ANTA SPORTS(02020) 华泰证券·2024-10-11 13:03Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 117.98, up from the previous target of HKD 93.5 [2][7][11]. Core Views - Anta Sports demonstrated resilient operational performance in Q3 2024, with a steady revenue growth despite short-term disruptions caused by weather and macroeconomic factors. The Anta brand achieved a mid-single-digit year-on-year growth in retail sales, while the Fila brand experienced a low single-digit decline [2][3]. - The report emphasizes the strong operational resilience of Anta as a market leader, maintaining its earnings per share (EPS) estimates for 2024-2026 at RMB 4.27, 4.88, and 5.51 respectively. The target price is based on a projected price-to-earnings (PE) ratio of 22.0x for 2025, reflecting the company's significant advantages in market share, revenue scale, and brand strength [2][11]. Summary by Sections Q3 2024 Performance - Anta brand retail sales showed a mid-single-digit year-on-year growth, while Fila brand retail sales declined by a low single-digit percentage. Other brands, including Descente and Kolon, saw retail sales growth of 45-50% [2][4]. - The operational disruptions in Q3 were attributed to external factors such as typhoons and high temperatures, but Anta's performance remained industry-leading [2][3]. Brand Analysis - Anta's main brand is expected to continue its growth trajectory, with online sales projected to exceed 20% year-on-year growth for the full year 2024. The company is effectively expanding its market reach through new store formats targeting specific customer segments [3][4]. - Fila's performance has been impacted by external market conditions, but its operational health remains manageable, with retail discounts stable and inventory turnover ratios healthy [4][5]. Other Brands - Other brands under Anta are experiencing rapid growth, particularly in outdoor apparel, with Descente and Kolon showing significant year-on-year increases in sales [5][9]. - The report anticipates that the retail environment will remain challenging in the fourth quarter, but effective cost control and product-channel strategies will support overall performance and profitability [5][9]. Financial Projections - Revenue projections for Anta Sports are set at RMB 69.97 billion for 2024, with expected year-on-year growth of 12.21%. Net profit is projected to reach RMB 13.25 billion, reflecting a growth rate of 29.42% [6][9][10]. - The report outlines a consistent growth trend in EPS, with estimates of RMB 4.27 for 2024, RMB 4.88 for 2025, and RMB 5.51 for 2026, indicating strong profitability [10][15].