招商证券国际：料安踏韧性仍被低估 维持“买入”评级

Core Viewpoint - Anta Sports (02020) demonstrated sales performance in Q4 last year that met expectations, with a revitalized online strategy for its core brand driving growth momentum [1] Group 1: Sales Performance and Growth Projections - Anta's core brand, FILA, and other brands are expected to achieve low single-digit, mid single-digit, and 50% growth respectively this year [1] - The company is anticipated to meet its revised sales guidance for 2025, with FILA having secured its annual target by mid-November last year [1] Group 2: Brand Resilience and Profitability - The resilience of the Anta brand is believed to be underestimated, with expectations for stable operating profit margins for its mature brands due to strict cost control [1] - The core brand is expected to inject new vitality through adjustments in online marketing strategies, including content updates and optimized product listing operations [1]