GOLDEN SUN SECURITIES·2024-08-28 03:35Investment Rating - The report maintains a "Buy" rating for Anta Sports [4] Core Views - Anta Sports reported a revenue growth of 14% and a profit growth of 63% in H1 2024, exceeding expectations. The company achieved a revenue of 33.7 billion yuan, with a gross margin increase of 0.8 percentage points to 64.1% [1] - The board declared an interim dividend of HKD 1.18 per share, maintaining a stable payout ratio of 50.1%. Additionally, a share buyback plan of up to HKD 10 billion over the next 18 months was announced [1] Revenue Summary - Anta brand revenue grew by 13.5% in H1 2024, driven by product and channel optimization. Direct-to-Consumer (DTC) sales increased by 10.5%, e-commerce by 20.1%, and traditional wholesale by 8.5%. Over 80% of Anta's stores operate under the DTC model [2] - FILA brand revenue increased by 6.8% to 13.1 billion yuan, with strong performance in e-commerce and adult categories. The brand focuses on high-quality development and expanding product categories [3] Profitability Summary - Anta's gross margin improved by 0.8 percentage points to 56.6%, and operating profit margin increased by 0.8 percentage points to 21.8% in H1 2024, attributed to channel structure changes and product mix optimization [2] - FILA's gross margin rose by 1 percentage point to 70.2%, while operating profit margin decreased by 1.1 percentage points to 28.6% [8] Future Outlook - The company expects a revenue growth of 12% and a profit growth of 35% for 2024. The anticipated contribution from Amer Sports and a one-time gain of 1.6 billion yuan are factored into the profit forecast [9] - The report adjusts the net profit forecast for 2024-2026 to 13.836 billion, 14.093 billion, and 15.998 billion yuan, respectively, corresponding to a PE ratio of 13 times for 2024 [9]