Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020.HK) [1] Core Insights - Anta Sports reported a revenue of 70.83 billion yuan for 2024, representing a year-on-year increase of 13.6%, and a net profit of 15.60 billion yuan, up 52.4% year-on-year [7] - The company aims for high single-digit revenue growth for its main brand by 2025, with significant contributions from various store formats and a focus on direct-to-consumer (DTC) and e-commerce channels [7] - FILA brand is expected to achieve mid-single-digit growth by 2025, with a notable increase in footwear sales [7] - Other brands under Anta Sports are projected to grow over 30% by 2025, with significant revenue contributions from Descente and Kolon [7] - Amer Sports is expected to see a revenue growth of 13%-15% in 2025, following a profitable year in 2024 [7] - The report anticipates slight fluctuations in short-term profitability due to growth strategies for the main brand and FILA, with adjusted net profit forecasts for 2025 and 2026 [7] Financial Summary - Total revenue projections for Anta Sports are as follows: 70.83 billion yuan in 2024, 78.17 billion yuan in 2025, 86.08 billion yuan in 2026, and 94.24 billion yuan in 2027 [1] - The net profit forecast for 2024 is 15.60 billion yuan, with subsequent projections of 13.23 billion yuan in 2025, 14.76 billion yuan in 2026, and 16.43 billion yuan in 2027 [1] - The report indicates a slight decrease in gross margin to 62.2% in 2024, with expectations for operational profit margins to stabilize in the coming years [7]

Macro and Strategy - The Federal Reserve maintained the federal funds rate target range at 4.25-4.5% and announced a slowdown in balance sheet reduction, lowering the monthly limit for Treasury redemptions from $25 billion to $5 billion [7] - The high-tech manufacturing macro report indicates that the diffusion index for high-tech manufacturing remains stable, with a slight decline in certain sectors such as aerospace and new energy [7][8] - The AI-enabled asset allocation strategy highlights the integration of ESG factors into traditional investment theories, suggesting that incorporating ESG constraints can enhance portfolio performance [9][10] Industry and Company Insights - The social services sector is expected to benefit from recent consumption policies aimed at boosting domestic demand, with a focus on service consumption [10][11] - Data tracking shows a positive trend in retail sales and hiring demand, indicating a gradual economic recovery [11][12] - The textile and apparel sector has seen a rebound in retail sales growth, with notable increases in exports from Vietnam [13][14] - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with a focus on innovative business growth and a stable traditional business [16][17] - Xingyu Co. achieved a 34% year-on-year increase in net profit for Q4 2024, driven by strong demand for automotive lighting products [21][22] - Xtep International reported a 20% increase in net profit for 2024, with significant growth in its professional sports brand [24][25] - Anta Sports saw a 16.5% increase in core profit for 2024, supported by a diverse brand portfolio [28][29] - ZhongAn Online's total premium income reached 33.42 billion yuan in 2024, with a 13.3% year-on-year growth, driven by its diversified product ecosystem [30][31] - Ping An Insurance reported a 47.8% year-on-year increase in net profit for 2024, supported by a robust strategic layout in comprehensive finance and healthcare [33][34]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [1] Core Views - Anta Sports reported a revenue of 70.83 billion yuan for 2024, representing a year-on-year increase of 13.6%, and a net profit of 15.60 billion yuan, up 52.4% year-on-year [7] - The company aims for high single-digit growth for its main brand by 2025, with significant contributions from various store formats and a strong performance in key markets [7] - FILA is expected to achieve mid-single-digit growth by 2025, with a notable increase in footwear sales [7] - Other brands under Anta Sports are projected to grow over 30% by 2025, driven by strong sales performance [7] - Amer Sports is anticipated to see a revenue growth of 13%-15% in 2025, following a successful turnaround [7] - The report adjusts the net