HUAXI Securities·2025-07-15 14:51Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 2025 operational data shows that the main brand achieved low single-digit growth, while FILA and other brands recorded mid to high single-digit growth [2][3] - The report anticipates high single-digit growth for the main brand and mid single-digit growth for FILA in 2025, with KOLON and DESCENTE expected to grow by 30% [4] - The report highlights the potential for KOLON and DESCENTE to enhance their market share and product competitiveness due to favorable outdoor market conditions [4] Summary by Sections Event Overview - In Q2 2025, the main brand, FILA, and other brands recorded low single-digit, mid single-digit, and 50-55% growth respectively [2] - For H1 2025, retail sales for Anta, FILA, and other brands showed mid single-digit, high single-digit, and 60-65% growth year-on-year [2] Analysis and Judgment - The main brand's growth in Q2 2025 slowed compared to Q1 2025 and Q2 2024, attributed to a slowdown in both online and offline sales [3] - FILA's growth in Q2 2025 was driven by improvements in children's and trendy brands, although it showed a slight slowdown compared to Q1 2025 [3] - Other brands like DESCENTE, KOLON, and MAIA experienced 50-55% growth in Q2 2025, which is a decrease from Q1 2025 but an improvement from Q2 2024 [3] Investment Recommendations - The report projects revenue forecasts of 770 billion, 859 billion, and 960 billion for 2025, 2026, and 2027 respectively, with net profit estimates of 138.74 billion, 159.07 billion, and 178.76 billion for the same years [4] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 15, and 13 [4]