Zhi Tong Cai Jing·2025-09-15 03:36Core Viewpoint - Citic Lyon maintains a target price of HKD 116 for Anta Sports (02020) and a "Outperform" rating, expressing confidence in the company's ability to achieve double-digit sales growth for the full year of 2025 [1] Group 1: Sales Growth and Market Strategy - Anta shows strong confidence in achieving double-digit sales growth for the full year of 2025, with signs of improvement observed from late August to the present [1] - The company's growth is primarily supported by a multi-brand matrix, increasingly relying on brand and service offerings that cater to emerging niche sports such as outdoor activities, tennis, golf, and yoga [1] Group 2: Cost Control and Operational Strategy - The company is exercising cautious cost control measures [1] - Anta plans to expand its store count in ASEAN countries to 1,000 within three years, with over 200 stores expected to open by the first half of 2025 [1] - Management is optimistic about enhancing operational superiority through a multi-brand strategy, and Citic Lyon remains positive about Anta's strong execution capabilities [1]