GOLDEN SUN SECURITIES·2024-05-17 10:07Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][6]. Core Views - Anta Sports demonstrated robust short-term operations with a revenue growth of 16.2% and a net profit growth of 34.9% in 2023, reaching 62.4 billion and 10.236 billion RMB respectively. The company is expected to continue its high-quality growth trajectory through effective multi-brand management and optimization strategies [20][24]. Summary by Sections Short-term Tracking - The company's multi-brand management capabilities enhance performance stability amid fluctuating consumer environments. In Q1 2024, Anta and Fila brands showed mid-single-digit and high-single-digit revenue growth respectively, with healthy inventory levels [20][21]. Long-term Trends - Anta Sports' multi-brand strategy is expected to sustain long-term growth. The company is positioned to leverage its core brand Anta, Fila, and other international brands to diversify revenue streams and enhance overall performance [26][28]. Brand Performance - Anta Brand: In 2023, Anta's revenue grew by 9.3% to 30.306 billion RMB, with a projected CAGR of 10%-15% from 2023 to 2026. The brand is entering a phase of high-quality growth through channel and product structure optimization [29][30]. - Fila Brand: Fila's revenue increased by 16.6% to 25.1 billion RMB in 2023, transitioning to a high-quality growth phase with a similar CAGR forecast of 10%-15% [28][29]. - Other Brands: The segment saw a significant revenue increase of 57.7% to 6.947 billion RMB in 2023, benefiting from high operational efficiency and market potential [28][29]. Financial Forecasts - The report projects net profits for Anta Sports to be 13.6 billion, 13.99 billion, and 16.16 billion RMB for 2024, 2025, and 2026 respectively, with a PE ratio of 17 times for 2024 [2][4][5]. Organizational Structure - Anta has established a platform-based and divisional management structure to enhance operational efficiency and support multi-brand growth. The DTC (Direct-to-Consumer) model is being emphasized to improve insights into consumer behavior and operational efficiency [2][18].