Investment Rating - The report maintains a "Buy-A" rating for Anta Sports (02020.HK) [1] Core Views - In 2024, Anta Sports achieved a revenue of 70.826 billion yuan, representing a year-on-year growth of 13.6%, and a net profit attributable to shareholders of 15.596 billion yuan, up 52.4% year-on-year [1][3] - The company plans to distribute a final dividend of 1.18 HKD per share, with an annual payout ratio of 51.4% [1] - The outdoor sports brand revenue is expected to exceed 10 billion yuan in 2024 [1] Revenue Performance - In 2024, the e-commerce channel revenue grew by 21.8% year-on-year, accounting for 35.1% of total revenue, an increase of 2.3 percentage points [3] - The retail sales of Anta brand, FILA brand, and other brands grew by high single digits, mid single digits, and 40%-45% respectively [3] - The revenue from the Anta brand reached 33.522 billion yuan, a 10.6% increase, while FILA brand revenue was 26.626 billion yuan, up 6.1% [4][5] Profitability Analysis - The overall gross margin for the company decreased by 0.4 percentage points to 62.2%, while the operating profit margin fell by 1.2 percentage points to 23.4% [7] - The net profit margin attributable to shareholders increased by 5.6 percentage points to 22.0% [7] - The company’s net cash position was 31.4 billion yuan, down 6.5% year-on-year [7] Future Earnings Projections - The report forecasts earnings per share (EPS) of 4.99, 5.57, and 6.35 yuan for the years 2025, 2026, and 2027 respectively [8] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 18.1, 16.2, and 14.2 times respectively [8] Market Positioning - Anta Sports is focusing on a strategy of single focus, multi-brand, and globalization, which has led to steady revenue growth and an increase in market share [8] - The company is increasing investments in brand, channel, and product development, despite some fluctuations in profitability [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has shown stable profitability in property and casualty insurance, with significant improvements in technology and banking operations [1]. - The net profit attributable to shareholders for 2024 is projected at 600 million yuan, reflecting a 105% year-on-year increase when excluding one-time accounting adjustments from 2023 [1]. - The company is expected to maintain a competitive advantage in the internet property and casualty insurance market, with substantial growth potential in technology output and digital banking operations [1]. Financial Performance Summary - Total revenue for 2023 is reported at 27,535 million yuan, with a projected increase to 31,744 million yuan in 2024, representing a year-on-year growth of 15.29% [1]. - The net profit attributable to shareholders is forecasted to decline significantly in 2024 to 603 million yuan, down 85.2% from the previous year, but is expected to recover in subsequent years [1]. - The company's book value per share (BPS) is projected to increase from 14.24 yuan in 2024 to 17.78 yuan by 2027 [1]. Business Segment Performance - The insurance segment reported a total premium of 33.4 billion yuan in 2024, a 13.3% increase year-on-year, with health and digital life insurance showing strong growth [1][12]. - The technology segment achieved a revenue of 960 million yuan, marking a 15% increase, while the banking segment's net income improved significantly, with a 53% increase in revenue to 550 million HKD [1]. - The overall investment income for the company rose to 1.34 billion yuan in 2024, an 85% increase year-on-year, driven by favorable market conditions [1].