智通财经网·2026-01-20 07:26Core Viewpoint - Anta Sports (02020) demonstrated sales performance in Q4 last year that met expectations, with a new online strategy for its core brand revitalizing 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 firm maintains a target price of HKD 95 and a "Buy" rating for Anta [1] Group 2: Brand Resilience and Future Outlook - The resilience of the Anta brand is still underestimated, with expectations to meet the revised sales guidance for 2025 [1] - FILA has already locked in its annual target by mid-November last year, while outdoor brands (Descente/Kolon) continue to show steady growth [1] Group 3: Cost Control and Profitability - Looking ahead to 2026, Anta is expected to benefit from strict cost control, with stable operating profit margins for its mature brands [1] - The core brand is anticipated to inject new vitality through adjustments in online marketing strategies, content updates, and optimized product listing operations [1]