ANTA SPORTS(02020) 东方证券·2025-01-14 03:14Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 109.62, based on a 21x PE valuation for 2025 [2][3] Core Views - FILA showed significant quarter-on-quarter improvement in Q4 2024, while other brands maintained high growth [1] - Anta Sports is expected to achieve industry-leading growth due to its strong multi-brand operational capabilities, despite macroeconomic uncertainties [5] - The company is accelerating its overseas market expansion, particularly in Southeast Asia, the Middle East, Russia, and the US, with the appointment of a new international business head [5] Financial Forecasts - Revenue is projected to grow from RMB 53,651 million in 2022 to RMB 85,439 million in 2026, with a CAGR of 10.7% [5] - Net profit attributable to shareholders is expected to increase from RMB 7,590 million in 2022 to RMB 15,925 million in 2026, with a CAGR of 14.6% [5] - EPS is forecasted to rise from RMB 2.69 in 2022 to RMB 5.64 in 2026 [5] Brand Performance - Anta brand: Q4 2024 sales grew by high single digits year-on-year, with faster growth in children's categories and e-commerce channels [5] - FILA: Q4 2024 sales grew by high single digits year-on-year, showing resilience in the fashion sports segment [5] - Other brands: Q4 2024 sales grew by 50-55% year-on-year, driven by strong performance from Descente and Kolon [5] Valuation and Market Comparison - Anta Sports' 2025E PE ratio is 15.1x, lower than peers like Lululemon (26x) and Nike (27x) [7] - The company's 2025E PB ratio is 2.7x, compared to Lululemon's 26x and Nike's 27x [7] Strategic Initiatives - Anta Sports is advancing channel reforms, including the construction of "Super Anta" channels and optimizing store models [5] - The company is focusing on product innovation to align with current consumer trends [5]