Haitong Securities International·2026-01-28 00:05Investment Rating - The report maintains an OUTPERFORM rating for ANTA Sports [2][7]. Core Views - ANTA Group plans to acquire a 29.06% stake in PUMA SE for €1.5 billion (approximately RMB 12.278 billion), becoming its largest shareholder. The acquisition price of €35 per share represents a 60% premium over the market price, but management emphasizes that this is within a reasonable valuation range based on enterprise value assessments [3][11]. - The acquisition is a strategic investment aimed at advancing ANTA's "Single Focus, Multi-Brand, Globalization" strategy, which will help address the company's global layout shortcomings and validate its multi-brand management model [4][12]. - The expected completion of the transaction is between 6 to 10 months, pending various approvals, including antitrust and shareholder approvals [3][11]. Financial Summary - Revenue forecasts for ANTA Sports for 2025-2027 are maintained at RMB 78.26 billion, RMB 85.00 billion, and RMB 92.04 billion, representing year-on-year growth of 10.5%, 8.6%, and 8.3% respectively [7][14]. - The net profit attributable to the parent company for 2025-2027 is projected to be RMB 12.98 billion, RMB 14.34 billion, and RMB 16.24 billion, with year-on-year changes of -16.6%, 10.0%, and 12.6% respectively [7][14]. - The corresponding P/E ratios for 2025-2027 are expected to be 15.0x, 13.6x, and 12.1x [7][14]. Market Context - PUMA's revenue is expected to decline by double digits in 2025, with a consensus forecast of a net loss of €620 million for the year. The brand's sales are primarily through franchising, which accounts for 72.5% of its revenue [5][13]. - PUMA has strong brand recognition in segments such as running, football, basketball, training, and motorsports, particularly in markets where ANTA has a weaker presence, such as Europe and Latin America [5][13].