机构：国信证券 研究员：丁诗洁/刘佳琪 行业趋势：中国运动市场走向多元化，欧美日韩发展路径各具特色。中国运动鞋服市场规模达4000 亿 元，疫情前复合增速达17%，渗透率从2010 年的7.3%提升至2024 年的15.3%。行业经历三轮增长周期： 2008-2010 年专业运动与运动休闲共同崛起；2014-2019 年高端运动时尚风潮兴起；2021 年至今专业与 户外运动主导多元化发展。欧美日韩运动行业渗透率普遍更高但发展路径分化：欧美以大众运动及硬核 户外为主，品牌格局上，综合运动品牌在起源地占优，比如耐克、阿迪在本土市场份额领先，同时借助 体育文化竞技资源向海外市场成功输出；日韩侧重时尚运动，户外品牌在日韩市占率高并向潮流风格演 化。目前中国市场品牌集中度仍高，多元化发展趋势有望延续。 成长空间：品牌运营可激发增量需求，全球化经营有望带来戴维斯双击。品牌矩阵化是中期提升市场份 额的主要抓手，并且成长规模不局限于细分领域，因出色的品牌运营能够催生消费新需求。例如近年始 祖鸟、萨洛蒙品牌火爆，带动国内冲锋衣、户外鞋等品类市场翻倍增长。集团旗下品牌社媒互动量2025 年同比增80%-200%，抖音搜索指数持续 ...

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]