公 司 报 告 商贸零售 2025 年 08 月 27 日 珀莱雅(603605.SH) 夯实品牌，行稳致远 推荐（维持） 股价：91.99 元 主要数据 | 行业 | 商贸零售 | | --- | --- | | 公司网址 | www.proy a-group.com | | 大股东/持股 | 侯军呈/34.51% | | 实际控制人 | 侯军呈,方爱琴 | | 总股本(百万股) | 396 | | 流通 A 股(百万股) | 395 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 364 | | 流通 A 股市值(亿元) | 364 | | 每股净资产(元) | 14.51 | | 资产负债率(%) | 28.1 | 行情走势图 【平安证券】珀莱雅（603605.SH）*首次覆盖报告*大 单品奠基 ，敏 锐洞察 +敏 捷执行 ，持续 突破**推荐 20240518 【平安证券】珀莱雅（603605.SH）*事项点评*H1经营 稳健，管理层换届*推荐20240913 【平安证券】珀莱雅（603605.SH）*季报点评*高质量 稳健增长，双十一稳定发挥*推荐20241029 【平安证券】珀 ...

Investment Rating - The report maintains a "Strong Buy" rating for Anta Sports [2] Core Views - Anta's main brand experienced low single-digit growth in Q2 2025, while FILA saw mid-single-digit growth, and other brands grew by 50%-55%. The company is focusing on enhancing channel operational efficiency and expanding new business formats for the Anta brand [1][5] - The company expects net profits of 13.43 billion, 15.51 billion, and 17.15 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -14%, 15%, and 11%. Excluding one-time gains from the acquisition of Amer, the net profit growth rates are projected to be 13%, 15%, and 11% [1][5] - The current market capitalization corresponds to a PE ratio of 18x for 2025 and 15x for 2026, indicating a favorable valuation [1][5] Summary by Sections Overall Revenue Situation - In Q2 2025, Anta's main brand revenue showed low single-digit growth, while FILA's revenue grew in the mid-single digits, and other brands experienced growth of 50%-55% [5][6] - The slowdown in Anta's main brand growth is attributed to the acceleration of offline channel upgrades and store renovations, which impacted sales [5][6] Brand Performance - FILA's revenue in Q2 2025 saw high single-digit growth, with notable performance in golf and tennis product lines [5][6] - Other brands, such as Descente and KOLON, reported growth exceeding 40% and 70%, respectively, benefiting from the rise in winter sports and outdoor leisure activities [5][6] Discount and Inventory Management - In Q2 2025, Anta's main brand offered discounts of 27% for bulk purchases and 50% online, with a slight increase in discount levels [5][6] - The inventory turnover ratio for Anta's main brand was around 5 months, indicating relatively healthy inventory management [5][6] Financial Forecast and Investment Recommendations - The company anticipates revenue of 77.96 billion, 85.45 billion, and 92.97 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 10%, 10%, and 9% [6][9] - The report emphasizes the ongoing expansion of Anta's channel new business formats and the optimization of overall channel operational efficiency [5][6]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company has experienced pressure on operations since 2024, primarily due to a lackluster overall consumption environment, resulting in a net decrease of 79 franchise stores by the end of 2024 [1][2] - The company is actively expanding its supermarket channel, which contributed to a revenue increase of 89.1% year-on-year, reaching 0.6 billion RMB in 2024 [1][2] - As of Q1 2025, the company has seen a return to positive same-store sales growth, with a 7% year-on-year increase in single-store revenue [1][2] Summary by Sections Financial Performance - In 2024, the company's revenue and net profit attributable to the parent company were 670 million RMB and 90 million RMB, respectively, representing year-on-year declines of 15.9% and 35.4% [1][6] - The gross margin for 2024 decreased by 1.4 percentage points to 25.0%, influenced by raw material cost fluctuations [3] - The net profit margin for 2024 was 13.0%, down 3.9 percentage points year-on-year [3] Revenue Breakdown - In 2024, revenue from various meat categories was as follows: beef 260 million RMB, poultry 120 million RMB, pork 60 million RMB, lamb 10 million RMB, fish 100 million RMB, and shrimp 80 million RMB, with year-on-year declines across most categories [2] - Retail channel revenue in 2024 was 430 million RMB, down 20.4% year-on-year, while wholesale channel revenue was 180 million RMB, down 17.0% [2] Future Outlook - The company expects performance improvements due to product innovation and diversified channel networks, with adjusted earnings per share (EPS) forecasts for 2025 and 2026 at 0.67 RMB and 0.78 RMB, respectively [4] - The target price for the company's stock is set at 26.76 RMB, based on a price-to-earnings (PE) ratio of 40x for 2025 [4][8]