HUAXI Securities·2024-07-09 06:02Investment Rating - The report maintains a "Buy" rating for Anta Sports [3][4]. Core Views - Anta's main brand and FILA showed better-than-expected growth in Q2, with retail sales increasing by high single digits and mid single digits respectively, while other brands grew by 40-45% [2]. - The company plans to accelerate store openings in 2024, targeting a total of 7,100-7,200 for Anta, 2,800-2,900 for Anta Kids, and 2,100-2,200 for FILA [3]. - The upcoming Olympic Games in Q3 2024 is expected to catalyze product and marketing upgrades [3]. Financial Performance - For 2024, revenue is projected to reach 71.13 billion yuan, with a year-on-year growth of 14.07% [6]. - Net profit for 2024 is forecasted at 13.40 billion yuan, reflecting a growth rate of 30.93% [6]. - The report estimates earnings per share (EPS) of 4.73 yuan for 2024, with corresponding price-to-earnings (PE) ratios of 14 for 2024, 13 for 2025, and 12 for 2026 [3][6]. Market Position - Anta and FILA maintained strong positions in online sales, ranking 2nd and 5th respectively on Tmall's sports and outdoor sales list during the 618 shopping festival [2]. - The report highlights that high-end brands like DESCENTE and KOLON are less affected by consumer downgrading, contributing to their robust growth [2]. Future Outlook - The acquisition of MAIA ACTIVE is expected to enhance the group's market share in the women's segment [3]. - AmerSports is anticipated to gradually contribute positively to the company's net profit, indicating significant growth potential [3].