GOLDEN SUN SECURITIES·2026-01-21 00:37Investment Rating - The report maintains a "Buy" rating for Anta Sports [5] Core Views - Anta Sports is expected to have stable operations in 2025, with a focus on long-term multi-brand performance. The overall performance aligns with expectations, despite a slight decline in Anta brand revenue and strong growth in other brands [1][2] - The company anticipates a revenue growth of over 10% in 2026, with a projected net profit of approximately 140 billion yuan, reflecting a 6.4% increase from 2025 [3] Summary by Sections Anta Brand Performance - In Q4 2025, Anta brand revenue is expected to decline by a low single-digit percentage year-on-year, attributed to a weak domestic consumption environment and the late timing of the 2026 Spring Festival [1] - The inventory turnover ratio for Anta brand is projected to be slightly above 5, indicating a healthy inventory level [1] Fila Brand Performance - Fila brand revenue is expected to grow in the mid-single digits year-on-year in Q4 2025, with improved performance compared to Q3 [2] - The brand benefits from various optimization measures, and e-commerce sales are anticipated to achieve double-digit growth during major promotional events [2] Other Brands Performance - Other brands are experiencing rapid growth, with revenue growth rates of 35% to 40% in Q4 2025. Brands like Descente and Kolon are establishing strong brand power in the high-end outdoor segment [2] Financial Projections - For 2025, the company expects revenue to reach approximately 785.64 billion yuan, with a net profit of around 132 billion yuan, reflecting an 11% increase from 2024 [3][4] - The projected earnings per share (EPS) for 2025 is 4.72 yuan, with a price-to-earnings (P/E) ratio of 15.7 for 2026 [4][11]