安踏体育：回购彰显信心，运营具备韧性

Investment Rating - The investment rating for the company is "Buy" with a target price set at 76.8 HKD, maintaining the rating for the next six months [8]. Core Insights - The company reported a revenue of 33.7 billion HKD for the first half of 2024, representing a year-on-year increase of 13.8%, with a net profit attributable to shareholders of 6.16 billion HKD, up 17% [1]. - The board declared an interim dividend of 1.18 HKD per share, a 43.9% increase year-on-year, with dividends accounting for 50.1% of net profit [1]. - The company plans to repurchase up to 10 billion HKD of its shares over the next 18 months, which will be canceled to enhance shareholder returns [1]. Financial Performance - The overall gross margin for the company was 64.1%, an increase of 0.8 percentage points year-on-year [2]. - The operating profit margin (OPM) remained stable at 25.7%, with the net profit margin at 18.3%, reflecting a 0.5 percentage point increase [2]. - Advertising and promotional expenses accounted for 7.5% of total revenue, showing a slight increase of 0.4 percentage points [2]. Brand and Market Expansion - The company actively expanded its online platforms, achieving a 25.1% increase in e-commerce revenue, which now represents 33.8% of total revenue [3]. - The company maintained a steady expansion of physical stores, with a net increase of 20 stores for the main brand and 53 for the children's line [3]. - The company is enhancing its product matrix in running and basketball categories, launching new products to meet diverse consumer needs [4]. Brand Positioning - FILA is focusing on a blend of professional and fashionable sports image, with strong sales in functional products [5]. - The outdoor brand, Descente, is creating differentiated product matrices and enhancing brand communication to penetrate high-end markets [6].