KAIYUAN SECURITIES·2024-07-08 23:01Investment Rating - The investment rating for Anta Sports (02020.HK) is maintained at "Buy" [2][4] Core Insights - In Q2 2024, Anta's main brand, FILA, and other brands achieved mid to high single-digit growth rates, with the main brand accelerating its growth [4] - The company expects to maintain its profit forecasts for 2024-2026, projecting net profits of 13.43 billion, 13.66 billion, and 15.65 billion yuan respectively, with corresponding EPS of 4.7, 4.8, and 5.5 yuan [4] - The current stock price corresponds to a PE ratio of 13.7, 13.5, and 11.8 for the years 2024, 2025, and 2026 respectively [4] Financial Summary and Valuation Metrics - Revenue (in million yuan): 2021A: 53,651, 2022A: 62,356, 2023A: 70,093, 2024E: 79,253, 2025E: 89,244 [4] - Year-over-Year (YOY) growth rates: 2021A: 8.8%, 2022A: 16.2%, 2023A: 12.4%, 2024E: 13.1%, 2025E: 12.6% [4] - Net profit (in million yuan): 2021A: 7,590, 2022A: 10,236, 2023A: 13,432, 2024E: 13,661, 2025E: 15,652 [4] - Gross margin: 2021A: 60.2%, 2022A: 62.6%, 2023A: 62.9%, 2024E: 63.1%, 2025E: 63.4% [4] - Net margin: 2021A: 14.1%, 2022A: 16.4%, 2023A: 19.2%, 2024E: 17.2%, 2025E: 17.5% [4] - Return on Equity (ROE): 2021A: 20.1%, 2022A: 18.3%, 2023A: 28.0%, 2024E: 23.2%, 2025E: 21.9% [4] - EPS (diluted, in yuan): 2021A: 2.7, 2022A: 3.6, 2023A: 4.7, 2024E: 4.8, 2025E: 5.5 [4] - Price-to-Earnings (P/E) ratios: 2021A: 24.3, 2022A: 18.0, 2023A: 13.7, 2024E: 13.5, 2025E: 11.8 [4] - Price-to-Book (P/B) ratios: 2021A: 4.9, 2022A: 3.3, 2023A: 3.9, 2024E: 3.1, 2025E: 2.6 [4]