Investment Rating - The investment rating for the company is "Outperform the Market" [4][22][23] Core Insights - The company is experiencing orderly business expansion, with a significant increase in non-property transaction services, which accounted for 34% of total net income in 2024, up 9.1 percentage points year-on-year [6][8][14] - The total transaction volume for 2024 reached 33,494 billion, a year-on-year increase of 6.6%, while net income was 935 million, reflecting a 20.2% increase [6][7][12] - The adjusted net profit for 2025 is projected to be 103.50 billion, with a net profit of 56.97 billion, leading to a valuation range of 62.87-71.44 RMB, equivalent to 68.33-77.65 HKD per share [22][23] Financial Performance Summary - In 2024, the company's total revenue was 93,457 million, a 20.2% increase from 2023, while net profit was 4,065 million, down 30.9% year-on-year [5][12][27] - The gross profit margin decreased from 28% in 2023 to 25% in 2024, primarily due to a decline in the contribution margin from the existing housing business [11][27] - The company has implemented a share repurchase plan, spending approximately 7.16 billion USD in 2024, which represents about 3.89% of the total shares issued at the end of 2023 [6][8] Business Segment Performance - The existing housing business generated net income of 28.2 billion in 2024, remaining stable compared to 2023, while the total transaction volume increased by 10.8% to 22,465 billion [6][14] - The new housing business saw net income rise to 33.7 billion, a 10.1% increase, despite a 3.3% decline in total transaction volume [17][21] - The home decoration and furniture business achieved net income of 14.8 billion, a 36.1% increase, driven by synergies with property transactions [18][21] User and Store Metrics - By the end of 2024, the company had 51,573 stores, a 17.7% increase year-on-year, with active agents numbering 499,937, up 16.9% [13][21] - The average monthly active user count remained stable at 43.2 million, indicating consistent user engagement [13][21]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The valuation of Hong Kong Exchanges and Clearing Limited (HKEX) has lagged behind trading volume, with a recovery in IPOs positively impacting the long-term Average Daily Turnover (ADT) [4][6] - In 2025, the ADT is projected to reach 2200 billion HKD, with a year-on-year increase of 66.9% [4] - The company's net profit forecast for 2025-2027 has been raised to 168, 169, and 172 billion HKD, respectively, reflecting a year-on-year growth of 29.0%, 0.2%, and 2.2% [4] Summary by Sections Market Activity and Performance - The Hong Kong stock market has seen a continuous improvement in activity, with the ADT reaching a historical peak of 2973 billion HKD in February 2025, representing a year-on-year increase of 230% [13][14] - The trading volume remained active in March, with figures of 3181 and 2863 billion HKD, showing year-on-year increases of 203% and 152% respectively [13] Regulatory Support for IPOs - Regulatory measures have encouraged A-share companies to list in Hong Kong, enhancing market capitalization and activity [6] - As of February 2025, 10 IPOs have occurred, doubling year-on-year, with a financing scale of 7.8 billion HKD, up 258% [32][34] - The approval process for IPOs has been optimized, facilitating the listing of mainland companies in Hong Kong [36] Financial Projections - The company's revenue for 2025 is projected to be 27,785 million HKD, with a year-on-year growth of 24.18% [7] - The net profit for 2025 is estimated at 16,828 million HKD, reflecting a year-on-year increase of 28.95% [7] - The sensitivity analysis indicates that an ADT of 1700, 2200, and 3000 billion HKD corresponds to net profit changes of +8%, +29%, and +62% respectively [27]

