ANTA SPORTS(02020) 中泰证券·2024-10-17 00:38Investment Rating - The investment rating for Anta Sports is "Buy" (maintained) [2] Core Views - Anta Sports demonstrates resilience during the downturn, with expectations for a bottoming out in sales during the National Day holiday period, which exceeded expectations [2] - The company is expected to maintain high growth rates across its various brands, with a notable performance from the main brand and a healthy inventory level [2][3] - The report anticipates that e-commerce sales will outperform offline sales, continuing a trend of over 20% growth [2] Financial Summary - Revenue Forecasts: - 2022A: 53,651 million - 2023A: 62,356 million (growth rate: 16%) - 2024E: 70,710 million (growth rate: 13%) - 2025E: 79,308 million (growth rate: 12%) - 2026E: 88,319 million (growth rate: 11%) [2][3] - Net Profit Forecasts: - 2022A: 7,590 million - 2023A: 10,236 million (growth rate: 35%) - 2024E: 13,530 million (growth rate: 32%) - 2025E: 14,166 million (growth rate: 5%) - 2026E: 15,974 million (growth rate: 13%) [2][3] - Earnings Per Share (EPS): - 2022A: 2.68 - 2023A: 3.62 - 2024E: 4.78 - 2025E: 5.01 - 2026E: 5.65 [2][3] - Cash Flow: - 2023A: 6.94 - 2024E: 3.75 - 2025E: 4.67 - 2026E: 5.91 [2][3] - Return on Equity (ROE): - 2023A: 24% - 2024E: 23% - 2025E: 20% - 2026E: 18% [2][3] Market Position and Strategy - Anta Sports is focusing on multi-brand operations to cover segmented users and enhance domestic product capabilities, capitalizing on emerging sports trends [2] - The company is expected to continue improving its channel reform and customer targeting strategies, particularly through the Super Anta and Champion stores [2][3] - The report highlights the importance of maintaining stable discount levels and improving online sales channels [2][3]