安踏体育：行业龙头长期发展稳固，战略新时代下α属性凸显

Investment Rating - The report gives a "Buy" rating for Anta Sports, indicating a positive outlook for the company's future performance [4][52]. Core Insights - Anta Sports has established itself as a leading brand in the domestic sportswear market through a clear strategic direction and effective decision-making, supported by a multi-brand strategy and overseas expansion plans [3][4]. - The demand for sportswear is expected to grow due to economic growth and changing consumer attitudes towards health and fitness, with the domestic sportswear market projected to grow at a low double-digit annual rate [3][8]. - The company's multi-brand operation and global expansion are key factors in enhancing its competitive edge, with the main brand, FILA, and other brands targeting different market segments [3][4][8]. Summary by Sections 1. Strategic Clarity and Decision-Making - Anta Sports has developed a robust multi-brand strategy, acquiring several leading brands to strengthen its market position [3][14]. - The management team is experienced and well-structured, contributing to effective operational execution [15][19]. 2. Industry Demand Drivers - Economic growth and increased health awareness among consumers are driving demand for sportswear, with government policies supporting the industry [8][30]. - The domestic sportswear market is still in a growth phase, with per capita spending expected to rise significantly [30][31]. 3. Company Performance and Brand Strategy - Anta's main brand and FILA have shown strong revenue growth, with CAGR of 14.80% and 14.18% respectively from 2019 to 2023 [21][24]. - The outdoor brands DESCENTE and KOLON SPORT are also experiencing rapid growth, with a CAGR of 42.01% during the same period [21][24]. 4. Financial Forecasts and Valuation - The report forecasts Anta's revenue to reach 709.75 billion RMB in 2024, with a year-on-year growth of 13.82% [51][52]. - The expected net profit for 2024 is 129.41 billion RMB, reflecting a growth of 26.42% compared to the previous year [51][52]. 5. Comparative Valuation - Anta's 2024 PE ratio is projected to be 15.3X, compared to a weighted average PE of 18.4X for comparable companies, indicating potential for growth [4][52].