profit forecast for 2025-2026 slightly downward but increases the 2027 forecast, maintaining a positive outlook on the company's growth trajectory [7] Financial Summary - Total revenue projections for Anta Sports are as follows: 70.83 billion yuan in 2024, 78.17 billion yuan in 2025, 86.08 billion yuan in 2026, and 94.24 billion yuan in 2027 [1] - The net profit estimates are 15.60 billion yuan for 2024, 13.23 billion yuan for 2025, 14.76 billion yuan for 2026, and 16.43 billion yuan for 2027 [1] - The report indicates a slight decrease in gross margin to 62.2% in 2024, with expectations for gradual recovery in subsequent years [7] - The company's P/E ratios are projected to be 15.43 for 2024, 18.18 for 2025, and 16.30 for 2026 [1]

Market Overview - On March 20, US stock indices experienced slight declines, with the Dow Jones down 0.03%, S&P 500 down 0.22%, and Nasdaq down 0.33% [1] - Chinese concept stocks saw a significant drop, with the Nasdaq Golden Dragon China Index falling 3.84%, marking the largest single-day decline since February 25 [2] Company Performance - Plus Therapeutics experienced a dramatic increase of 170.06% in stock price, with a trading volume of 35.8 million shares, following the announcement of its lung cancer treatment receiving "orphan drug" designation from the FDA [2][3] - Pinduoduo's stock rose 3.97% despite a general downturn in Chinese stocks, reporting a total revenue of 393.8361 billion yuan for 2024, a 59% year-on-year increase, and a net profit of 112.435 billion yuan, up 87% [5][6] Financial Results - Nike reported a revenue of $11.269 billion for Q3 of FY2025, a decline of over 9% year-on-year, with a net profit of $794 million, down over 32% [8] - Micron Technology's adjusted revenue for Q2 was $8.05 billion, a 38% year-on-year increase, exceeding analyst expectations [8] Economic Outlook - Jeffrey Gundlach, co-founder of DoubleLine Capital, indicated a 50% to 60% chance of the US economy entering a recession, citing concerns over tariffs and inflation stability [9]

Investment Rating - The investment rating for Anta Sports (2020.HK) is "Buy" (maintained) [1] Core Views - Anta Sports achieved a revenue of 70.83 billion RMB in 2024, representing a year-on-year growth of 13.6%. The net profit attributable to shareholders, including the impact of the joint venture AMER, was 15.60 billion RMB, a significant increase of 52.4% [5][6] - The company continues to leverage its multi-brand strategy, with expectations for high-quality growth across its brands in 2025 [14] Financial Performance Summary - Revenue and Profit: In 2024, Anta Sports reported a revenue of 70.83 billion RMB, with a net profit of 15.60 billion RMB, reflecting a 52.4% increase when including AMER's impact [5][6] - Earnings Per Share (EPS): The EPS for 2024 was 5.55 RMB, with a proposed final cash dividend of 1.18 HKD per share, leading to an annual payout ratio of 51.4% [5] - Profit Margins: The gross margin for 2024 decreased by 0.4 percentage points to 62.2%, while the operating profit margin was 23.4%, down 1.2 percentage points [9][11] Brand Performance Summary - Brand Revenue Growth: In 2024, the main brand Anta grew by 10.6%, FILA by 6.1%, and other brands by 53.7%. Online sales increased by 21.8% [7][8] - Retail Performance: The retail performance of Anta and FILA showed resilience, with Anta's revenue growth in the first half of 2024 at 13.5% and 8.1% in the second half [7][8] Future Outlook - Revenue Projections: For 2025, Anta expects retail revenue growth of high single digits for the Anta brand, mid-single digits for FILA, and over 30% for other brands [14] - Store Expansion Plans: The company plans to expand its store count significantly, targeting 6,900-7,000 stores for the Anta brand and 2,100-2,200 for FILA by 2025 [14] - Cash Position: As of the end of 2024, Anta had a net cash position of 31.40 billion RMB, indicating strong liquidity and risk resilience [14]

2025 年 3 月 20 日 公司研究 24 年主营业绩健康增长，多品牌龙头优势继续凸显 ——安踏体育（2020.HK）2024 年业绩点评 买入（维持） 当前价：93.15 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 安踏体育 恒生指数 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.2 | -7.0 | -25.6 | | 绝对 | 9.7 | 15.9 | 20.8 | | 资料来源：Wind | | | | 相关研报 24Q4 各品牌流水环比改善，25 年看好多品 牌高质量增长（2025-01-09） Q3 安踏及 FILA 流水走弱，Q4 冬装旺季期 ...

