安踏体育（02020.HK） 四季度安踏集团增长稳健，各品牌全年增速达成管理层指引 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | | 执证编码：S0980523070003 | 事项： 1 月 20 日，公司公告第四季度及全年最新营运表现，2025 第四季度，安踏主品牌录得低单位数负增长， FILA 录得中单位数正增长，其他品牌录得 35-40%正增长；2025 全年安踏主品牌录得低单位数正增长，FILA 录得中单位数正增长，其他品牌录得 45-50%正增长。 国信纺服观点： 证券研究报告 | 2026年01月21日 1、2025 第四季度：安踏集团整体增长稳健，其中其他品牌延续高增长态势，安 ...

证券研究报告 | 2026年01月21日 安踏体育（02020.HK） 四季度安踏集团增长稳健，各品牌全年增速达成管理层指引 |  | 公司研究·海外公司快评 |  | 纺织服饰·服装家纺 |  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 丁诗洁 | 0755-81981391 | dingshijie@guosen.com.cn | | 执证编码：S0980520040004 | | 证券分析师： | 刘佳琪 | 010-88005446 | liujiaqi@guosen.com.cn | | 执证编码：S0980523070003 | 事项： 评论： 2025 第四季度：安踏集团整体增长稳健，其中其他品牌延续高增长态势，安踏品牌增长环比放缓，FILA 品牌增长环比提速；安踏与 FILA 线上折扣改善、库存健康；安踏品牌渠道升级与海外拓展同步推进； 各品牌全年流水增速符合管理层此前指引。 1、安踏品牌 2025 第四季度流水下滑低单位数，季末库销比略高于 5 个月，线上折扣同比收窄，渠道升级 与海外拓展同步推进 ...

Investment Rating - The investment rating for the company is "Buy" [2][6][7] Core Insights - The company's 2024 performance met market expectations, with revenue reaching 70.83 billion RMB, a year-on-year increase of 13.6% [6] - The company aims for revenue growth in 2025 to be in the high single digits to double digits [6] - The company has maintained a dividend payout ratio of 51.4% for 2024, slightly up from 50.9% in 2023 [6] Financial Overview - Revenue projections for the company are as follows: 62.36 billion RMB in 2023, 70.83 billion RMB in 2024, and 77.16 billion RMB in 2025, with year-on-year growth rates of 16.2%, 13.6%, and 8.9% respectively [5][9] - Net profit is expected to be 10.24 billion RMB in 2023, increasing to 15.60 billion RMB in 2024, and then decreasing to 14.08 billion RMB in 2025 [5][9] - The company’s earnings per share (EPS) are projected to be 3.57 RMB in 2023, 5.37 RMB in 2024, and 4.84 RMB in 2025 [5][10] Brand Performance - The Anta brand generated revenue of 33.52 billion RMB in 2024, a year-on-year increase of 10.6% [6] - The FILA brand's revenue grew by 6.1% to 26.63 billion RMB, with significant sales in footwear [6] - Other brands contributed 10.68 billion RMB, with Descente and Kolon showing strong growth rates of 35% and 60% respectively [6] Market Strategy - The company is focusing on a multi-brand global strategy, with plans to enhance its presence in Southeast Asia and the Middle East [6] - The management has set a target for overseas business contributions to reach 15% within five years [6] - The company expects Anta, FILA, and other brands to achieve high single-digit, mid-single-digit, and over 30% growth respectively in 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company, Anta (2020 HK) [2][6][7] Core Views - The company's 2024 performance met market expectations, with revenue reaching 70.83 billion RMB, a year-on-year increase of 13.6%. The guidance for 2025 indicates revenue growth in the high single to double digits [6][9] - The company is focusing on enhancing its global multi-brand strategy, with significant growth expected in Southeast Asia and an expansion target for overseas business to contribute 15% within five years [6][9] - The report projects a target price of 113.3 HKD, corresponding to a 22x P/E ratio for 2025, reflecting a potential upside of 15.7% from the current price [6][7] Financial Overview - Revenue projections for the upcoming years are as follows: 62.36 billion RMB in 2023, 70.83 billion RMB in 2024, and 77.16 billion RMB in 2025, with growth rates of 16.2%, 13.6%, and 8.9% respectively [5][9] - Net profit is expected to be 10.24 billion RMB in 2023, increasing to 15.60 billion RMB in 2024, but projected to decrease to 14.08 billion RMB in 2025 [5][9] - The company has maintained a dividend payout ratio of over 50%, with a proposed final dividend of 1.18 HKD per share for 2024 [6][9] Brand Performance - Anta brand revenue grew by 10.6% to 33.52 billion RMB, while FILA brand revenue increased by 6.1% to 26.63 billion RMB, indicating strong performance in the high-end market [6][9] - Other brands contributed significantly, with a 53.7% increase in revenue to 10.68 billion RMB, driven by brands like Descente and Kolon [6][9] Market Position and Strategy - The company is enhancing its product mix by increasing the proportion of lower-margin footwear products, which has led to a slight decline in gross margin to 62.2% [6][9] - The management is optimistic about the upcoming sports events in 2024, which are expected to boost advertising and promotional expenditures [6][9]