ANTA SPORTS(HK:02020) Shanxi Securities·2025-03-20 14:14Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020.HK) [1] 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] - The outdoor sports brand revenue is expected to exceed 10 billion yuan in 2024 [1] Revenue Performance - In 2024, the e-commerce channel revenue grew by 21.8% year-on-year, accounting for 35.1% of total revenue, an increase of 2.3 percentage points [3] - The retail sales of Anta brand, FILA brand, and other brands grew by high single digits, mid single digits, and 40%-45% respectively [3] - The revenue from the Anta brand reached 33.522 billion yuan, a 10.6% increase, while FILA brand revenue was 26.626 billion yuan, up 6.1% [4][5] Profitability Analysis - The overall gross margin for the company decreased by 0.4 percentage points to 62.2%, while the operating profit margin fell by 1.2 percentage points to 23.4% [7] - The net profit margin attributable to shareholders increased by 5.6 percentage points to 22.0% [7] - The company’s net cash position was 31.4 billion yuan, down 6.5% year-on-year [7] Future Earnings Projections - The report forecasts earnings per share (EPS) of 4.99, 5.57, and 6.35 yuan for the years 2025, 2026, and 2027 respectively [8] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.1, 16.2, and 14.2 times respectively [8] Market Positioning - Anta Sports is focusing on a strategy of single focus, multi-brand, and globalization, which has led to steady revenue growth and an increase in market share [8] - The company is increasing investments in brand, channel, and product development, despite some fluctuations in profitability [8]