Investment Rating - The investment rating for Anta Sports (02020.HK) is "Outperform the Market" (maintained) [1][3][14] Core Views - In Q1 2025, Anta's main brand achieved high single-digit growth, while FILA also recorded high single-digit growth, and other brands saw a growth of 65-70%. The overall group revenue grew by double digits, indicating strong performance despite a high base [2][3][4] - The acquisition of the German outdoor brand Jack Wolfskin for a base price of $290 million is expected to enhance Anta's competitive position in the outdoor sports segment and align with its strategy of multi-brand globalization [3][9][14] - The report maintains profit forecasts for 2025-2027, expecting net profits of 134.8 billion, 154.6 billion, and 170.0 billion yuan respectively, with comparable profit growth rates of 13.0%, 14.7%, and 10.0% [3][14][16] Summary by Sections Q1 2025 Performance - Anta's Q1 2025 revenue growth was strong, with a healthy inventory level and stable discounts. The inventory-to-sales ratio was below 5, indicating good inventory management [3][4][5] - Breakdown of revenue growth showed high single-digit increases for Anta's main products and children's lines, with online sales growing in the low double digits and offline sales in the mid-single digits [5][6] Acquisition Details - The acquisition of Jack Wolfskin is valued at $290 million, with a price-to-sales ratio below 1. The deal is expected to close by the end of Q2 or early Q3 2025 [2][3][9] - Jack Wolfskin, known for its outdoor apparel and equipment, generated approximately €300 million in revenue in FY 2024, with a significant portion coming from Europe and China [10][13] Financial Projections - The report projects revenue growth for Anta from 62.36 billion yuan in 2023 to 96.21 billion yuan in 2027, with a compound annual growth rate of approximately 8.4% [16][19] - The expected net profit for 2025 is 134.8 billion yuan, reflecting a decrease of 13.6% compared to 2024, followed by a recovery in subsequent years [16][19]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6]. Core Insights - The company reported a total revenue of 2.451 billion yuan for 2024, a decline of 10.66% year-on-year, with a net profit attributable to shareholders of 98 million yuan, down 15.03% year-on-year. In the second half of 2024, revenue was 1.192 billion yuan, a decrease of 10.34%, but net profit increased significantly by 371.96% to 65 million yuan [1]. - The company is focusing on optimizing store efficiency by closing underperforming locations and enhancing the quality of its stores. The total number of stores at the end of 2024 was 3,031, with a net closure of 785 stores. The average revenue per store increased by 6.7% for self-operated stores and 13.7% for franchised stores [2]. - The gross profit margin improved to 56.79%, an increase of 4.37 percentage points year-on-year, primarily due to reduced raw material costs and a higher proportion of self-operated stores, which have a better gross margin [3]. - The company plans to expand into new channels, including supermarkets, membership stores, and convenience stores, with a focus on differentiated product offerings. The introduction of a proprietary beverage brand and new product lines aims to enhance consumer experience and sales [3]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 2.451 billion yuan, with a year-on-year decline of 10.66%. The net profit attributable to shareholders was 98 million yuan, down 15.03% [1]. - The revenue breakdown shows that duck and duck-related products generated 1.956 billion yuan, down 7.79%, while other products and franchise fees saw declines of 21.34% and 5.93%, respectively [2]. Store Operations - The company closed 785 stores in 2024, focusing on improving store quality rather than quantity. The total number of self-operated and franchised stores was 1,591 and 1,440, respectively [2]. - The average revenue per self-operated store increased by 6.7%, while franchised stores saw a 13.7% increase [2]. Profitability and Cost Management - The gross profit margin for 2024 was 56.79%, an increase of 4.37 percentage points year-on-year, attributed to lower raw material costs and a higher proportion of self-operated stores [3]. - The sales expense ratio increased to 40.34%, up 4.52 percentage points, due to increased investment in high-potential self-operated stores [3]. Future Outlook - The company has adjusted its profit forecasts for 2025 and 2026, projecting net profits of 130 million yuan and 158 million yuan, respectively, reflecting a significant downward revision of 53.57% and 50.25% from previous estimates [4]. - The company aims to enhance its store performance and expand into new channels, which is expected to provide additional revenue streams [3].