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5] Core Insights - The company achieved a revenue of HKD 11.8 billion in 2024, representing a slight increase of 5.3%, while net profit decreased by 20.8% to HKD 1.3 billion. The second half of 2024 showed improved performance with revenue of HKD 6.76 billion, up 11.2%, and net profit of HKD 620 million, down 33.2% [1][2] - The company's proprietary brand business, including Vaporesso and MOYAL, saw significant growth, with revenue reaching HKD 2.48 billion, a 34.0% increase, and its revenue share rising from 16.5% to 21.0% [1] - The company is focusing on developing a heating not burning (HNB) product line, which is expected to become a second growth curve, with positive consumer feedback from its recent launch in Serbia [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of HKD 11.8 billion, a 5.3% increase, and a net profit of HKD 1.3 billion, a decrease of 20.8%. The second half of 2024 showed a revenue increase of 11.2% to HKD 6.76 billion, while net profit decreased by 33.2% to HKD 620 million [1][2] - The company declared a final dividend of HKD 0.05 per share, with an annual dividend yield of 40.2% [1] Business Segments - The ODM business saw a slight decline in revenue to HKD 9.32 billion, with a first half decrease of 12.3% and a second half increase of 10.7%. The European market contributed HKD 5.1 billion, while the US market generated HKD 3.99 billion [2] - The proprietary brand segment showed strong growth, particularly in Europe and other markets, with revenue of HKD 2.02 billion, a 37.2% increase, and in the US, revenue reached HKD 420 million, a 14.0% increase [1] Future Outlook - The company is optimistic about the HNB product line, which is expected to contribute to revenue growth in 2025. The focus on creating a comprehensive vaporization technology platform is anticipated to drive long-term growth [3] - The profit forecast for 2025-2027 has been adjusted, with expected net profits of HKD 1.52 billion, HKD 2.00 billion, and HKD 2.52 billion, reflecting growth rates of 16.3%, 32.0%, and 26.0% respectively [3][4]

主品牌韧性增长+户外品牌持续高增，加速 海外市场布局 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整了 25-26 年的盈利预测（上调了收入，下调了毛利率）并引入了 27 年的盈利预测，预计 2025-2027 年每股收益分别为 4.82、5.54 和 6.24 元（原 25- 26 为 4.92 和 5.64 元），参考可比公司，我们维持公司 2025 年 21 倍 PE 估值，对应 目标价 108.31 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：流行风尚变化、市场竞争加剧、全球运动服饰消费减速等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 62,356 | 70,826 | 78,370 | 86,449 | 95,412 | | 同比增长 (%) | 16.2% | 13.6% | 10.7% | 10.3% | 10.4% | | 营业利润(百万元) | 15,367 | 16,595 | 18,525 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [4] Core Viewpoints - The main brand, Xtep, shows steady performance with a revenue increase of 3% to 12.3 billion, while professional sports revenue (including Saucony) surged by 57% to 1.3 billion [1] - The overall revenue for 2024 is projected at 13.6 billion, reflecting a 7% year-on-year growth [1] - The company is focusing on a Direct-to-Consumer (DTC) strategy to enhance brand loyalty and customer retention, with plans to reclaim distribution rights for 400-500 stores by 2026 [3] - The running trend in China continues to grow, with Xtep achieving the highest wearing rate in major marathons, solidifying its position as a leading running brand [2] Summary by Sections Financial Performance - Total revenue for 2024 is 13.6 billion, up 7% year-on-year; main brand revenue is 12.3 billion, up 3%, and professional sports revenue is 1.3 billion, up 57% [1] - Footwear revenue is 8.1 billion (59% of total), up 16%, while apparel revenue is 5.2 billion, down 6% [1] - The overall gross margin for 2024 is 43%, an increase of 1.4 percentage points [1] - Net profit attributable to shareholders is projected at 1.2 billion, a 20% increase [1] Market Position and Strategy - The company operates 6,382 adult brand stores and 1,584 children's stores in China, with plans to enhance its DTC strategy [3] - Saucony is positioned as a secondary growth driver, ranking among the top three in marathon shoe wearing rates [2] Future Outlook - Revenue forecasts for 2025-2027 are 14.7 billion, 15.8 billion, and 17 billion respectively, with net profit estimates of 1.36 billion, 1.52 billion, and 1.69 billion [4]

