ANTA SPORTS(02020) 海通证券·2024-10-15 11:39Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Insights - The company's main brand shows steady growth, while FILA experiences a slight decline, with other brands accelerating their performance. The main brand is expected to grow in the low single digits year-on-year, while FILA has seen its first quarterly year-on-year decline since Q4 2022 [4] - The company has opened over 300 new stores during the National Day holiday, enhancing its market coverage and targeting specific consumer segments with diverse store formats [4] - A share repurchase plan of up to HKD 10 billion is expected to enhance shareholder returns and stabilize the stock price [4] - The company is projected to achieve net profits of HKD 13.765 billion and HKD 13.993 billion for 2024 and 2025, respectively, with a price-to-earnings (PE) valuation range of 18-20X for 2024 [4] Financial Performance Summary - Revenue is projected to grow from HKD 62.356 billion in 2023 to HKD 83.923 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 10.7% [5] - Net profit is expected to increase from HKD 10.236 billion in 2023 to HKD 14.696 billion in 2026, with a significant year-on-year growth of 34.9% in 2024 [5] - The gross margin is forecasted to remain stable at around 62.7% from 2024 onwards [5] Valuation Metrics - The company is valued at a PE ratio of 25.29 for 2023, decreasing to 17.60 by 2026 [8] - The projected price-to-book (P/B) ratio is expected to decline from 5.03 in 2023 to 3.57 in 2026 [8] - The expected dividend yield is projected to increase from 2.2% in 2023 to 3.1% in 2026 [8]