Research | Company Update Anta Sports (2020 HK) Stay cautious about FY24E after an inline 2Q24 Retail sales growth in 2Q24 was roughly inline (Anta was strong while FILA was weak), but we are impressed by the resilient retail discounts (Anta still managed to have YoY improvement on discounts on online channel). Going forward in 2H24E, we still think sales growth could improve slightly. On one hand, we are more confident about Anta's new products, new s ...

[Table_Date] 2024 年 07 月 09 日 证券研究报告|港股公司点评研究报告 [Table_Title] Q2 主品牌及其他品牌增长超预期 [Table_Title2] 安踏体育(2020.HK) [Table_Summary] 事件概述 公司发布 Q2 及 2024H1 公司营运表现:24Q2 安踏/FILA/其 他品牌零售金额同比录得高单位数/中单位数/40-45%的正增 长,主品牌 Q2 超预期我们分析主要由于店效持续提升,FILA 在高基数下保持中单增长;2024H1 安踏/FILA/其他品牌零售金 额同比录得中单位数/高单位数/35-40%的正增长。 分析判断: 我们分析,1)安踏品牌 Q2 实现高单位数增长,我们分析 主要由于主品牌店效持续提升;2)FILA 增速较 Q1 的高单位数 放缓至中单位数。3)迪桑特、KOLON 等其他品牌 Q2 增长 40- 45%,主要由于品牌为高端品牌定位,高端品牌对应人群受消费 降级影响不大。4)从线上数据来看,根据天猫 618 运动户外销 售榜,FILA/安踏维持第 2/5 位排名。 投资建议 我们预计:(1)我们预计 2024 年主品牌、F ...

[Table_Industry] 纺织服装业 Q2 逆势稳健增长,维持全年增长指引 安踏体育(2020)[Table_Invest] 评级: 增持 [当前价格 Table_CurPrice] :(港元) 71.35 [Table_Date] 2024.07.09 | | | | |-----------------|---------------------------|--------------------------------| | | | ——安踏体育 2024Q2 经营数据点评 | | [table_Authors] | 刘佳昆(分析师) | 曹冬青(研究助理) | | | 021-38038184 | 0755-23976666 | | | liujiakun029641@gtjas.com | caodongqing026730@gtjas.com | | 登记编号 | S0880524040004 | S0880122070070 | 本报告导读: 公司 Q2 逆势实现优异流水表现,H1 整体销售符合公司预期,维持全年流水及经营利 润率指引。 [Table_Market] 交易数据 | | ...

证券研究报告 | 公司点评 2024 年 07 月 09 日 安踏体育(02020.HK) Q2 流水平稳增长,折扣稳定,库存健康 公司披露 2024Q2 经营情况公告,各品牌高质量增长。根据公司披露,2024Q2 安踏品牌流水同比增长高单位数,Fila 品牌流水同比增长中单位数,其他品牌流 水同比增长 40%-45%;上半年安踏品牌流水同比增长中单位数,Fila 品牌流水 同比增长高单位数,其他品牌流水同比增长 35%-40%,在波动市场环境下,实 现高质量增长。 安踏品牌:流水稳健增长,营运健康。1)流水 Q2 提速,电商表现优于线下: 大众运动鞋服需求稳健复苏,安踏产品力和品牌力提升同步推进,安踏品牌 Q2 流水同比增长高单位数,较 Q1 的中单位数增速提升。分品牌和渠道看,我们预 计线下成人表现优于儿童,安踏电商流水或有 20%+增长,我们判断不同渠道间 的增速差异一方面来源于基数不同,另一方面安踏持续推动电商业务产品以及运 营优化。2)营运健康,渠道优化:我们预计截至 2024Q2 末安踏品牌库销比仍 在 4-5 之间的健康水平,同时全渠道折扣同比或基本持平。从中长期来看,安踏 品牌仍将在产品端继续 ...

