ANTA SPORTS(02020) 海通证券·2024-04-23 05:32Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown steady revenue growth across its brands in Q1 2024, with Anta brand and Fila experiencing mid-single-digit and high-single-digit growth respectively, while other brands grew by 25%-30% [3]. - The collaboration with star athlete Kyrie Irving has significantly enhanced the brand's global influence, with the launch of the "Anta Kyrie 1" sneaker receiving a strong market response [3]. - The introduction of innovative retail formats, such as the "ANTA SNEAKERVERSE" store, aims to attract younger consumers and enhance brand engagement [3]. - The company is projected to achieve net profits of 13.38 billion and 13.55 billion yuan in 2024 and 2025 respectively, with a PE valuation range of 20-23X for 2024, translating to a target price of 102.70-118.11 HKD per share [3]. Financial Performance and Forecast - Revenue is expected to grow from 62.36 billion in 2023 to 70.20 billion in 2024, reflecting a year-on-year growth of 12.6% [4]. - Net profit is forecasted to increase from 10.24 billion in 2023 to 13.38 billion in 2024, representing a year-on-year growth of 30.7% [4]. - The gross margin is projected to remain stable at around 62.5% from 2024 onwards [4]. - The return on equity is expected to be 23.0% in 2024, slightly decreasing to 20.9% by 2025 [4]. Comparative Valuation - The company is compared with peers such as Li Ning, Nike, Adidas, and Lululemon, with an average PE ratio of 22.90 for 2024 [5]. - The valuation metrics indicate that the company is positioned competitively within the industry, with a focus on maintaining strong growth and profitability [5].