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]

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) with a current price of HKD 83.55 [2]. Core Views - Anta Sports achieved a revenue of HKD 623.56 billion in 2023, representing a year-on-year growth of 16.2%. The net profit attributable to shareholders, including the impact of the joint venture AMER, was HKD 102.36 billion, up 34.9% year-on-year, exceeding expectations [6][10]. - The company is expected to continue its high-quality growth in 2024, driven by its multi-brand strategy and the upcoming Paris Olympics [10][13]. Financial Performance Summary - **Revenue and Profit Growth**: In 2023, revenue grew by 16.2% year-on-year, while net profit (including AMER) increased by 34.9%. Excluding AMER, net profit rose by 44.9% [6][10]. - **Earnings Per Share (EPS)**: The EPS for 2023 was HKD 3.69, with a proposed final cash dividend of HKD 1.15 per share, leading to an annual payout ratio of 50.7% [6][10]. - **Profitability Metrics**: The gross margin improved by 2.4 percentage points to 62.6%, and the operating margin increased by 3.7 percentage points to 24.6% [8][9]. - **Retail Performance**: The main brand Anta, FILA, and other brands saw significant revenue growth, with Anta growing in the mid-single digits to high-teens range throughout the year [6][10]. Brand and Market Strategy - **Multi-Brand Strategy**: Anta continues to focus on a "single focus, multi-brand, globalization" strategy, enhancing its competitive edge in various market segments [10][11]. - **Brand Performance**: Anta brand maintained its leading position in the domestic running market, while FILA expanded its presence in high-end fashion sports [10][11]. - **Global Expansion**: The successful listing of AMER on the NYSE in early 2024 is expected to further support Anta's global expansion efforts [11][12]. Future Outlook - **Revenue Projections**: The company targets a revenue growth rate of 10-15% for Anta and FILA in 2024, with higher targets for Descente and Kolon [13]. - **Store Expansion Plans**: Anta plans to increase its store count significantly across its brands, with specific targets set for 2024 [13]. - **Profit Forecast Adjustments**: The report has raised profit forecasts for 2024 and 2025 by 12% and 2% respectively, reflecting the strong performance and future potential [13][14].

Investment Rating - The investment rating for the company is "Buy" [3][18] Core Insights - The company reported a 35% growth in net profit attributable to shareholders in 2023, driven by a healthy inventory and strong cash flow [1][5] - Revenue increased by 16.2% to 62.36 billion yuan, with net profit rising to 10.24 billion yuan [1][19] - The company maintains a high dividend payout ratio of 51% for the year [1][6] - The growth momentum accelerated in the second half of 2023, with revenue growth of 18.1% and net profit growth of 37.1% [1][13] Financial Performance - Revenue and net profit projections for 2024-2026 are set at 134.6 billion, 134.8 billion, and 147.8 billion yuan respectively, reflecting growth rates of 31.5%, 0.2%, and 9.6% [18][19] - The company’s gross margin improved by 2.4 percentage points to 62.6% in 2023, with a significant reduction in inventory levels [1][5] - Operating cash flow increased by 62% to 19.6 billion yuan, with net cash reaching 33.5 billion yuan [1][6] Brand Performance - Anta and FILA showed steady growth, with revenues of 30.3 billion and 25.1 billion yuan respectively, while other brands grew by 58% to 6.9 billion yuan [1][10] - FILA's operating profit margin increased significantly by 7.6 percentage points to 27.6%, driven by improved gross margins and store efficiency [10][11] - The company plans to maintain its revenue growth targets for all brands, aiming for 10%-15% growth for Anta and FILA in 2024 [16][18] Market Strategy - The company is focusing on enhancing its brand matrix and expanding its market presence, particularly in Southeast Asia and the Middle East [17][18] - The strategy includes leveraging star endorsements and optimizing product channels to drive growth [18][19] - The company aims to increase its store count, targeting 7,100 Anta stores and 2,100 FILA stores by the end of 2024 [16][18]

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) with a target price of HKD 101, representing a potential upside of 20.9% from the current price of HKD 83.6 [3][15]. Core Views - Anta's brand strength, operational capabilities, and fundamentals have shown consistent improvement, outperforming peers, which is expected to drive high-quality growth in 2024 [3][4]. - The management aims for a long-term compound annual growth rate (CAGR) of 10%-15% for Anta and Fila's revenue from 2023 to 2026, aligning 2024's revenue growth targets with this long-term goal [4][9]. - The report emphasizes the importance of operational quality improvements over mere financial performance, highlighting significant reductions in inventory and improved operational efficiency [4][9]. Financial Performance Summary - Anta's revenue for FY23 reached RMB 62.36 billion, a year-on-year increase of 16.2%, while net profit grew by 34.8% to RMB 10.23 billion, exceeding market expectations [9][11]. - The gross profit margin improved to 62.6% in FY23, up from 60.2% in FY22, driven by enhanced profitability in the second half of the year [9][11]. - The report forecasts revenue for 2024 to be RMB 70.49 billion, with a projected net profit of RMB 12.73 billion, reflecting a year-on-year growth of 13% and 24.4% respectively [8][12]. Operational Insights - Anta's inventory turnover days decreased by 15 days to 123 days, indicating improved inventory management despite a shift towards direct-to-consumer (DTC) sales [4][9]. - The company has maintained a healthy channel inventory level, with a stock-to-sales ratio of 4-5 times, supporting operational efficiency [4][9]. - The report notes that the launch of new products, such as the Owen basketball shoes, and the ongoing optimization of store formats are expected to enhance brand positioning and consumer engagement [4][9].

Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020 HK) [2] Core Views - Anta Sports' 2023 performance exceeded expectations with significant growth in revenue and net profit [2][3] - The company's offline channels outperformed e-commerce, with a 16 2% YoY increase in revenue to RMB 62 356 billion and a 34 9% YoY increase in net profit to RMB 10 236 billion [1][3] - All brands achieved improved operating profit margins, with FILA brand reaching a historical high of 27 6% [2][4] Revenue Breakdown - Anta brand revenue grew 9 3% YoY to RMB 30 306 billion, accounting for 48 6% of group revenue [1] - FILA brand revenue increased 16 6% YoY to RMB 25 103 billion, representing 40 3% of group revenue [4] - Other brands revenue surged 57 7% YoY to RMB 6 947 billion, contributing 11 1% to group revenue [5] Channel Performance - DTC channel revenue for Anta brand grew 24 2% YoY to RMB 17 005 billion, accounting for 56 1% of Anta brand revenue [1] - E-commerce revenue increased 11 0% YoY but its share of group revenue declined by 1 5 percentage points to 32 8% [1] - Traditional wholesale and other channels revenue decreased 22 7% YoY to RMB 3 370 billion [1] Profitability - Gross margin improved by 2 4 percentage points to 62 6% in 2023, driven by Anta's DTC transformation and FILA's retail discount improvement [5] - Operating cash flow surged 61 6% YoY to RMB 19 634 billion [5] - Inventory turnover days decreased by 15 days to 123 days, with inventory declining 15 1% YoY to RMB 7 210 billion [5] Store Expansion - Anta brand stores increased by 129 to 7,053, while Anta Kids stores grew by 99 to 2,778 by end of 2023 [1] - FILA brand stores decreased by 12 to 1,972, with plans to expand to 2,100-2,200 stores by end of 2024 [4] - Descente and Kolon Sport stores are expected to reach 220-230 and 180-190 respectively by end of 2024 [5] Future Outlook - Anta brand and FILA brand are expected to achieve 10%-15% retail sales growth in 2024 [6] - Descente brand is projected to grow retail sales by at least 20%, while Kolon Sport is expected to grow by at least 30% in 2024 [6] - The company anticipates recording a one-time gain of RMB 1 6 billion in H1 2024 due to Amer Sports' IPO [5]

Investment Rating - The report assigns a "Buy" rating to Anta Sports (2020 HK) with a target price of HKD 135.00, indicating a potential upside of 61.6% from the current closing price of HKD 83.55 [1][13]. Core Insights - Anta's 2023 net profit exceeded expectations, with a strong profit margin expansion. The sales and net profit for 2023 grew by 16.2% and 34.9% year-on-year, reaching RMB 62.356 billion and RMB 10.236 billion, respectively [1][5]. - The report highlights that the brand revamp of Anta is expected to drive future growth, with a focus on single-store sales growth and overseas expansion [1][5]. - The operating profit margin for Anta is projected to exceed 20% in 2024, with FILA and other brands maintaining margins around 25% [1][5]. Financial Performance Summary - **2023 Performance**: Sales reached RMB 62.356 billion, with a net profit of RMB 10.236 billion, reflecting a 34.9% increase year-on-year. The gross profit margin improved by 2.4 percentage points to 62.6% [4][5]. - **2024 Projections**: Revenue is expected to grow to RMB 71.151 billion, with a net profit forecast of RMB 13.571 billion, indicating a compound annual growth rate (CAGR) of 22% for earnings per share [4][14]. - **Dividend Policy**: The dividend payout ratio has increased to 50.7% in 2023, up from 44.3% in 2022, with expectations to maintain around 50% in the future [1][5]. Brand Performance - **Anta Brand**: Sales for the Anta brand grew by 9.3% in 2023, with a significant increase in single-store sales expected due to new product launches and store formats [1][5]. - **FILA Brand**: FILA's operating profit margin increased by 7.6 percentage points to 27.6% in 2023, driven by reduced discounts and effective marketing strategies [1][5]. - **Other Brands**: Other brands under Anta, including Descente and Kolon, are projected to see sales growth exceeding 20% and 30%, respectively, in 2024 [1][5]. Market Position and Strategy - Anta is focusing on brand revitalization and overseas expansion, with plans to establish research and development centers globally. The upcoming Paris Olympics is expected to enhance brand visibility [1][5]. - The report emphasizes the importance of localizing product designs to cater to different markets, particularly in regions like the Middle East [1][5].