Investment Rating - The investment rating for Anta Sports (02020.HK) is maintained at "Buy" [2][4] Core Insights - In Q2 2024, Anta's main brand, FILA, and other brands achieved mid to high single-digit growth rates, with the main brand accelerating its growth [4] - The company expects to maintain its profit forecasts for 2024-2026, projecting net profits of 13.43 billion, 13.66 billion, and 15.65 billion yuan respectively, with corresponding EPS of 4.7, 4.8, and 5.5 yuan [4] - The current stock price corresponds to a PE ratio of 13.7, 13.5, and 11.8 for the years 2024, 2025, and 2026 respectively [4] Financial Summary and Valuation Metrics - Revenue (in million yuan): 2021A: 53,651, 2022A: 62,356, 2023A: 70,093, 2024E: 79,253, 2025E: 89,244 [4] - Year-over-Year (YOY) growth rates: 2021A: 8.8%, 2022A: 16.2%, 2023A: 12.4%, 2024E: 13.1%, 2025E: 12.6% [4] - Net profit (in million yuan): 2021A: 7,590, 2022A: 10,236, 2023A: 13,432, 2024E: 13,661, 2025E: 15,652 [4] - Gross margin: 2021A: 60.2%, 2022A: 62.6%, 2023A: 62.9%, 2024E: 63.1%, 2025E: 63.4% [4] - Net margin: 2021A: 14.1%, 2022A: 16.4%, 2023A: 19.2%, 2024E: 17.2%, 2025E: 17.5% [4] - Return on Equity (ROE): 2021A: 20.1%, 2022A: 18.3%, 2023A: 28.0%, 2024E: 23.2%, 2025E: 21.9% [4] - EPS (diluted, in yuan): 2021A: 2.7, 2022A: 3.6, 2023A: 4.7, 2024E: 4.8, 2025E: 5.5 [4] - Price-to-Earnings (P/E) ratios: 2021A: 24.3, 2022A: 18.0, 2023A: 13.7, 2024E: 13.5, 2025E: 11.8 [4] - Price-to-Book (P/B) ratios: 2021A: 4.9, 2022A: 3.3, 2023A: 3.9, 2024E: 3.1, 2025E: 2.6 [4]

Investment Rating - Maintains a "Buy" rating with a 6-month outlook [6] Core Views - Anta has launched the PG7 technology platform, a breakthrough in cushioning technology for mass-market running shoes, with a G-value of 7.8 and a 20% improvement in softness of the yarn [1] - The PG7 series features two running shoes priced at 399 RMB and 299 RMB, significantly lower than international brands like ASICS, Adidas, and Nike, which are priced above 1000 RMB [2] - The PG7 technology is designed based on the actual needs of ordinary runners, rather than being a downgraded version of elite products, marking a颠覆 in the cushioning industry [2] - The PG7 series incorporates advanced materials and design, including a wide last tailored for Chinese foot shapes, Sorona fiber for enhanced softness, and AI-designed midsole for natural bending [3] - Anta is focused on the mass professional sports market, aiming to provide functional and cost-effective sports products, and has strengthened its professional running shoe matrix [3] - Revenue forecasts for 2024-26 are 708 billion RMB, 795 billion RMB, and 878 billion RMB, with net profits of 132 billion RMB, 135 billion RMB, and 156 billion RMB, respectively [4] - EPS for 2024-26 is projected at 4.7 RMB, 4.8 RMB, and 5.5 RMB, with corresponding P/E ratios of 17x, 17x, and 14x [4] Company Data - Total shares outstanding: 2,832.62 million [5] - Market capitalization: 240,631.37 million HKD [5] - Net asset value per share: 20.06 HKD [5] - Debt-to-asset ratio: 39.27% [5] - 52-week high/low: 96.00 HKD / 60.20 HKD [5] Industry Context - Anta operates in the non-essential consumer goods sector, specifically in textiles and apparel [6] - The company's strategy revolves around "mass positioning, professional breakthroughs, and brand elevation" [3]