纺织服装 安踏体育（02020.HK） 买入-A(维持) 2024 年稳健增长，户外运动品牌营收突破百亿 2025 年 3 月 20 日 公司研究/公司快报 公司近一年市场表现 事件描述 3 月 19 日，公司发布 2024 年年报，2024 年，公司实现营收 708.26 亿元，同比增 长 13.6%，实现归母净利润 155.96 亿元，同比增长 52.4%。拟派末期股息 118 港分/股， 全年派息率 51.4%（剔除 Amer Sports 上市事项及 Amer Sports 配售事项权益摊薄所致 的非现金会计利得）。 事件点评 资料来源：最闻，山西证券研究所 市场数据：2025 年 3 月 19 日 收盘价（港元）： 97.900 年内最高/最低（港元）： 107.50/65.550 流通 A 股/总股本（亿股）： 28.07/28.07 流通 A 股市值（亿港元）： 2,748.26 2024 年公司营收增长稳健，电商渠道增速快于线下。营收端，2024 年，公司实现 营收 708.26 亿元，同比增长 13.6%，其中公司电商渠道收入同比增长 21.8%，占集团收 入比重上升 2.3pct 至 35 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a net profit of 1.24 billion RMB for FY2024, marking a 20.2% year-on-year increase, achieving a historical high [5] - The main brand's revenue grew steadily, with professional sports showing strong performance, particularly with a 57.2% increase in revenue from the professional sports segment [5] - The company is focusing on direct-to-consumer (DTC) channel transformation to enhance long-term competitiveness [5] Financial Data and Profit Forecast - FY2023 revenue was 143.46 billion RMB, with a projected revenue of 146.36 billion RMB for FY2025, reflecting an 8% growth [4] - The net profit for FY2023 was 1.03 billion RMB, expected to rise to 1.37 billion RMB by FY2025, indicating a 10% growth [4] - The gross margin is projected to improve from 42% in FY2023 to 45% by FY2027 [4] Brand and Channel Performance - The main brand's revenue accounted for 90.8% of total revenue, with a slight decrease in gross margin to 41.8% [5] - Online sales grew approximately 20%, with new platforms like Douyin and Xiaohongshu seeing over 80% growth [5] - The company operates 6,382 adult clothing stores, with a net decrease of 189 stores, while children's stores numbered 1,584, with a net decrease of 119 stores [5] Profitability and Cash Flow - The gross margin improved to 43.2%, with a net profit margin of 9.1% [5] - Inventory turnover days decreased by 22 days to 68 days, indicating improved efficiency [5] - Operating cash flow remained stable at 1.228 billion RMB, with cash and cash equivalents totaling 3 billion RMB [5]

Investment Rating - The report assigns a rating of "Buy" for the company, expecting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [19][18]. Core Views - The company's beer business is steadily progressing towards high-end products, while the white liquor segment is experiencing counter-cyclical growth [1][10]. - The company achieved total revenue of 38.635 billion yuan in 2024, a year-on-year decrease of 0.8%, and a net profit of 4.739 billion yuan, down 8% year-on-year [3][9]. - The high-end beer sales grew by over 9% year-on-year, with Heineken seeing close to 20% growth, and the overall product structure is upgrading with mid-range and above beer sales exceeding 50% for the first time [4][5]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 38.635 billion yuan and a net profit of 4.739 billion yuan, with EBIT at 4.567 billion yuan, reflecting a slight increase of 0.2% year-on-year [3][9]. - The overall gross margin improved to 42.6%, up 1.3 percentage points year-on-year, with the beer segment's gross margin at 41.1% [6][9]. Sales and Growth - The beer sales volume in 2024 was 10.874 million tons, with a price of 3,355 yuan per ton, showing a decrease of 2.5% in volume but an increase of 1.5% in price year-on-year [4][5]. - The white liquor business generated revenue of 2.149 billion yuan, up 4% year-on-year, with a gross margin increase of 5.6 percentage points to 68.5% [5][6]. Future Projections - Revenue growth is projected at 6% for 2025, 5% for 2026, and 4% for 2027, with net profit growth expected at 9% for 2025 and 8% for the following years [9][12]. - The estimated earnings per share (EPS) are projected to be 1.59 yuan for 2025, 1.72 yuan for 2026, and 1.86 yuan for 2027 [9][12].