Investment Rating - The investment rating for Anta Sports is "Buy" (maintained) [7] Core Views - Anta reported Q1 performance exceeding expectations, with the acquisition of German outdoor brand Wolfskin further enhancing its outdoor portfolio [2] - The main brand of Anta shows vitality with a high single-digit growth in Q1, driven by strong performance in children's products and online sales [2] - FILA brand also demonstrated robust growth, with high single-digit increases in revenue, particularly in children's and trendy products [3] - Other brands like Descente and KOLON experienced significant growth, with Descente's revenue growth nearing 60% [4] - The acquisition of Wolfskin, a professional outdoor brand, is expected to complement Anta's mid-range outdoor market presence and enhance its international footprint [5] - Revenue forecasts for Anta are projected to grow by 10% in 2025, 8% in 2026, and 7% in 2027, with net profit expected to reach 134 billion, 147 billion, and 161 billion RMB respectively [6] Summary by Sections Main Brand Performance - Anta's main brand revenue grew in high single digits in Q1, with children's products and online sales also showing strong growth [2] FILA Brand Performance - FILA's revenue growth was high single digits, with children's and trendy products leading the way, and online sales outpacing offline [3] Other Brands - Descente's revenue growth approached 60%, while KOLON's revenue nearly doubled, indicating strong performance across outdoor and women's sports segments [4] Acquisition of Wolfskin - The acquisition of Wolfskin for approximately 2.9 billion USD (about 21.2 billion RMB) is expected to enhance Anta's outdoor brand portfolio and market presence in Europe and China [5] Financial Forecasts - Revenue projections for Anta are 782 billion RMB in 2025, 846 billion RMB in 2026, and 909 billion RMB in 2027, with corresponding net profits of 134 billion, 147 billion, and 161 billion RMB [6]

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Views - The company aims to become a global leader in the robotics technology platform, achieving a revenue of 1.65 billion RMB in 2024, a year-on-year increase of 47.2% [1][6] - The company has a strong order backlog, particularly benefiting from the rapid development of Advanced Driver Assistance Systems (ADAS) and high-level autonomous driving [2] - The company is expanding its product offerings in the robotics sector, leveraging its hardware, chips, and AI technologies [3] Revenue and Profitability - In 2024, the company reported total revenue of 1.65 billion RMB, with a net loss of 480 million RMB, an improvement from a loss of 4.34 billion RMB in 2023 [1][6] - Revenue from ADAS products reached 1.34 billion RMB, up 71.84% year-on-year, with laser radar sales increasing by 114% [1][15] - The company's gross margin improved to 17.20%, an increase of 8.8 percentage points year-on-year, while the net margin was -29.22%, reflecting a significant improvement [25][28] Product and Market Development - The company has established partnerships with over 310 automotive manufacturers and tier-one suppliers globally, expanding its presence in overseas markets [2][52] - The company launched new products such as the MX and EM4 laser radars, which have gained traction among multiple automotive manufacturers [2][65] - The company is also focusing on the robotics sector, providing advanced components and solutions, and has formed strategic partnerships with over 10 humanoid robot companies [3][56] Financial Forecast - The report maintains its profit forecast, projecting revenues of 2.49 billion RMB, 3.62 billion RMB, and 5.28 billion RMB for 2025, 2026, and 2027 respectively, with expected net profits of -280 million RMB, 60 million RMB, and 460 million RMB [4][6]

