ANTA SPORTS(HK:02020) Shanxi Securities·2025-03-20 13:57Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020.HK) [1][8] Core Views - In 2024, Anta Sports achieved a revenue of 70.826 billion yuan, representing a year-on-year growth of 13.6%, and a net profit attributable to shareholders of 15.596 billion yuan, up 52.4% year-on-year [1][3] - The company plans to distribute a final dividend of 1.18 HKD per share, with an annual payout ratio of 51.4% [1][3] - The outdoor sports brand revenue is expected to exceed 10 billion yuan [1][8] Revenue and Profitability - In 2024, the e-commerce channel revenue grew by 21.8%, accounting for 35.1% of total revenue, while offline channels showed slower growth [3][4] - The Anta brand revenue increased by 10.6% to 33.522 billion yuan, while FILA brand revenue grew by 6.1% to 26.626 billion yuan [4][5] - The overall revenue from other brands surpassed 10 billion yuan, with a year-on-year growth of 53.7% [5][6] Financial Metrics - The gross margin for Anta Sports decreased by 0.4 percentage points to 62.2%, while the operating profit margin fell by 1.2 percentage points to 23.4% [7][8] - The report forecasts earnings per share (EPS) for 2025-2027 to be 4.99, 5.57, and 6.35 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 18.1, 16.2, and 14.2 [8][10]