ANTA SPORTS(02020) 华西证券·2025-03-19 14:54Investment Rating - The report maintains a "Buy" rating for Anta Sports [1][7] Core Views - The company is expected to achieve revenue and net profit growth in 2024, with revenue at 708.26 billion and net profit at 155.96 billion, representing year-on-year growth of 13.6% and 52.4% respectively [2] - The main brand's stability is attributed to online contributions, while FILA faces pressure; other brands maintain high growth [3] - The company plans to expand its store count significantly by 2025, focusing on Southeast Asia and other international markets [3][7] Financial Performance - In 2024, the company's gross margin is projected to be 62.2%, a slight decrease of 0.4 percentage points year-on-year [4] - The operating profit margin (OPM) is expected to decline to 23.4%, down 1.2 percentage points year-on-year [4] - The net profit margin is forecasted to be 22.0%, an increase of 5.6 percentage points year-on-year [4] Revenue and Profit Forecast - Revenue for 2025 is projected at 770.44 billion, with a year-on-year growth of 8.78% [9] - The net profit for 2025 is estimated at 138.74 billion, reflecting a decrease of 11.04% compared to 2024 [9] - Earnings per share (EPS) for 2025 is expected to be 4.94 yuan, with a PE ratio of 18 times [9][7] Brand Performance - Revenue from Anta, FILA, and other brands for 2024 is expected to be 335.22 billion, 266.26 billion, and 106.78 billion respectively, with year-on-year growth rates of 10.6%, 6.1%, and 53.7% [3] - The online sales channel is projected to grow significantly, with online revenue expected to reach 248.6 billion, a year-on-year increase of 21.5% [3] Dividend Policy - The company plans to distribute a final dividend of 1.18 HKD per share, resulting in a dividend yield of 2.4% [2]