业绩表现超预期，24年安踏、FILA指引双位数增长

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2] Core Views - Anta Sports reported a strong performance in 2023, with revenue increasing by 16% to 62.36 billion RMB and net profit rising by 35% to 10.236 billion RMB, exceeding expectations [2][6] - The company aims for double-digit growth in 2024 for both Anta and FILA brands, supported by effective brand management and operational improvements [2] - The successful IPO of Amer Sports is expected to contribute positively to Anta's performance in 2024, with a projected one-time gain of approximately 1.6 billion RMB [2] Financial Performance Summary - In 2023, Anta's revenue reached 62.36 billion RMB, with a year-on-year growth rate of 16% [2][9] - The net profit for 2023 was 10.236 billion RMB, reflecting a 35% increase compared to the previous year [2][9] - The gross margin improved by 2.4 percentage points to 62.6%, while the net profit margin increased by 2.3 percentage points to 16.4% [2][6] - The company plans to achieve revenues of 70.32 billion RMB in 2024, with a projected growth rate of 13% [9] Brand Performance - Anta brand revenue grew by 9.3% to 30.306 billion RMB in 2023, with a gross margin of 54.9% [2] - FILA brand revenue increased by 16.6% to 25.103 billion RMB, with a gross margin of 69.0% [2] - Other brands saw a significant revenue increase of 57.7% to 6.947 billion RMB, benefiting from outdoor trends and high brand recognition [2] Store Expansion and Channel Strategy - Anta's adult stores increased by 129 to 7,053 in 2023, with expectations to reach 7,100-7,200 stores in 2024 [2] - FILA's store count decreased by 12 to 1,972, but is expected to recover in 2024 with an increase to 2,100-2,200 stores [2] - The company is optimizing its new brand stores while expanding its main brand presence [2] Profitability and Efficiency - The company achieved a significant improvement in profitability, with operating profit margin rising by 3.7 percentage points to 24.6% [2] - Inventory turnover days decreased by 15 days to 123 days, indicating improved efficiency [2] - Operating cash flow increased by 62% year-on-year to 19.634 billion RMB [2]