Core Viewpoint - The company reported a revenue of 13.58 billion RMB for 2024, reflecting a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.24 billion RMB, which is a 20.2% increase compared to the previous year [2] Financial Performance - The company achieved a net profit margin of 9.1%, an increase of 1.0 percentage points year-on-year, after divesting the KP business [2] - The earnings per share (EPS) for 2024 was 0.49 RMB, with a total dividend payout ratio of 138.2% [2] - The main brand's revenue showed a high single-digit growth in Q1, approximately 10% in Q2, mid-single-digit growth in Q3, and high single-digit growth in Q4, leading to an overall high single-digit growth for the year [2] Revenue Breakdown - In 2024, the revenue from the main brand and professional sports segments grew by 3.2% and 57.2%, respectively [3] - Revenue contributions by category were 59.3% from footwear, 38.5% from apparel, and 2.2% from accessories, with footwear revenue increasing by 15.9% and apparel decreasing by 5.7% [3] - E-commerce revenue for the main brand grew by approximately 20%, accounting for over 30% of the main brand's total revenue [3] Profitability Metrics - The gross profit margin improved by 1.4 percentage points to 43.2% in 2024, with the professional sports segment's gross margin rising significantly due to acquisitions [4][5] - The operating profit margin for the company was 14.5%, an increase of 0.4 percentage points year-on-year, with the professional sports segment achieving a profit margin of 6.3%, up by 5.2 percentage points [5] Inventory and Cash Flow - Inventory at the end of 2024 decreased by 11.0% to 1.6 billion RMB, with inventory turnover days reduced by 22 days to 68 days [6] - Operating net cash flow for 2024 was 1.23 billion RMB, a decrease of 2.1% year-on-year [6]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company reported a revenue of 70.83 billion yuan for 2024, a year-on-year increase of 13.0%. The net profit attributable to shareholders, excluding the listing gains from Amer Sports, was 11.93 billion yuan, up 16.5% [1]. - The company plans to distribute a total dividend of 2.36 HKD for 2024, with a payout ratio of 51.4% [1]. - The multi-brand matrix continues to show rapid growth, with significant contributions from the Anta brand and FILA [1][2]. Summary by Sections Anta Brand - Anta's revenue for 2024 reached 33.52 billion yuan, reflecting a 10.6% increase. The core store strategy has significantly driven growth, with some flagship stores achieving sales efficiency three times that of traditional stores [1]. - The launch of the PG7 running shoes has been successful, selling over one million pairs within three months due to its high cost-performance ratio [1]. FILA Brand - FILA's revenue was 26.63 billion yuan, up 6.1%. The brand has successfully expanded its footwear line, with sales exceeding 23 million pairs in 2024, and aims to create a million-unit IP in footwear by 2025 [2]. - The adjustments in children's and trendy product lines have shown significant results, contributing to overall brand growth [2]. Other Brands - Other brands generated revenue of 10.68 billion yuan, a remarkable increase of 69.5%, marking the first time revenue surpassed 10 billion yuan, accounting for 15.1% of total revenue [2]. - The high store efficiency model of Descente and KOLON brands continues to thrive, with several stores achieving sales exceeding 50 million yuan [2]. Profitability and Financial Metrics - The company's gross margin for the year was 62.2%, a slight decrease of 0.4 percentage points year-on-year. The increase in low-margin online sales channels has contributed to this fluctuation [3]. - The selling expense ratio increased by 1.62 percentage points to 36.21%, primarily due to increased advertising and promotional expenses in the Olympic year [3]. - The company is expected to maintain stable profitability, with inventory turnover days at 121 days, indicating