Zhi Tong Cai Jing·2024-04-18 07:51Core Viewpoint - Bank of China International maintains a "Buy" rating for Anta Sports (02020) with a target price of HKD 97.5, predicting a 14% revenue growth for the fiscal year 2024 [1] Group 1: Financial Performance - The company is expected to achieve more sales in the second half of the year, with core brand growth projected at approximately 10% year-on-year [1] - The first quarter performance for fiscal year 2024 is in line with market expectations, although growth is below the annual target of 10% to 15% [1] Group 2: Market Strategy - Retail sales are anticipated to accelerate in the coming quarters, driven by increased product launches as the Paris Olympics approaches [1] - The risk of not meeting performance guidance is considered manageable, but results may take time to materialize [1] Group 3: Operational Improvements - The company has successfully reduced inventory to more reasonable levels in the first quarter of fiscal year 2024, which supports better retail discounts [1] - Operational metrics have improved, establishing a solid foundation for future growth [1]