Investment Rating - The report assigns an "Outperform" rating for the company [2] Core Insights - The company has shown continuous improvement in profitability, with both organic and external growth strategies being effectively implemented [5] - The revenue for 2024 is projected to be 13,074 million HKD, reflecting a year-on-year growth of 10.5% [6] - The net profit for 2024 is expected to reach 853.74 million HKD, indicating a significant year-on-year increase of 42.6% [6] - The report highlights the company's strong performance in both import and export of tobacco products, with notable growth in various segments [6] Financial Performance Summary - Revenue and Profit Forecasts: - 2023: Revenue of 11,836.22 million HKD, Net Profit of 598.77 million HKD - 2024: Revenue of 13,074.24 million HKD, Net Profit of 853.74 million HKD - 2025E: Revenue of 14,590.45 million HKD, Net Profit of 965.40 million HKD - 2026E: Revenue of 15,989.09 million HKD, Net Profit of 1,124.04 million HKD - 2027E: Revenue of 17,346.28 million HKD, Net Profit of 1,287.66 million HKD [6][10] - Earnings Per Share (EPS) is projected to grow from 1.23 HKD in 2024 to 1.86 HKD by 2027 [10] - The gross margin is expected to improve from 10.54% in 2024 to 11.59% in 2027, driven by a higher proportion of high-margin products [10] Business Segment Performance - Import Business: - Revenue from tobacco leaf imports is projected to be 8,254.25 million HKD in 2024, with a growth rate of 2.17% [9] - Export Business: - Tobacco leaf export revenue is expected to reach 2,061.54 million HKD in 2024, with a growth rate of 24.78% [9] - Cigarette export revenue is forecasted at 1,573.64 million HKD in 2024, with a growth rate of 30.19% [9] - New Tobacco Products: - Revenue from new tobacco products is projected to be 135.18 million HKD in 2024, with a growth rate of 4.00% [9] Valuation and Price Target - The report estimates a reasonable valuation range for the company at 28.00 to 29.40 HKD for 2025, based on a price-to-earnings (PE) ratio of 20 to 21 times [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [8]. Core Insights - The company achieved a revenue of 135.77 billion yuan in 2024, representing a year-on-year growth of 6.5% after excluding the divested K&P business. The net profit attributable to shareholders was 12.38 billion yuan, with a year-on-year increase of 20.2%, aligning with expectations [4]. - The main brand, Xtep, reported a revenue of 123.27 billion yuan in 2024, growing by 3.2%. The online e-commerce segment saw approximately 20% growth, accounting for over 30% of total revenue, with emerging platforms like Douyin experiencing over 80% growth [4]. - The professional sports segment, including Saucony, achieved a revenue of 1.25 billion yuan in 2024, marking a significant year-on-year increase of 57.2%. Saucony's revenue surpassed 1 billion yuan, with improved profitability [4]. - The company plans to enhance its Direct-to-Consumer (DTC) strategy, aiming to recover distribution rights for approximately 400 to 500 Xtep stores by late 2025 and 2026 [4]. Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 14,346 million yuan, 2024A at 13,577 million yuan, 2025E at 14,531 million yuan, 2026E at 15,685 million yuan, and 2027E at 16,831 million yuan [2]. - The net profit attributable to shareholders is forecasted to be 1,030 million yuan in 2023A, increasing to 1,672 million yuan by 2027E, with a consistent growth rate of around 10% [2]. - The company's gross margin improved to 43.2% in 2024, with a net margin of 9.1%, reflecting a year-on-year increase of 1.0 percentage points [4]. Valuation Metrics - The report indicates a Price-to-Earnings (P/E) ratio forecast of 13.1 for 2023A, decreasing to 8.1 by 2027E, suggesting an attractive valuation as earnings grow [2]. - The Price-to-Book (P/B) ratio is projected to decline from 1.5 in 2023A to 1.0 in 2027E, indicating a strengthening balance sheet relative to market valuation [2].