KAIYUAN SECURITIES·2024-03-28 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][39]. Core Views - The company achieved record high performance in 2023, with revenue of 62.36 billion yuan (up 16.2% year-on-year) and net profit attributable to shareholders of 10.24 billion yuan (up 34.9%) [4][13]. - The report anticipates that the main brand's innovation will release vitality, and the earnings forecasts for 2024-2026 have been adjusted upwards due to the expected one-time gain from Amer's listing of approximately 1.6 billion yuan [4][39]. Summary by Sections 1. 2023 Performance Highlights - The company reported a revenue of 62.36 billion yuan, with a net profit of 10.24 billion yuan, exceeding expectations [4][13]. - The performance in the first and second halves of 2023 showed revenue of 29.65 billion yuan (up 14.2%) and 32.71 billion yuan (up 18.1%) respectively [13]. 1.1 Brand Performance - Revenue growth by brand in 2023: Anta increased by 9.3% to 30.31 billion yuan, FILA grew by 16.6% to 25.10 billion yuan, and other brands surged by 57.7% to 6.95 billion yuan [18][19]. - The DTC (Direct-to-Consumer) channel for Anta saw a revenue increase of 24.2%, while e-commerce grew by 2.6% [5][18]. 1.2 Category Breakdown - In 2023, footwear revenue was 25.33 billion yuan (up 12.7%), apparel revenue was 35.07 billion yuan (up 18.8%), and accessories revenue was 1.96 billion yuan (up 18.1%) [22]. 1.3 Amer Brand Improvement - Amer's revenue reached 31.25 billion yuan (up 30.1%), with EBITDA of 3.75 billion yuan (up 45.4%) [23]. 2. Channel Performance - E-commerce revenue for the company was 20.5 billion yuan (up 11%), accounting for 32.8% of total revenue [24]. - The total number of Anta stores increased by 228 to 9,831, while FILA closed 12 stores, bringing the total to 1,972 [25]. 3. FILA's Profitability - FILA's revenue was 25.10 billion yuan with a gross margin of 69% (up 2.6 percentage points) [27][28]. - The operating profit margin (OPM) for FILA improved to 27.6% (up 7.6 percentage points) [32]. 4. Earnings Forecast and Investment Advice - The company is expected to achieve net profits of 13.43 billion yuan, 13.66 billion yuan, and 15.65 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.7, 4.8, and 5.5 yuan [4][39].