Zhong Guo Yin He Zheng Quan·2026-01-30 07:45Investment Rating - The report maintains a "Buy" rating for Anta Sports (stock code: 2020.HK) [6][35]. Core Insights - Anta Sports plans to acquire a 29.06% stake in PUMA SE for €1.5 billion, which will make it the largest single shareholder of PUMA. This acquisition is aimed at enhancing its global footprint and brand matrix, following previous acquisitions of Amer Sports and Jack Wolfskin [6][8]. - The acquisition is expected to strengthen Anta's position in the mid-to-high-end professional sports sector and create new growth opportunities through global resource integration and synergy effects [6][8]. - PUMA is currently undergoing a strategic reset, which has led to a decline in its revenue and profits. The company reported a revenue of €5.974 billion in the first three quarters of 2025, down 8.5% year-on-year, and a net loss of €308 million [9][6]. - The report highlights that PUMA's footwear segment remains resilient, contributing approximately 53.7% of its revenue, and is expected to drive future growth despite current challenges [17][9]. Financial Projections - Anta Sports' projected total revenue for 2024 is ¥70.826 billion, with a growth rate of 13.58%. The net profit is expected to be ¥15.596 billion, reflecting a profit growth rate of 52.36% [2][36]. - The earnings per share (EPS) forecast for 2025 is adjusted to ¥4.66, with a corresponding price-to-earnings (PE) ratio of 15 [36][35]. - The report anticipates a gradual recovery in PUMA's performance post-acquisition, with long-term benefits expected from the integration of PUMA into Anta's operations [35][34].