安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is recognized as a leading player in the Chinese soft drink market, with a dual-engine development strategy focusing on packaged water and beverages. It has shown robust growth with a revenue CAGR of approximately 16% and a net profit CAGR of about 27% from 2018 to 2023 [9][15]. - The report emphasizes the company's strong competitive advantages, including a solid supply chain, diversified product offerings, effective branding strategies, and extensive distribution channels. These factors contribute to its resilience and long-term value [9][15]. - The report forecasts revenue growth for the company, projecting revenues of 494.88 billion, 552.17 billion, and 608.07 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 141.48 billion, 159.76 billion, and 178.49 billion yuan [1][9]. Summary by Sections Introduction - The company has maintained a long-term focus on quality, achieving significant growth through strategic positioning in the natural water segment and innovative product offerings [15]. Development of the Soft Drink Leader - The company has successfully expanded its product range since its establishment in 1996, now offering packaged water, tea beverages, functional drinks, and juices, which collectively drive its growth [16]. Competitive Advantages - The company has established a robust supply chain with 12 premium water sources and advanced production capabilities, ensuring quality and efficiency [38]. - Its product strategy includes a diverse portfolio that meets various consumer needs, with a strong emphasis on health and natural ingredients [39]. Industry Outlook - The packaged water market in China is expected to continue growing, with increasing per capita consumption and expanding market opportunities [9][15]. - The beverage market is also projected to grow steadily, particularly in segments like sugar-free tea, which has seen rapid expansion [9][15]. Financial Forecast and Valuation - The report anticipates continued revenue and profit growth, with projected earnings per share (EPS) increasing from 1.07 yuan in 2023 to 1.59 yuan by 2027, reflecting a positive outlook for the company's financial performance [1][9].

证券研究报告 | 公司点评 gszqdatemark 2025 04 11 年 月 日 安踏体育（02020.HK） Q1 流水增长优异，收购 Jack Wolfskin 充实品牌版图 事件：公司发布 2025Q1 经营情况公告，公司整体表现超预期。根据公司披露，2025Q1 安踏品牌流水同比增长高单位数，Fila 品牌流水同比增长高单位数，其他品牌流水同比增长 65%~70%。 安踏品牌：2025Q1 流水稳健增长，库存健康。2025Q1 安踏品牌流水同比增长高单位 数，细分子品牌看我们预计安踏大货/儿童或均有高单位数增长。从渠道层面看，在春节假 期带动下，我们预计安踏电商增长或有双位数，延续 2024 年的快速增长态势。从营运层面 来看，我们预计截至 2025Q1 末安踏品牌库销比在 4~5 之间的健康水平。展望 2025 年， 我们预计安踏品牌仍将通过产品和渠道优化推动增长，2025 年冠军等高层级店型门店数量 或有增长，同时聚焦大众市场的超级安踏单店模型有望得到进一步优化，产品端继续推动 跑鞋、篮球鞋结构优化，推动爆品打造，提升品牌声量。 Fila 品牌：2025Q1 流水增速超预期，儿童、潮牌业务表 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is recognized as a leader in the soft drink industry, with a dual-engine development strategy focusing on packaged water and beverages. The report highlights the company's long-term commitment to quality and its robust competitive advantages [9][15]. - The report anticipates steady revenue growth, projecting revenues of 49.5 billion, 55.2 billion, and 60.8 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 14.15 billion, 15.98 billion, and 17.85 billion yuan [9][15]. Summary by Sections 1. Introduction - The company has demonstrated a compound annual growth rate (CAGR) of approximately 16% in revenue and 27% in net profit from 2018 to 2023, driven by strategic focus on natural water and consumer health trends [15][24]. 2. Development of China's Soft Drink Leader - The company has expanded its product range from packaged water to include tea drinks, functional beverages, and juices, achieving a dual-engine growth model [16][24]. - The company has a stable and concentrated shareholding structure, with the founder holding 83.97% of the shares, ensuring strong control over strategic decisions [17]. 3. Strong Competitive Advantages - The company has established 12 premium water sources, ensuring a competitive edge in supply chain management and production efficiency [39][40]. - The beverage segment has shown significant growth, with tea drinks experiencing a 32.3% increase in revenue, driven by rising health consciousness among consumers [26][35]. 4. Industry Outlook - The packaged water market in China is expected to continue growing, with a CAGR of about 7% from 2018 to 2023, indicating room for increased penetration [9][15]. - The beverage market is also expanding, with specific segments like sugar-free tea showing rapid growth, suggesting a favorable environment for the company's product offerings [9][15]. 5. Profit Forecast and Valuation - The report forecasts revenue growth of 15.4%, 11.6%, and 10.1% for 2025, 2026, and 2027, respectively, with net profit growth of 16.7%, 12.9%, and 11.7% during the same period [9][15].