ANTA SPORTS(02020) 光大证券·2024-04-19 00:31Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][3]. Core Views - Anta Sports reported steady growth in Q1 2024, with retail sales increasing across its brands, particularly FILA, which saw a high single-digit growth, and other brands achieving a 25-30% increase [2]. - The company is expected to continue its multi-brand strategy, with revenue growth targets of 10-15% for Anta and FILA, and over 20% for Descente and KOLON [3]. - The upcoming Paris Olympics in July 2024 is anticipated to enhance the company's market influence through coordinated product and marketing efforts [3]. Summary by Sections Q1 Performance - Anta brand retail sales grew in the mid-single digits year-on-year, with a notable increase in late March [2]. - FILA brand retail sales increased by 25-30% year-on-year, with inventory turnover improving [2]. - Other brands, including KOLON and Descente, reported significant growth, with KOLON exceeding 50% year-on-year [2]. Brand Strategy - Anta launched new basketball products and secured sponsorships, enhancing its global presence [3]. - FILA continues to focus on premium products and optimizing its channel structure [3]. - Descente and KOLON are expanding their product lines and channels, contributing to their revenue growth [3]. Financial Projections - Revenue is projected to grow from 70,347 million RMB in 2024 to 88,059 million RMB by 2026, with a compound annual growth rate of approximately 12.8% [4]. - Net profit is expected to rise from 13,002 million RMB in 2024 to 15,782 million RMB in 2026, reflecting a growth rate of 27% in 2024 [4]. - Earnings per share (EPS) are forecasted to increase from 4.59 RMB in 2024 to 5.57 RMB in 2026 [4]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 17 for 2024 and 16 for 2025, suggesting a favorable valuation compared to historical levels [4][10]. - The return on equity (ROE) is projected to be 22.8% in 2024, indicating strong profitability [10].