ANTA SPORTS(HK:02020) Soochow Securities·2025-03-21 14:25Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020.HK) [1] Core Insights - Anta Sports reported a revenue of 70.83 billion yuan for 2024, representing a year-on-year increase of 13.6%, and a net profit of 15.60 billion yuan, up 52.4% year-on-year [7] - The company aims for high single-digit revenue growth for its main brand by 2025, with significant contributions from various store formats and a focus on direct-to-consumer (DTC) and e-commerce channels [7] - FILA brand is expected to achieve mid-single-digit growth by 2025, with a notable increase in footwear sales [7] - Other brands under Anta Sports are projected to grow over 30% by 2025, with significant revenue contributions from Descente and Kolon [7] - Amer Sports is expected to see a revenue growth of 13%-15% in 2025, following a profitable year in 2024 [7] - The report anticipates slight fluctuations in short-term profitability due to growth strategies for the main brand and FILA, with adjusted net profit forecasts for 2025 and 2026 [7] Financial Summary - Total revenue projections for Anta Sports are as follows: 70.83 billion yuan in 2024, 78.17 billion yuan in 2025, 86.08 billion yuan in 2026, and 94.24 billion yuan in 2027 [1] - The net profit forecast for 2024 is 15.60 billion yuan, with subsequent projections of 13.23 billion yuan in 2025, 14.76 billion yuan in 2026, and 16.43 billion yuan in 2027 [1] - The report indicates a slight decrease in gross margin to 62.2% in 2024, with expectations for operational profit margins to stabilize in the coming years [7]