安踏体育：收购 PUMA 29%股权，全球化布局注入新动力-20260128

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 104.1 HKD based on a PE of 20X for 2025 [10]. Core Insights - Anta Sports has acquired a 29% stake in PUMA for 1.5 billion euros, becoming the largest shareholder. This acquisition is seen as a strategic move to enhance Anta's "single focus, multi-brand, globalization" strategy [2][10]. - PUMA is currently facing short-term performance pressures, undergoing inventory clearance. The management anticipates a low double-digit decline in sales for 2025, defining it as a "reset year" [10]. - The acquisition is expected to leverage Anta's insights and supply chain advantages in the Greater China region, enhancing PUMA's operational efficiency in emerging e-commerce and retail [10]. Financial Summary - Total revenue projections (in million RMB) for Anta Sports are as follows: - 2024: 70,826 (+13.6%) - 2025E: 78,410 (+10.7%) - 2026E: 85,846 (+9.5%) - 2027E: 95,707 (+11.5%) [4] - Net profit projections (in million RMB) are: - 2024: 15,596 (+52.4%) - 2025E: 13,106 (-16.0%) - 2026E: 14,124 (+7.8%) - 2027E: 15,845 (+12.2%) [4] - The company's PE ratios are projected to be: - 2024: 14.10 - 2025E: 16.62 - 2026E: 15.43 - 2027E: 13.75 [4] Market Data - The current market capitalization of Anta Sports is 217,859 million HKD, with a stock price range over the past 52 weeks between 75.50 and 104.40 HKD [7].