ANTA SPORTS(HK:02020) SINOLINK SECURITIES·2025-03-20 08:40Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company reported a revenue of 70.83 billion yuan for 2024, a year-on-year increase of 13.0%. The net profit attributable to shareholders, excluding the listing gains from Amer Sports, was 11.93 billion yuan, up 16.5% [1]. - The company plans to distribute a total dividend of 2.36 HKD for 2024, with a payout ratio of 51.4% [1]. - The multi-brand matrix continues to show rapid growth, with significant contributions from the Anta brand and FILA [1][2]. Summary by Sections Anta Brand - Anta's revenue for 2024 reached 33.52 billion yuan, reflecting a 10.6% increase. The core store strategy has significantly driven growth, with some flagship stores achieving sales efficiency three times that of traditional stores [1]. - The launch of the PG7 running shoes has been successful, selling over one million pairs within three months due to its high cost-performance ratio [1]. FILA Brand - FILA's revenue was 26.63 billion yuan, up 6.1%. The brand has successfully expanded its footwear line, with sales exceeding 23 million pairs in 2024, and aims to create a million-unit IP in footwear by 2025 [2]. - The adjustments in children's and trendy product lines have shown significant results, contributing to overall brand growth [2]. Other Brands - Other brands generated revenue of 10.68 billion yuan, a remarkable increase of 69.5%, marking the first time revenue surpassed 10 billion yuan, accounting for 15.1% of total revenue [2]. - The high store efficiency model of Descente and KOLON brands continues to thrive, with several stores achieving sales exceeding 50 million yuan [2]. Profitability and Financial Metrics - The company's gross margin for the year was 62.2%, a slight decrease of 0.4 percentage points year-on-year. The increase in low-margin online sales channels has contributed to this fluctuation [3]. - The selling expense ratio increased by 1.62 percentage points to 36.21%, primarily due to increased advertising and promotional expenses in the Olympic year [3]. - The company is expected to maintain stable profitability, with inventory turnover days at 121 days, indicating effective inventory management [3]. Outlook for 2025 - The company plans to enhance store efficiency, targeting 6,900-7,000 Anta stores and 2,600-2,700 children's stores by 2025 [4]. - Continued expansion in Southeast Asia, the Middle East, and Europe is anticipated, with overseas stores expected to contribute significantly to revenue growth [4]. - The forecast for FY25 revenue growth is between 13%-15%, with net profit projected to reach 360-390 million USD [4].