ANTA SPORTS(02020) 广发证券·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 91.64 per share, compared to the current price of HKD 88.80 [4]. Core Insights - The company reported a revenue increase of 16.2% to RMB 62.36 billion for 2023, with net profit attributable to shareholders rising by 44.9% to RMB 10.24 billion, exceeding expectations [2]. - The group's profitability showed significant improvement, particularly in the FILA brand. The main brand Anta's revenue grew by 9.3% to RMB 30.31 billion, driven primarily by DTC channels, with DTC, wholesale, and e-commerce revenues changing by +24.2%, -22.7%, and +2.6% respectively. The gross margin increased by 1.3 percentage points to 54.9% due to effective cost control and reduced marketing expenses, leading to an operating profit margin (OPM) increase of 0.8 percentage points to 22.2% [2]. - FILA's revenue increased by 16.6% to RMB 25.10 billion, with OPM rising by 7.7 percentage points to 27.6% due to improved operational efficiency from revenue growth [2]. - Other brands saw a revenue increase of 57.7% to RMB 6.95 billion, with OPM increasing by 6.6 percentage points to 27.1% [2]. - The report expresses optimism about the long-term development of the group's multi-brand strategy, highlighting Anta's focus on professional sports and brand elevation, alongside FILA's positioning in premium products and channels. The outdoor brands under the group are also expected to leverage operational efficiency to capture growth opportunities in the outdoor market [2]. Financial Forecasts - The company is projected to have EPS of RMB 4.53, RMB 4.87, and RMB 5.59 for 2024, 2025, and 2026 respectively. Excluding one-time gains from Amer's listing in 2024, the company is assigned a 2024 PE valuation of 20 times [2].