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (00388.HK) is "Buy" (maintained) [1] Core Views - The valuation of Hong Kong Exchanges is lagging behind trading volume, with a recovery in IPOs benefiting the long-term Average Daily Turnover (ADT) [4] - The trading volume in the Hong Kong stock market has been active, with February's ADT reaching a historical peak of HKD 297.3 billion, a year-on-year increase of 230% [13] - The company has adjusted its ADT forecasts for 2025-2027 to HKD 2200 billion, HKD 2000 billion, and HKD 2000 billion respectively, reflecting a year-on-year growth of 66.9%, a decline of 9.1%, and flat growth [4] - The net profit forecasts for 2025-2027 have been raised to HKD 16.8 billion, HKD 16.9 billion, and HKD 17.2 billion respectively, indicating year-on-year growth of 29.0%, 0.2%, and 2.2% [4] Summary by Sections Market Activity and Trading Settlement Business - The Hong Kong stock market's activity has been improving, with February's ADT reaching a historical peak of HKD 297.3 billion, a year-on-year increase of 230% [13] - The trading settlement business, which is highly correlated with ADT, contributed over 53% of the company's revenue in 2024 [5] IPO Recovery and Market Structure - Regulatory support for A-share companies to list in Hong Kong is expected to enhance market capitalization and activity [6] - In the first two months of 2025, there were 10 IPOs in Hong Kong, doubling year-on-year, with a financing scale of HKD 7.8 billion, an increase of 258% [6][32] Financial Performance and Valuation - The company's revenue for 2025 is projected to be HKD 27.785 billion, reflecting a year-on-year growth of 24.18% [7] - The net profit for 2025 is estimated at HKD 16.828 billion, indicating a year-on-year increase of 28.95% [7] - The current price-to-earnings (P/E) ratio is projected to be 27.8 times for 2025, compared to a historical average of approximately 37 times over the past decade [4][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 13.58 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit of 1.24 billion RMB, up 20.2% year-on-year [5][6] - The company has successfully divested its KP business, which has alleviated profit drag, resulting in a net profit margin increase of 1.0 percentage points to 9.1% [6] - The main brand, Xtep, and the professional sports brand, Saucony, are focusing on running and retail reform, with significant growth in the professional sports segment [12][13] Financial Performance - Revenue breakdown for 2024 shows footwear, apparel, and accessories contributing 59.3%, 38.5%, and 2.2% respectively, with footwear revenue growing by 15.9% [7] - The gross margin improved by 1.4 percentage points to 43.2%, with the professional sports segment's gross margin rising significantly due to acquisitions [8] - Operating profit margin for 2024 was 14.5%, an increase of 0.4 percentage points [11] Retail and Market Strategy - The company is focusing on the running segment, with the main brand's running shoes leading in major marathon events [12] - The number of adult stores decreased by 2.9% to 6,382, while the number of children's stores decreased by 7.0% to 1,584 [7] - The company plans to enhance direct-to-consumer (DTC) strategies, aiming to reclaim distribution rights for 400-500 stores by late 2025 to 2026 [12] Future Outlook - The company expects steady growth for the main brand in 2025, with Saucony's revenue projected to grow by 30-40% [12] - Earnings per share (EPS) estimates for 2025, 2026, and 2027 are 0.50, 0.55, and 0.61 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 [12][14]

公司于 3 月 19 日公布 2024 年年报。全年实现营收 708.3 亿元， 同增 13.0%，不包含 Amer Sports 上市收益的归母净利润 119.3 亿 元，同增 16.5%，多品牌矩阵保持快速发展趋势。公司 2024 年预 计总计派发股息 2.36 港元，派息率为 51.4%，维持买入评级。 安踏牌：多店型策略显效，核心场拉动增长。24 全年安踏主品牌 营收为 335.2 亿元，同增 10.6%，其中核心场拉动作用显著，超级 安踏、作品集等新零售业态店效持续提升，部分超级安踏店店效已 提升至传统店 3 倍。同时安踏爆品策略进一步强化，24 年新品 PG7 跑鞋凭借其高性价比上市三个月内销售量破百万双。安踏儿童方 面亦延续推出安踏 CAMPUS 特色门店新业态，已在一线城市高端商 场开设，店效达到传统店态 2 倍，增长潜力显著。 FILA：儿童、潮牌调整迅速，鞋类心智强化。FILA 品牌营收为 266.3 亿元，同增 6.1%，其中鞋类拓展顺利，24 年增长超 10%、达 2300 万双，预计 25 年进一步打造鞋类百万 IP，拉动品牌增长。