ANTA SPORTS(02020) 国海证券·2025-04-13 11:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable operational performance in Q1 2025, with significant growth in brand revenues, particularly for the Anta and FILA brands, which recorded high single-digit growth year-on-year. Other brands experienced a remarkable revenue growth of 65%-70% [5][7] - The company plans to acquire the outdoor brand Wolfskin, which is expected to accelerate its internationalization process and enhance its product structure and retail efficiency through supply chain optimization [7] - Revenue forecasts for 2025-2027 are projected at RMB 788.5 billion, RMB 878.5 billion, and RMB 970.2 billion, respectively, with year-on-year growth rates of 11.3%, 11.4%, and 10.4%. The net profit attributable to the parent company is expected to be RMB 134.5 billion, RMB 154.9 billion, and RMB 172.5 billion, with corresponding growth rates of -13.8%, +15.2%, and +11.3% [7][9] Summary by Sections Recent Performance - In Q1 2025, Anta brand revenue showed high single-digit growth year-on-year, while FILA also continued its positive trend with high single-digit growth. Other brands achieved a revenue increase of 65%-70% [5][7] Acquisition Plans - The company announced plans to acquire the European outdoor brand Wolfskin for USD 290 million in cash, which is expected to enhance its international presence and leverage Wolfskin's established network and brand strength in Europe [7] Financial Projections - The company forecasts revenues of RMB 788.5 billion, RMB 878.5 billion, and RMB 970.2 billion for 2025, 2026, and 2027, respectively, with net profits of RMB 134.5 billion, RMB 154.9 billion, and RMB 172.5 billion. The projected P/E ratios are 16, 14, and 13 for the respective years [9][10]