安踏体育：库存及折扣持续改善，户外新品牌增长亮眼

Investment Rating - The report maintains a "Buy" rating for Anta Sports [5] Core Views - Anta's main brand achieved high single-digit growth in Q2 2024, with a significant acceleration compared to Q1 2024, and a year-on-year growth in the first half of the year in the single digits, meeting expectations [5] - FILA's revenue in Q2 2024 grew in the mid-single digits despite a high base from the previous year, indicating stable performance [5] - Other brands experienced a revenue growth of 40-45% in Q2 2024, exceeding expectations, supported by a strong outdoor trend and brand strength [5] - The company maintains a healthy inventory level with improving discount rates, indicating high-quality retail growth [5] - Management expects a recovery in sales to accelerate in the second half of the year, maintaining growth guidance for all brands [5] - The multi-brand matrix is seen as a valuable resource, with steady growth in the main and FILA brands, and strong performance from new outdoor brands [5] Financial Summary - For FY2023, the company reported a revenue of 624 billion RMB, a year-on-year increase of 16% [6] - The net profit attributable to shareholders for FY2023 was 102.4 billion RMB, reflecting a year-on-year growth of 35% [6] - The gross margin improved to 62.6%, up 2.4 percentage points from the previous year, while the net profit margin increased to 16.4%, up 2.3 percentage points [6][7] - The company forecasts revenues of 703 billion RMB for FY2024, with a projected net profit of 134.8 billion RMB [9]