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported Q1 2025 operational data showing high single-digit growth for its main brand, FILA, and other brands, which aligns with market expectations. The acquisition of the German outdoor brand Jack Wolfskin for a base price of $290 million is expected to be completed by the end of Q2 or early Q3 2025 [2][3] Summary by Sections Q1 Performance - In Q1 2025, the main brand achieved high single-digit growth, consistent with the annual growth forecast. The growth rate remained stable compared to Q4 2024 and improved from Q1 2024. This growth is attributed to the continuous adjustment of store types, including the opening of new store formats like Super Anta and Anta Champion [3] - FILA also reported high single-digit growth in Q1 2025, exceeding annual growth expectations, with growth rates stable compared to Q4 2024 [3] - Other brands, including Descente, KOLON, and MAIA, experienced growth rates of 65-70% in Q1 2025, up from 50-55% in Q4 2024 and 25-30% in Q1 2024, indicating improvements in both year-on-year and quarter-on-quarter growth [3] Investment Recommendations - The impact of U.S. tax increases on the company is minimal, as overseas revenue accounts for less than 1%. The company anticipates high single-digit growth for the main brand and mid-single-digit growth for FILA in 2025, with KOLON and DESCENTE expected to grow by 30%. The company plans to have a total of 6,900-7,000 Anta stores, 2,600-2,700 Anta Kids stores, 2,100-2,200 FILA stores, and 260-270 DESCENTE stores by the end of 2025 [4] - In the medium to long term, the outdoor market is expected to improve, with KOLON and DESCENTE likely to enhance their core competitiveness and market share. The newly acquired Jack Wolfskin is expected to contribute additional revenue, although there may be short-term integration losses and cost pressures [4] - The company maintains revenue forecasts of 77 billion, 85.9 billion, and 96 billion yuan for 2025, 2026, and 2027, respectively, with net profit forecasts of 13.87 billion, 15.91 billion, and 17.88 billion yuan for the same years. The earnings per share (EPS) are projected to be 4.94, 5.67, and 6.37 yuan for 2025, 2026, and 2027, respectively. The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are expected to be 16, 14, and 12 times, respectively [4][7]

Investment Rating - The investment rating for TCL Electronics is "Buy" with a target price not specified [4] Core Views - The report highlights TCL Electronics' confidence in its operational performance through a share incentive plan linked to adjusted net profit growth targets for 2025, 2026, and 2027 [1][2] - The adjusted net profit targets for 2025, 2026, and 2027 are set at HKD 23.28 billion, HKD 28.10 billion, and HKD 32.12 billion respectively, representing growth rates of 45%, 75%, and 100% compared to 2024 [2] - The report anticipates a compound annual growth rate (CAGR) of 26% for adjusted net profit from 2024 to 2027 [2] - TCL Electronics is positioned as a leading player in the global television industry, with a focus on high-end products and global operations, which is expected to drive steady market share expansion [3] Summary by Sections Share Incentive Plan - The company plans to grant 91.4979 million shares to 860 management and key personnel, with performance conditions tied to adjusted net profit growth [1] - The share unlock schedule is 40% in 2025, 30% in 2026, and 30% in 2027 [1] Financial Projections - The adjusted net profit estimates for 2025, 2026, and 2027 are HKD 23.4 billion, HKD 28.2 billion, and HKD 32.6 billion respectively, reflecting an upward revision due to the incentive plan [3] - The corresponding price-to-earnings ratios are projected at 8.9x, 7.4x, and 6.4x for the respective years [3] Market Position and Strategy - TCL Electronics is enhancing its global industrial layout and shifting from product output to local industrial capability building, which is expected to improve production and sales coordination [2] - The report emphasizes the company's ongoing efforts to solidify growth in areas beyond its main television business, including solar energy and internet services [3]