公司近况 机构：中金公司 研究员：林骥川/陈婕/杨润渤/宋习缘 公司动态 公司公告收购Puma SE 29.06%的股权，对价为每股普通股35 欧元，合共约15.06 亿欧元（不含税，约人 民币122.78 亿元），本次交易100%使用自有现金储备支付。若交易完成，安踏体育透过收购具有重大 战略意义的少数股权，成为Puma的最大股东。 安踏体育单聚焦、多品牌、全球化布局更进一步，有望重新激活Puma品牌价值。此前，安踏体育在中 国将FILA、迪桑特和可隆等发展成为声誉良好的知名品牌，并加速亚玛芬体育旗下品牌在全球体育用 品市场的发展。我们认为，安踏体育已构建支撑全球发展的品牌建设、零售与供应链体系，积累了经市 场验证的成功经验。安踏体育公告将在交易结束后寻求向Puma董事会委派代表，支持Puma管理层推动 计划，助力Puma重新激活品牌价值。 盈利预测与估值 维持2025 年EPS预测4.71 元，考虑收购带来的利息收入降低以及彪马短期亏损，下调2026/2027 年EPS 预测5%/8%至4.76/5.04 元，当前对应2026/2027 年14x/13x P/E，维持跑赢行业评级。考虑到公司多品牌 全球化 ...

Core Viewpoint - Anta is pursuing the acquisition of a 29% stake in Puma from the Pinault family, indicating a strategic move rather than aggressive expansion, amidst ongoing negotiations that have encountered a stalemate [1][4][7]. Group 1: Acquisition Details - Anta has proposed a buyout for Puma's shares, with the Pinault family's investment firm expecting a price above €40 per share [1]. - The current market price for Puma shares is in the low twenties, reflecting cautious market sentiment regarding its future growth [5]. - The negotiations are complex, involving not just price but also board representation, strategic influence, and mechanisms for future stake increases or exits [6]. Group 2: Strategic Context - Anta's acquisition strategy has evolved over the years, focusing on governance structure, synergy potential, and predictable long-term returns rather than absolute control [3]. - The interest in Puma represents a strategic entry point into a well-established global brand, which has a strong presence in Europe, North America, and Latin America, but is currently facing growth challenges [4][8]. - The ongoing negotiations reflect a broader trend of Anta reassessing its position in the global sports brand landscape, seeking quality assets that align with its operational capabilities [11]. Group 3: Market Dynamics - The global sports brand market is undergoing significant restructuring, and Anta is actively seeking new opportunities while adopting a more cautious and focused approach to acquisitions [9][10]. - The potential acquisition of Mammut, a Swiss outdoor brand, is also in the early stages, with an estimated valuation of up to €500 million, indicating Anta's continued interest in expanding its portfolio [9][11].