ANTA SPORTS(02020) 太平洋·2024-09-02 06:01Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020) with a target price set at 76.80 HKD [1][4]. Core Insights - The company's H1 2024 financial results exceeded expectations, with revenue reaching 33.74 billion HKD, a year-on-year increase of 13.8%. The net profit attributable to shareholders was 7.72 billion HKD, up 62.6% year-on-year. Excluding one-time gains from the listing of Amer Sports, the adjusted net profit was 6.16 billion HKD, reflecting a 17.0% increase [1][4]. - Anta Sports announced a share buyback plan of up to 10 billion HKD over the next 18 months, demonstrating confidence in future growth and commitment to shareholder returns [1][4]. Summary by Sections Financial Performance - H1 2024 revenue was 33.74 billion HKD, up 13.8% year-on-year. The net profit attributable to shareholders was 7.72 billion HKD, a 62.6% increase. Adjusted net profit, excluding one-time gains, was 6.16 billion HKD, reflecting a 17.0% increase [1][4]. - The company declared an interim dividend of 1.18 HKD per share, with a payout ratio of approximately 50% when excluding the one-time gain from Amer Sports [1][4]. Brand Performance - Anta brand revenue for H1 2024 was 16.08 billion HKD, up 13.5%, with a gross margin of 56.6%. FILA brand revenue was 13.06 billion HKD, up 6.8%, with a gross margin of 70.2%. Other brands, including Descente and Kolon, saw revenue growth of over 30% [1][4]. - The online sales channel grew by 25%, increasing its share from 30.8% in H1 2023 to 33.8% in H1 2024. The number of stores for Anta and FILA brands increased, with a focus on the DTC model [1][4]. Inventory and Profitability - Inventory turnover days improved to 114 days, down 10 days year-on-year, contributing to better discount management. The gross margin for H1 2024 was 64.1%, up 0.8 percentage points year-on-year [1][4]. - The net profit margin (excluding Amer Sports) reached a historical high of 18.3%, up 0.5 percentage points year-on-year [1][4]. Future Outlook - The company maintains its revenue growth guidance for the Anta brand at 10%-15% for 2024, while FILA's growth forecast has been adjusted to high single digits. The overall strategy focuses on high-quality growth across multiple brands [1][4].