Investment Rating - The report maintains a "Buy" rating for Anta Sports [2] Core Views - Anta's brand performance faced pressure in Q4 2025, with a slight decline in revenue for the Anta brand, while FILA and other brands showed growth [8] - The overall revenue forecast for Anta Sports from 2025 to 2027 is projected to grow at rates of 10.8%, 9.9%, and 9.4% respectively, despite a challenging retail environment [8] - The report highlights the potential for multi-brand development in the long term, particularly in the outdoor segment, which is expected to continue to gain traction [8] Financial Forecasts - Revenue projections for Anta Sports are as follows: - 2024: 70,826 million RMB - 2025: 78,479 million RMB - 2026: 86,250 million RMB - 2027: 94,396 million RMB - Net profit forecasts are: - 2024: 15,596 million RMB - 2025: 13,139 million RMB - 2026: 14,140 million RMB - 2027: 15,846 million RMB - Earnings per share (EPS) estimates are: - 2024: 5.58 RMB - 2025: 4.70 RMB - 2026: 5.06 RMB - 2027: 5.67 RMB [2][9]
安踏体育（2020.HK）2025Q4 营运情况点评
Guolian Minsheng Securities·2026-01-22 07:35