FILA 儿 童、潮牌的增量品类鞋、书包等亦持续突破 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth projections [1]. Core Insights - The company achieved a revenue of 17.904 billion yuan in 2024, representing a year-over-year growth of 5%. The adjusted net profit reached 157 million yuan, marking a 20% increase year-over-year, and the company declared a dividend of 0.075 yuan per share, with a payout ratio of approximately 170% [2][4]. - The self-owned brand business showed significant growth, with a monthly active buyer increase of 18%. The self-operated revenue for 2024 was approximately 16.973 billion yuan, accounting for about 95% of total revenue, with a notable 220% increase in the transaction scale of self-owned brand products [4]. - The company successfully turned a profit in 2024, with a cash flow cycle of approximately -32 days, indicating high cash turnover and efficiency. The operating cash inflow was 656 million yuan, a 45% increase year-over-year [4][5]. Financial Performance Summary - **2024 Financials**: Total revenue was 17.904 billion yuan, with a net profit of 30 million yuan. The gross margin was 10.13%, and the return on equity (ROE) was 1.29% [6][8]. - **2025-2027 Projections**: Expected revenues are 20.813 billion yuan in 2025, 23.476 billion yuan in 2026, and 26.494 billion yuan in 2027, with corresponding net profits projected at 129 million yuan, 274 million yuan, and 441 million yuan, reflecting significant growth rates [6][9]. - **Valuation Metrics**: The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 40.65, 19.12, and 11.90, respectively, indicating a favorable valuation trend as earnings grow [6][9].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth projections [1]. Core Insights - The company achieved a revenue of 17.904 billion yuan in 2024, representing a year-over-year growth of 5%. The adjusted net profit reached 157 million yuan, marking a 20% increase year-over-year, and the company declared a dividend of 0.075 yuan per share, with a payout ratio of approximately 170% [2][4]. - The self-owned brand business showed significant growth, with a monthly active buyer increase of 18%. The self-operated revenue for 2024 was approximately 16.973 billion yuan, accounting for about 95% of total revenue, with a notable 220% increase in the transaction scale of self-owned brand products [4][5]. - The company successfully turned a profit in 2024, with a cash flow cycle of approximately -32 days, indicating high cash turnover and efficiency. The operating cash inflow was 656 million yuan, a 45% increase year-over-year [4][5]. Financial Performance Summary - **2024 Financials**: Total revenue was 17.904 billion yuan, with a net profit of 30 million yuan. The gross margin was 10.13%, and the return on equity (ROE) was 1.29% [6][8]. - **2025-2027 Projections**: Expected revenues for 2025, 2026, and 2027 are approximately 20.813 billion yuan, 23.476 billion yuan, and 26.494 billion yuan, respectively, with year-over-year growth rates of 16%, 13%, and 13%. The projected net profits for the same years are 129 million yuan, 274 million yuan, and 441 million yuan, with significant growth rates of 330%, 113%, and 61% [6][8]. - **Valuation Metrics**: The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are approximately 40.65, 19.12, and 11.90, respectively, indicating a favorable valuation trend as earnings grow [6][8].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][40]. Core Insights - The company is expected to achieve a core net profit growth of 16.5% in 2024, with a revenue increase of 13.6% to 70.83 billion RMB. The net profit attributable to shareholders is projected to grow to 11.93 billion RMB, excluding non-cash gains from Amer Sports [1][7]. - The company maintains a high dividend payout ratio of 51.4% and has repurchased approximately 1.28 billion HKD worth of shares during the year [1][15]. - The management remains optimistic about the growth prospects of the sports consumption market in China, with expectations for significant growth across its brand portfolio [2][39]. Financial Performance Summary - **Revenue and Profit Growth**: The company reported a revenue of 70.83 billion RMB in 2024, reflecting a 13.6% year-on-year increase. The core net profit is expected to reach 11.93 billion RMB, marking a 16.5% increase [1][7]. - **Brand Performance**: Revenue from the Anta brand reached 33.52 billion RMB, up 10.6%, while FILA's revenue grew by 