GOLDEN SUN SECURITIES·2025-01-09 01:20Investment Rating - The report maintains a "Buy" rating for Anta Sports [7] Core Views - Anta Sports demonstrated excellent revenue growth in Q4 2024, with Anta brand revenue increasing by high single digits year-on-year, Fila brand revenue also growing by high single digits, and other brands achieving a revenue growth of 50% to 55% [1] - The overall revenue growth for Anta Sports in 2024 is projected at 13%, with an expected profit growth of 29.5% [4] Summary by Sections Anta Brand - E-commerce business showed strong growth, with overall revenue growth driven by product and brand enhancements, including the launch of the high-cost performance running shoe PG7 [2] - The inventory-to-sales ratio is expected to be around 5, indicating a healthy level, with discounts remaining stable [2] - Anta aims to enhance its brand strength and expand into Southeast Asia and Europe in the long term [2] Fila Brand - Fila's Q4 revenue growth was better than expected, with a year-on-year increase of high single digits, showing significant improvement from Q3 [3] - The inventory-to-sales ratio is also projected to be around 5, indicating a healthy inventory level with minimal discount pressure [3] - Fila is positioned for healthy operations and potential high-quality growth as the consumer environment improves [3] Other Brands - Other brands, including Descente and Kolon Sport, achieved a revenue growth of 50% to 55% in Q4 2024, indicating strong growth potential [4] - The report anticipates a revenue growth of 13% and a profit growth of 29.5% for the company in 2024, factoring in contributions from Amer and non-cash gains [4] - The adjusted net profit forecasts for 2024-2026 are 13.258 billion, 13.635 billion, and 15.609 billion yuan respectively, with a PE ratio of 14 times for 2025 [4]