Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The report emphasizes that Anta Sports has a well-structured brand matrix that aligns with industry trends, enabling gradual growth [2] - The company is positioned to benefit from the diversification of the Chinese sports market and the potential for global expansion, which could lead to significant long-term growth opportunities [4][9] Industry Trends - The Chinese sports market is diversifying, with the sports footwear and apparel market reaching approximately 400 billion yuan, and a pre-pandemic compound annual growth rate (CAGR) of 17% [1][18] - The penetration rate of the sports market is expected to rise from 7.3% in 2010 to 15.3% by 2024, indicating a strong growth trajectory [1][18] - The industry has experienced three growth cycles, with the current phase focusing on professional and outdoor sports [1][21] Company Overview - Anta Sports is projected to achieve revenues of 70.8 billion yuan in 2024, with a gross margin of 62% [2] - The company operates a multi-brand strategy with three main brand groups: professional, outdoor, and fashion, which are all growing in synergy [2] - Recent acquisitions, such as MAIA ACTIVE and Wolf Claw, have expanded the brand matrix and enhanced global competitiveness [2] Competitive Strengths - Anta Sports is capitalizing on the trend of integrating sports with leisure and social activities, with each brand catering to specific consumer needs [3] - The main brand focuses on affordable professional sports products, while high-end brands like FILA leverage design and celebrity endorsements to capture market share [3] Growth Potential - The brand matrix is expected to stimulate incremental demand, with global operations likely to yield significant growth opportunities [4] - The report forecasts that the company's net profit will grow from over 1 billion yuan this year to more than 2 billion yuan in three years, driven by strong brand performance [5][9] Financial Forecast - The company is expected to achieve a net profit of 13.48 billion yuan in 2025, with a comparable profit growth of 13.0% [9][10] - Revenue projections for the next three years indicate a steady increase, with expected revenues of 80.83 billion yuan in 2025 [10]

作者 | 竹 铭 编辑 | 韦伯 如火如荼的巴黎奥运会，正在全球掀起体育热潮。 事实上，在巴黎奥运会之外的商业世界，安踏和阿迪的较量也一直没停过。2021年和2022年，安踏营收 先后超过阿迪中国和耐克中国。如今，安踏已经坐稳中国运动鞋服市场"老大"的位置。 但是，从全球范围内来看，耐克阿迪的营收和影响力都远超安踏——2023年，安踏总营收为623.56亿 元，而阿迪全球营收为214.27亿欧元，耐克更是高达512亿美元。 一场运动品牌们的全球化拉练，正在奥运会呈现。 "奥运生 意"背后，安踏的全球化野望 运动健儿的竞技场之外，运动品牌也在展开声量博弈，这是它们扩大全球化的绝佳机会。 在国人眼中，今年奥运会声量最大的运动品牌，莫过于安踏和阿迪达斯： 安踏是巴黎奥运会中国代表团的领奖装备赞助商，也是跟中国奥委会合作最久的运动品牌，而阿迪是覆 盖巴黎奥运会项目最多的运动品牌。 《全球体育营销》合著者诺曼·奥莱利曾说，"奥运会是一个舞台，世界上三分之二人口的目光都会在这 个时候聚焦于此。" 对于运动品牌而言，奥运会就是一片巨大的流量高地，可以更高效地打响知名度。商业圈流传着一个共 识：花1亿美元用于赞助奥运会，品牌 ...