Shanxi Securities·2024-10-11 08:03Investment Rating - The report maintains a "Buy-A" rating for Anta Sports [2][5] Core Views - Anta's brand retail sales growth has slowed down in Q3 2024, with online channels performing better than offline. The overall retail discount has improved, and inventory levels are healthy [1][5] - FILA brand retail sales have declined, primarily due to the trend towards cost-effective consumption and adjustments in FILA FUSION and FILA KIDS [5][4] - The company is expected to achieve high-quality and stable growth through continuous dynamic management and cost control [5] Company Performance - In Q3 2024, Anta's brand retail sales are expected to grow in the mid-single digits year-on-year, with online sales projected to increase by over 20% [1] - FILA brand retail sales have decreased in the low single digits year-on-year, with inventory turnover close to 5 months, indicating a controllable level [4][5] - Other brands under Anta, such as Descente and KOLON, have shown strong growth, with retail sales increasing by 45%-50% year-on-year [2][3] Financial Data and Forecast - Revenue for 2024 is projected at 69,369 million, with a year-on-year growth of 11.2% [7] - Net profit for 2024 is expected to reach 13,293 million, reflecting a year-on-year increase of 29.9% [7] - Earnings per share (EPS) for 2024 is forecasted to be 4.69, with corresponding P/E ratios of 19.4 for 2024 [7][8]