安踏体育：集团营运稳健，FILA流水短期略有波动

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4]. Core Views - Anta brand shows steady growth while FILA brand experiences short-term fluctuations in revenue. The overall performance of other brands is strong, indicating robust long-term growth potential [1][2]. Summary by Sections Anta Brand Performance - Anta brand revenue in Q3 2024 increased by a low single-digit percentage year-on-year, driven by strong e-commerce growth, which is expected to exceed 20% [1]. - The inventory turnover ratio is projected to remain healthy at 4-5, with stable discounts in offline channels and improved discounts in e-commerce [1]. - The brand is focused on optimizing product lines and enhancing operational efficiency across various sales channels [1]. FILA Brand Performance - FILA brand revenue in Q3 2024 decreased by a low single-digit percentage year-on-year due to a challenging consumer environment and ongoing adjustments in the business [1]. - The inventory turnover ratio for FILA is expected to approach 5, with minimal discount pressure at the terminal sales level [1]. - The brand aims to enhance its product and channel structure, focusing on professional products like golf and expanding its e-commerce presence [1]. Other Brands Performance - Other brands under Anta experienced a revenue growth of 45%-50% year-on-year in Q3 2024, benefiting from high-quality market segments and Anta's multi-brand operational capabilities [2]. Financial Projections - For 2024, the company is expected to achieve a revenue growth of 11% and a profit growth of 33%. Excluding a one-time non-cash gain of 1.6 billion, the profit growth is projected at 17% [2]. - The adjusted net profit forecasts for 2024-2026 are 13.61 billion, 13.83 billion, and 15.66 billion yuan, respectively, with a corresponding P/E ratio of 19 times for 2024 [2][3]. Financial Metrics - The company's revenue for 2024 is projected at 69.26 billion yuan, with a year-on-year growth rate of 11.1% [3]. - The net profit for 2024 is expected to be 13.61 billion yuan, reflecting a year-on-year growth rate of 33% [3]. - The earnings per share (EPS) for 2024 is projected to be 4.81 yuan [3].