浙商证券（601878）发布研报称，期待安踏体育(02020)牌线上、线下改革成果逐步体现，以及FILA、 户外品牌矩阵良好势头的保持，叠加狼爪、Maia品牌业务开展，集团多品牌矩阵活力依然显著，继续 推荐，维持"买入"评级。 安踏品牌Q3流水增长小单位数，较Q2略有提速，线上增长高单位数;线下折扣7.1折，同比持平，线上折 扣5折，略有加深;库销比因双十一备货增加，略超5X。电商组织架构调整后仍在调整货盘、丰富抖音等 社交媒体内容;线下冠军、SV、Palace新店型运营出色，超级安踏店型继续积极打磨中。 FILAQ3流水增长小单位数，环比略有降速，与9月气温偏高带来秋装动销时点偏后有关，线下折扣7.4 折，线上5.8折，环比稳定同比略有加深，库销比因双十一备货增加至6X，预计年底回到5-6X;Q3品牌 举办战略发布会，官宣布云朝克特作为品牌代言人携手北京体育大学、北京服装学院打造企学研闭环生 态链，并作为中国网球公开赛独家运动鞋服赞助商活跃。 其他品牌方面，Q3户外品牌矩阵继续如火如荼，迪桑特品牌单季度流水增长30%，KOLON品牌单季度 流水70%，两者折扣保持9折，保持高度健康的流水模型;女子运动品牌M ...

Group 1 - The company achieved a revenue growth of 14.3% in the first half of the year despite a relatively weak domestic discretionary consumption environment, with Anta brand, Fila brand, and other brands growing by 5.4%, 8.6%, and 61.1% respectively [1] - The overall operating profit margin increased by 0.6 percentage points year-on-year, attributed to refined operations, optimized resource allocation, and an increase in government subsidies [1] - Anta and Fila are expected to maintain steady growth, with each brand projected to sustain a scale of around 30 billion, supported by strategies focused on brand innovation and overseas market expansion [2] Group 2 - Other brands, primarily Descente and KOLON, are anticipated to maintain rapid growth, with a projected compound annual growth rate of over 30% in revenue over the next three years, becoming a significant growth driver for the company [2] - The company is recognized as one of the few truly multi-brand, international, and long-term oriented global sportswear leaders, with positive expectations for the integration of the newly acquired Wolf Claw brand [2] - The earnings forecast for the company has been slightly adjusted, with expected earnings per share for 2025-2027 being 4.80, 5.54, and 6.21 RMB respectively, and a target price of 135.86 HKD based on a 26x PE valuation for 2025 [3]

Core Insights - Anta's revenue for the first half of the year increased by 14.3% year-on-year to 38.54 billion yuan, driven by steady growth in the Anta brand and a recovery in FILA brand sales, while other brands continued to maintain high growth [1] - Operating profit margin improved by 0.6 percentage points year-on-year to 26.3% due to effective cost control [1] - Excluding one-time gains from the listing of Amer Sports, net profit attributable to shareholders rose by 14.5% year-on-year to 7.03 billion yuan, exceeding market expectations [1] Revenue and Profit Forecasts - The revenue forecast for the group from 2025 to 2027 has been slightly raised by 2% to 4%, while net profit estimates have been increased by 5% to 8% [1] - Target price has been adjusted upwards to 117.9 HKD, with a rating of "Buy" [1] Related Events - Bank of China International has raised the target price for Anta Sports to 114.7 HKD, indicating strong growth in revenue and core profit for the first half of 2025 [1]