安踏体育：安踏超市参观的收获

Investment Rating - Maintain Buy rating with a revised target price of HK$107.84, up from HK$97.05, reflecting a 24.2% upside potential [2][3] - The new target price is based on a 20x FY25E P/E multiple, up from 18x, due to improved investor sentiment following central government stimulus measures [2] Core Views - The company's new retail formats, such as the "ANTA Super Store," "ANTA Champion Store," "ANTA SNEAKERVERSE," "ANTA Arena," and "ANTA Palace," are successfully driving growth and expanding the customer base [1] - The ANTA Super Store in Shenzhen, with a monthly sales estimate of RMB 1.5 million, outperforms regular ANTA stores, with annual sales per square meter reaching RMB 21,000, compared to RMB 16,000 for regular stores [6] - The company aims to open 10 ANTA Super Stores in FY24 and expand to 40 stores within three years, potentially contributing 2% to ANTA brand sales by FY26 [6] - The company's market segmentation strategy, including targeting mass-market, premium, and niche markets, is well-executed and supports future growth [1] Financial Performance - Revenue is expected to grow at a CAGR of 12% from FY23 to FY26E, with net profit growing at a CAGR of 16% [2] - FY24E revenue is projected at RMB 70.3 billion, with net profit of RMB 13.7 billion, representing a 12.8% YoY growth in revenue and 21.4% YoY growth in net profit [3][19] - FY25E revenue is forecasted at RMB 78.3 billion, with net profit of RMB 15.0 billion, reflecting an 11.4% YoY revenue growth and 9.7% YoY net profit growth [3][19] - FY26E revenue is expected to reach RMB 87.1 billion, with net profit of RMB 17.6 billion, indicating an 11.2% YoY revenue growth and 17.5% YoY net profit growth [3][19] Store Performance and Strategy - The ANTA Super Store in Shenzhen, with a floor area of 670 sqm (860 sqm including warehouse), achieves monthly sales exceeding RMB 1 million, with an average ticket size of RMB 330 [6] - The store offers a wide range of products, including training gear, professional sports, outdoor products, and sports culture, with approximately 1,000 SKUs [1] - The store's product mix differs from regular ANTA stores, with only 10% overlap in SKUs, and a higher proportion of evergreen products [1] - The company's strategy to attract new customers, particularly families and students, is successful, with over 90% of customers being first-time visitors to ANTA Group [6] Valuation and Peer Comparison - The company's FY25E P/E of 16x is below its 5-year historical average of 25x, indicating undervaluation [2] - The company's ROE is expected to remain strong, at 24.7% in FY26E, compared to 26.0% in FY21A [3][19] - Peer comparison shows ANTA Sports trading at a lower P/E multiple compared to some international brands like Nike and Adidas, which trade at higher multiples [17] Growth Drivers - The company's new retail formats and market segmentation strategy are key growth drivers, supported by strong execution and financial performance [1][6] - The ANTA Super Store model, with its high sales per square meter and attractive pricing, is expected to drive significant growth in the coming years [6] - The company's focus on expanding its customer base, particularly through family and student segments, is expected to contribute to long-term growth [6]