effective inventory management [3]. Outlook for 2025 - The company plans to enhance store efficiency, targeting 6,900-7,000 Anta stores and 2,600-2,700 children's stores by 2025 [4]. - Continued expansion in Southeast Asia, the Middle East, and Europe is anticipated, with overseas stores expected to contribute significantly to revenue growth [4]. - The forecast for FY25 revenue growth is between 13%-15%, with net profit projected to reach 360-390 million USD [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported strong performance for 2024, with revenue of 70.8 billion, a year-on-year increase of 13.6%, and net profit attributable to shareholders of 15.6 billion, up 52.4% [1] - The main brand, Anta, achieved a high single-digit growth in revenue, with reported income of 33.5 billion, a year-on-year increase of 10.6% [2] - FILA brand showed healthy growth with reported income of 26.6 billion, a year-on-year increase of 6.1% [3] - Other brands experienced significant growth, with revenue increasing by 53.7% to 10.7 billion [4] - Amer Sports reported a revenue of 5.18 billion USD, a year-on-year increase of 18%, with the Greater China region leading growth at 54% [5] - The company expects revenue growth of 10% in 2025, 8% in 2026, and 7% in 2027, with net profit projected to be 13.4 billion, 14.7 billion, and 16.1 billion respectively [6] Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 70.8 billion, with a net profit of 15.6 billion, reflecting a strong performance [1] - The cash dividend payout ratio was 51.4%, maintaining a normal level [1] Brand Performance - Anta brand revenue reached 33.5 billion, with DTC and e-commerce growing by 7.2% and 20.7% respectively [2] - FILA brand revenue was 26.6 billion, with a focus on enhancing product functionality and quality [3] - Other brands saw a revenue increase of 53.7%, with a notable performance from Descente and Kolon [4] Future Outlook - The company plans to continue focusing on product innovation and expanding its global brand presence [2][3] - The leadership change in FILA is expected to drive further brand innovation and growth [3] - The company maintains a positive outlook on revenue growth and profitability for the coming years [6]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [1][7] Core Views - The company is expected to achieve revenue and net profit growth in 2024, with revenue at 708.26 billion and net profit at 155.96 billion, representing year-on-year growth of 13.6% and 52.4% respectively [2] - The main brand's stability is attributed to online contributions, while FILA faces pressure; other brands maintain high growth [3] - The company plans to expand its store count significantly by 2025, focusing on Southeast Asia and other international markets [3][7] Financial Performance - In 2024, the company's gross margin is projected to be 62.2%, a slight decrease of 0.4 percentage points year-on-year [4] - The operating profit margin (OPM) is expected to decline to 23.4%, down 1.2 percentage points year-on-year [4] - The net profit margin is forecasted to be 22.0%, an increase of 5.6 percentage points year-on-year [4] Revenue and Profit Forecast - Revenue for 2025 is projected at 770.44 billion, with a year-on-year growth of 8.78% [9] - The net profit for 2025 is estimated at 138.74 billion, reflecting a decrease of 11.04% compared to 2024 [9] - Earnings per share (EPS) for 2025 is expected to be 4.94 yuan, with a PE ratio of 18 times [9][7] Brand Performance - Revenue from Anta, FILA, and other brands for 2024 is expected to be 335.22 billion, 266.26 billion, and 106.78 billion respectively, with year-on-year growth rates of 10.6%, 6.1%, and 53.7% [3] - The online sales channel is projected to grow significantly, with online revenue expected to reach 248.6 billion, a year-on-year increase of 21.5% [3] Dividend Policy - The company plans to distribute a final dividend of 1.18 HKD per share, resulting in a dividend yield of 2.4% [2]