Guotai Junan Securities·2024-08-28 03:34Investment Rating - The report maintains a rating of "Buy" for Anta Sports [2][4]. Core Views - Anta Sports' H1 performance exceeded expectations, with plans to repurchase shares worth up to HKD 10 billion [4]. - The company expects to continue growth above industry levels in H2, leading to an upward revision of net profit forecasts for 2024-2026 [4]. Financial Summary - H1 revenue reached CNY 33.74 billion, a year-on-year increase of 13.8% [4]. - Excluding Amer, net profit was CNY 6.16 billion, up 17% year-on-year [4]. - Gross margin improved to 64.1%, an increase of 0.8 percentage points [4]. - Operating profit margin remained stable at 25.7% [4]. Brand Performance - Main brand revenue grew by 13.5% in H1, totaling CNY 16.08 billion, driven by product matrix optimization and channel refinement [4]. - FILA's H1 revenue was CNY 13.06 billion, up 6.8%, with a gross margin of 70.2% [4]. - Other brands saw significant growth, with revenue of CNY 4.6 billion, a 41.8% increase [4]. Future Expectations - The main brand's performance in July and August aligns with expectations, maintaining a forecast of double-digit growth for the year [4]. - FILA's annual revenue growth forecast has been revised down to high single digits due to pressures in the trendy and children's segments [4]. - Other brands are expected to meet initial revenue forecasts, with Descente projected to grow over 20% and KOLON over 30% [4].