Investment Rating - The report maintains a BUY rating for Anta Sports, with a target price trimmed to HK119.08,basedona24xFY25EP/Eratio[1][3].CoreInsights−TheacquisitionofJackWolfskinisviewedpositively,withtheacquisitionpriceconsideredattractiveandsignificantpotentialforexpansioninthemid−pricedoutdoorindustryandEuropeanmarkets[1][11].−DespiteaslightdeclineinretailsalesgrowthinMarch−April2025,theoutlookforQ22025remainscautiouslyoptimisticduetovariousgrowthdrivers[11][12].−Thecompany′sretailsalesgrowthinQ12025wassatisfactory,withimprovementsininventorymanagementandabetter−than−expectedprofitmargin[10][11].FinancialSummary−RevenueprojectionsforFY25EaresetatRMB78,235million,withayear−on−yeargrowthof10.5 226.67 billion, with a current stock price of HK$ 83.85, indicating a potential upside of 42% to the target price [3][4]. - The stock is trading at a P/E ratio of 17x for FY25E, which is considered attractive compared to its 5-year average of 25x [1][12]. Acquisition Details - Anta Sports announced the acquisition of Jack Wolfskin for USD 290 million (approximately RMB 23.5 billion), with expected sales of EUR 325 million and adjusted EBITDA of EUR 12 million for FY25E [11][18]. - The valuation metrics for the acquisition indicate a P/S ratio of approximately 0.8x, which is lower than both Anta's group average and the global sports industry average [11][18].
ANTA SPORTS(02020) 招银国际·2025-04-14 02:23