ANTA SPORTS(HK:02020) Soochow Securities·2025-03-21 08:23Investment Rating - The report maintains a "Buy" rating for Anta Sports [1] Core Views - 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 growth for its main brand by 2025, with significant contributions from various store formats and a strong performance in key markets [7] - FILA 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, driven by strong sales performance [7] - Amer Sports is anticipated to see a revenue growth of 13%-15% in 2025, following a successful turnaround [7] - The report adjusts the net profit forecast for 2025-2026 slightly downward but increases the 2027 forecast, maintaining a positive outlook on the company's growth trajectory [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 estimates are 15.60 billion yuan for 2024, 13.23 billion yuan for 2025, 14.76 billion yuan for 2026, and 16.43 billion yuan for 2027 [1] - The report indicates a slight decrease in gross margin to 62.2% in 2024, with expectations for gradual recovery in subsequent years [7] - The company's P/E ratios are projected to be 15.43 for 2024, 18.18 for 2025, and 16.30 for 2026 [1]