6.1% to 26.63 billion RMB. Other brands saw a significant increase of 53.7% to 10.68 billion RMB [2][24]. - **Profit Margins**: The overall gross margin for 2024 is projected at 62.2%, a slight decrease from 62.6% in 2023. The operating profit margin is expected to be 23.4%, down from 24.6% [8][29]. Brand and Market Strategy - **Anta Brand**: The Anta brand is focusing on new retail formats and has launched successful products like the PG7 running shoes. The brand's revenue from e-commerce channels grew by 20.7% [2][19]. - **FILA Brand**: FILA's revenue growth is driven by its professional sports series and footwear. The brand aims to enhance its product functionality and quality while expanding its retail presence [22][23]. - **Other Brands**: Brands like Descente and KOLON have shown strong growth, with Descente's revenue increasing by over 35% and KOLON by more than 60% [24][26]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 13.48 billion RMB, 15.46 billion RMB, and 17 billion RMB respectively, reflecting a growth rate of 13.0%, 14.7%, and 10.0% [3][39]. - The target price has been revised to 113-118 HKD, based on the updated profit forecasts, corresponding to a PE ratio of 22-23x for 2025 [3][40].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.34 HKD based on a 12x PE valuation for 2025 [4][5]. Core Insights - The company has adjusted its revenue and gross margin forecasts for 2025-2026, while introducing projections for 2027, expecting earnings per share of 0.49, 0.56, and 0.63 RMB for 2025-2027 respectively [4]. - The main brand, Xtep, is focusing on increasing direct-to-consumer (DTC) investments to enhance customer interaction and brand loyalty [7]. - The professional sports segment, represented by Saucony, has shown significant revenue growth and improved profitability, indicating the effectiveness of the DTC strategy [7]. Financial Summary - For 2023, the company reported revenue of 14,346 million RMB, with a year-on-year growth of 10.9%. The projected revenues for 2024, 2025, 2026, and 2027 are 13,577 million, 14,452 million, 15,795 million, and 17,244 million RMB respectively [4][8]. - The net profit attributable to the parent company for 2023 was 1,030 million RMB, with a projected increase to 1,238 million, 1,369 million, 1,558 million, and 1,745 million RMB for the following years [4][8]. - The gross margin is expected to improve from 42.2% in 2023 to 45.0% by 2027, while the net profit margin is projected to rise from 7.2% to 10.1% over the same period [4][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 13.58 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit of 1.24 billion RMB, up 20.2% year-on-year [5][6] - The company has strategically divested its KP business, which has alleviated profit drag, resulting in a net profit margin increase of 1.0 percentage points to 9.1% [6] - The main brand, Xtep, and the professional sports brand, Saucony, are focusing on running and retail reform, with a strong emphasis on enhancing consumer experience [12][13] Financial Performance - The company’s gross margin improved by 1.4 percentage points to 43.2% in 2024, with the professional sports segment's gross margin rising significantly due to the acquisition of Saucony and Myle [8] - The operating profit margin for 2024 was 14.5%, an increase of 0.4 percentage points year-on-year [11] - The company plans to distribute a total dividend of 0.095 HKD per share, with a total payout ratio of 138.2% [5] Revenue Breakdown - In 2024, the revenue from the main brand (Xtep) and professional sports (Saucony, Myle) accounted for 90.8% and 9.2% of total revenue, respectively, with year-on-year growth of 3.2% and 57.2% [7] - The footwear segment contributed 59.3% of total revenue, with a year-on-year growth of 15.9%, while apparel and accessories saw declines [7] Future Outlook - The company expects steady growth for the main brand in 2025, with Saucony projected to grow by 30-40% year-on-year [12] - The report slightly lowers the profit forecast for 2025 and 2026 by 3% and 4%, respectively, while introducing a forecast for 2027 [12][14]