ANTA SPORTS(02020) 国海证券·2024-03-30 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 62.356 billion RMB in 2023, representing a year-on-year increase of 16.2%, and a net profit attributable to shareholders of 10.236 billion RMB, up 34.9% year-on-year [4][6] - The company is expected to continue its long-term strategic progress, with anticipated revenue growth driven by brand influence expansion and improved discount rates [6][8] Financial Performance Summary - In 2023, the company's revenue by brand showed significant growth: Anta brand revenue increased by 9.3% to 30.306 billion RMB, FILA brand revenue rose by 16.6% to 25.103 billion RMB, and other brands saw a 57.7% increase to 6.947 billion RMB [2][4] - Revenue by category in 2023: footwear revenue increased by 12.7% to 25.332 billion RMB, apparel revenue grew by 18.8% to 35.067 billion RMB, and accessories revenue rose by 18.1% to 1.957 billion RMB [2][4] - The company's overall gross margin improved by 2.4 percentage points to 62.6%, and the operating profit margin increased by 3.7 percentage points to 24.6% in 2023 [4][6] Future Earnings Forecast - The company is projected to achieve revenues of 70.276 billion RMB, 78.458 billion RMB, and 87.087 billion RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.7%, 11.6%, and 11.0% [6][8] - The net profit attributable to shareholders is expected to be 13.439 billion RMB, 14.023 billion RMB, and 16.225 billion RMB for the same years, reflecting growth rates of 31.3%, 4.3%, and 15.7% respectively [6][8] Market Position and Strategy - As of the end of 2023, the company operated 7,053 Anta stores, 2,778 Anta Kids stores, and 1,972 FILA stores, indicating a focus on optimizing sales networks and enhancing brand influence [6][8] - The direct-to-consumer (DTC) model has been successfully implemented, with approximately 44% of Anta stores operated directly by the company, enhancing operational efficiency and profitability [6][8]