安踏体育：品牌表现分化，运营质量稳健

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4][5] Core Views - The retail performance of Anta Sports shows brand differentiation, with the Anta brand achieving single-digit growth in Q3 2024, while FILA experienced a slight decline. Other brands saw a growth of 45-50%, driven by strong brand power and outdoor trends [4][5] - Online sales growth outpaced offline, with Anta's e-commerce continuing to grow over 20%. The company is preparing for the upcoming Double Eleven shopping festival, aiming to outperform peers while balancing scale growth and profit margins [4][5] - Inventory levels remain healthy, with discount rates improving steadily. Anta's offline discount rates remained stable year-on-year, while online discounts improved. This indicates that retail growth is not solely reliant on discounting, reflecting high-quality sales growth [4][5] Summary by Sections Retail Performance - Anta brand showed single-digit growth in Q3 2024, with both adult and children's segments performing well. FILA brand saw a low single-digit decline, while other brands grew by 45-50% [4][5] - The performance of Kolon Sport and DESCENTE brands remained strong, with growth rates of 65-70% and over 30%, respectively [4] Channel Analysis - Online sales growth was superior to offline, with Anta's e-commerce achieving over 20% growth. The company is innovating in offline store formats to capture price-sensitive consumers [4][5] Financial Outlook - The company expects a recovery in sales during the National Day holiday, with a focus on cost control to enhance profit visibility for the year. The sales target for the year relies on achieving higher growth in Q4 [5] - The projected net profit for 2024 is adjusted to 134.1 billion RMB, reflecting a slight decrease from previous estimates, with a PE ratio of 19 times [5][6]