Guotai Junan Securities·2024-03-28 16:00Investment Rating - The report maintains a "Buy" rating for Anta Sports, indicating a positive outlook for the company's stock performance relative to the market [4][11]. Core Insights - The Chinese sports industry is entering a new phase characterized by stable overall growth and structural differentiation, with Anta Sports positioned as a rare multi-brand leader that aligns with new development trends [3]. - The company achieved a revenue of 62.36 billion RMB in 2023, reflecting a year-on-year growth of 16.2%, while net profit attributable to shareholders reached 10.24 billion RMB, up 34.9% year-on-year [3]. - For the years 2024 to 2026, the projected net profits are 13.26 billion RMB, 14.07 billion RMB, and 16.08 billion RMB respectively, with corresponding price-to-earnings ratios of 16, 15, and 13 times [3]. Financial Summary - In 2023, the company's revenue was 62.36 billion RMB, with a gross profit margin improvement driven by a higher proportion of direct-to-consumer (DTC) sales [3][7]. - The main brand's gross margin increased by 1.3 percentage points, while Fila's gross margin improved by 2.6 percentage points due to better discount management [3]. - The company anticipates steady revenue growth in 2024, with guidance for the main brand and Fila at 10-15%, Descente at over 20%, and Kolon at over 30% [3].