Investment Rating - The investment rating for Anta Sports (2020.HK) is "Strong Buy" with expectations of outperforming the market by over 20% within the next six months [10]. Core Views - The report highlights that Anta Sports has exceeded profit growth expectations and anticipates strong performance in the Olympic year [6][4]. - The company achieved a revenue of 62.36 billion yuan in 2023, representing a year-on-year increase of 16.2% [6]. - The report emphasizes the growth potential from three main segments: professional sports, fashion sports, and outdoor sports, alongside the benefits from the sports and outdoor industry boom [6]. Summary by Sections Financial Performance - Anta Sports reported a total revenue of 62.36 billion yuan in 2023, up 16.2% year-on-year [6]. - Gross profit reached 39.03 billion yuan, with a gross margin of 62.6%, reflecting a 20.8% increase from the previous year [6]. - The net profit attributable to shareholders was 10.24 billion yuan, a 34.9% increase, with a net profit margin of 16.4% [6]. - The company plans to increase its dividend payout to 1.97 HKD per share, with a payout ratio of 50.7% [6]. Revenue Breakdown - Revenue from the Anta brand was 30.31 billion yuan, a 9.3% increase, driven by reduced retail discounts and a higher direct-to-consumer (DTC) ratio [6]. - FILA brand revenue was 25.10 billion yuan, up 16.6%, attributed to improved store efficiency [6]. - Other brands generated 6.95 billion yuan, a significant increase of 57.7%, mainly from Descente and Kolon [6]. Future Projections - The report projects net profits for 2024 and 2025 to be 12.08 billion yuan and 14.18 billion yuan, respectively, with an expected net profit of 16.56 billion yuan in 2026 [6][7]. - The current stock price corresponds to a 2024 price-to-earnings (P/E) ratio of 17.8, indicating a favorable valuation [6].

证券研究报告 | 年报点评报告 2024年03月27日 安踏体育（02020.HK） 2023 年业绩表现超预期，2024 年预计高质量增长 2023年营收/业绩增长16%/35%，业绩表现超预期。公司披露2023 买入（维持） 年年报，全年实现营收623.56亿元，同比增长16.2%，受益于终端折扣 股票信息 的改善以及公司良好成本管控措施，集团毛利率同比提升 2.4pcts 至 行业 服装 62.6%，销售费用率同比降低 1.8pcts 至 34.8%，管理费用率同比降低 前次评级 买入 0.8pcts 至 5.9%，费用管控高效，综上归母净利率同比提升 2.3pcts 至 16.4%，归母净利润同比增长34.9%至102.36亿元（剔除分担合营公司 3月26日收盘价(港元) 83.55 亏损后，归母净利润增长44.9%至109.54亿元），业绩表现超预期，2023 总市值(百万港元) 236,665.69 年公司分红率为50.7%，长期来看我们预计公司分红率保持稳定。 总股本(百万股) 2,832.62 其中自由流通股(%) 100.00 安踏品牌:2023年收入稳健增长，利润率保持稳定，长期产品&渠道 ...

业绩简评 3月 26日公司披露年报，全年实现收入623.56 亿元（+16.2%）， 实现归母净利润 102.36 亿元（+34.9%），剔除合营公司亏损后归 母净利109.54 亿元（+44.9%）；派息率50.7%，好于市场预期。 经营分析 亮点1：商品运营的灵活性、精准性提升，店效驱动收入、OPM 双 增。23 年安踏品牌收入突破 300 亿元大关（同增 9.3%至 303.06 亿元）、FILA 快速增长16.6%至 251.03 亿元，同时两个品牌的OPM 分别提升0.8pct\7.6pct 至22.2%\27.6%，主要由于：1）门店模 型优化、零售能力提升，店效、坪效提升双位数带来正向经营杠 杆增强，租售比下降；2）商品运营效率提升，管理层评价 23 年 为库存管理最好的一年，各个品牌折扣均有改善，存货减值减少， 各品牌库销比均回归 5 以下。我们认为品牌收入增长快于行业的 是反映品牌势能向上的最直接指标，叠加公司内生性管理优化， 港币(元) 成交金额(百万元) 增强了我们对于公司继续扩张品牌份额，灵活应对复杂环境，以 124.00 18,000 更轻的库存实现更大生意规模的信心。 114.00 ...