ANTA SPORTS(02020) 国信证券·2024-03-27 16:00Investment Rating - The investment rating for the company is "Buy" [3][18] Core Insights - The company reported a 35% growth in net profit attributable to shareholders in 2023, driven by a healthy inventory and strong cash flow [1][5] - Revenue increased by 16.2% to 62.36 billion yuan, with net profit rising to 10.24 billion yuan [1][19] - The company maintains a high dividend payout ratio of 51% for the year [1][6] - The growth momentum accelerated in the second half of 2023, with revenue growth of 18.1% and net profit growth of 37.1% [1][13] Financial Performance - Revenue and net profit projections for 2024-2026 are set at 134.6 billion, 134.8 billion, and 147.8 billion yuan respectively, reflecting growth rates of 31.5%, 0.2%, and 9.6% [18][19] - The company’s gross margin improved by 2.4 percentage points to 62.6% in 2023, with a significant reduction in inventory levels [1][5] - Operating cash flow increased by 62% to 19.6 billion yuan, with net cash reaching 33.5 billion yuan [1][6] Brand Performance - Anta and FILA showed steady growth, with revenues of 30.3 billion and 25.1 billion yuan respectively, while other brands grew by 58% to 6.9 billion yuan [1][10] - FILA's operating profit margin increased significantly by 7.6 percentage points to 27.6%, driven by improved gross margins and store efficiency [10][11] - The company plans to maintain its revenue growth targets for all brands, aiming for 10%-15% growth for Anta and FILA in 2024 [16][18] Market Strategy - The company is focusing on enhancing its brand matrix and expanding its market presence, particularly in Southeast Asia and the Middle East [17][18] - The strategy includes leveraging star endorsements and optimizing product channels to drive growth [18][19] - The company aims to increase its store count, targeting 7,100 Anta stores and 2,100 FILA stores by the end of 2024 [16][18]