NORTHEAST SECURITIES·2026-01-21 09:43Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [10]. Core Insights - The retail performance of the company remains relatively stable, with the Anta brand experiencing a slight decline in retail sales, while the FILA brand shows improvement. Other brands continue to grow at a high rate [2][3]. - The company is expected to achieve revenue growth of 10.9% in 2025, 10.2% in 2026, and 9.1% in 2027, reaching revenues of 785.7 billion, 865.5 billion, and 944.2 billion respectively. Net profit attributable to the parent company is projected to decline by 14.1% in 2025, followed by increases of 12.5% and 11.6% in the subsequent years [3]. Summary by Sections Retail Performance - Anta brand retail sales decreased by low single digits year-on-year in Q4 2025, while FILA brand sales increased by mid single digits. Other brands saw retail sales growth of 35-40% [2][3]. - The company has been adjusting its franchise stores and successfully expanding various store formats, with the opening of a new store in Los Angeles planned for January 2026 [2]. Financial Projections - Revenue for 2023 is reported at 62,356 million, with projections of 70,826 million for 2024, 78,566 million for 2025, and continuing growth through 2027 [4]. - Net profit attributable to the parent company is expected to be 10,236 million in 2023, increasing to 15,596 million in 2024, but declining to 13,402 million in 2025 before recovering in subsequent years [4]. Valuation Metrics - The company is projected to have a price-to-earnings ratio of 15.33 in 2025, decreasing to 12.21 by 2027, indicating a favorable valuation trend [4]. - The net asset return rate is expected to decline from 25.27% in 2024 to 15.76% in 2027, reflecting changes in profitability [4].