安踏体育：集团营收首破700亿，聚焦多品牌行稳致远-20250323

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a record revenue of over 70 billion RMB, focusing on a multi-brand strategy for stable long-term growth [5][7] - The company's revenue for 2024 reached 70.826 billion RMB, representing a year-on-year growth of 13.6%, with a gross profit of 44.032 billion RMB, up 12.8% year-on-year [7] - The net profit attributable to shareholders for 2024 was 15.596 billion RMB, a significant increase of 52.4% year-on-year [7] - The multi-brand strategy continues to support stable growth, with the main brand achieving a revenue of 33.52 billion RMB, up 10.6% year-on-year [7] - The online and overseas channels are expected to continue driving growth, with online revenue increasing by 21.8% year-on-year [7] Financial Forecasts - Revenue projections for the company are as follows: 62.661 billion RMB in 2023, 70.826 billion RMB in 2024, 78.945 billion RMB in 2025, 87.796 billion RMB in 2026, and 96.557 billion RMB in 2027 [6] - The net profit attributable to shareholders is forecasted to be 13.500 billion RMB in 2025, 15.561 billion RMB in 2026, and 17.150 billion RMB in 2027, with a year-on-year growth of -13.44%, 15.27%, and 10.21% respectively [6][7] - The company's return on equity (ROE) is projected to be 25.27% in 2024, decreasing to 17.93% in 2025, and further to 17.12% in 2026 [6]