花旗发布研报称，安踏体育(02020)今早(27日)宣布以15亿欧元收购运动品牌Puma的29%股权，交易完成 后将成为Puma最大股东。该行认为，由于市场对此次收购已有预期，故维持对安踏的"买入"评级，目 标价107港元。 花旗强调，随著Puma收购案及公司对2026年的审慎展望已充分与市场沟通，短期利空因素已基本释 放。行业选股依次为安踏>滔搏(06110)，均予"买入"评级。 报告指出，收购对价相当于每股35欧元，约为Puma2025年预测市销率的0.7倍。安踏管理层在电话会议 中表明，现阶段并无将Puma私有化的计划，且收购资金将全部来自内部资源，不会影响公司的股息分 派及股东现金回报。花旗认为，这缓解了市场对安踏可能进行股权融资或全面合并Puma的担忧。 该行分析，安踏过往在收购FILA及Amer Sports后展现出卓越的整合与营运赋能能力，对其未来协助 Puma拓展业务(特别是在中国市场)具有信心。管理层预期，双方在品牌、供应链、分销渠道及物流基础 设施等方面可产生显著协同效应。该交易尚需通过监管审批及股东大会批准。 ...

Core Viewpoint - Anta Sports (02020) announced the acquisition of a 29% stake in Puma for €1.5 billion, becoming the largest shareholder of Puma, which is expected to enhance its market position and operational capabilities [1] Group 1: Acquisition Details - The acquisition price is equivalent to €35 per share, approximately 0.7 times Puma's projected price-to-sales ratio for 2025 [1] - Anta's management confirmed there are no current plans to privatize Puma, and the acquisition will be funded entirely from internal resources, ensuring no impact on dividend distribution and shareholder cash returns [1] Group 2: Market Reaction and Analyst Insights - Citi maintains a "Buy" rating on Anta with a target price of HKD 107, citing that the market had already anticipated this acquisition [1] - The acquisition alleviates market concerns regarding potential equity financing or a full merger with Puma [1] Group 3: Strategic Implications - Anta has demonstrated strong integration and operational empowerment capabilities in past acquisitions, such as FILA and Amer Sports, which instills confidence in its ability to assist Puma in expanding its business, particularly in the Chinese market [1] - Management expects significant synergies in branding, supply chain, distribution channels, and logistics infrastructure between Anta and Puma [1] Group 4: Regulatory and Market Outlook - The transaction is subject to regulatory approval and shareholder meeting consent [1] - With the communication of the Puma acquisition and a cautious outlook for 2026, short-term negative factors have largely been addressed [1]

花旗发表研报指，安踏体育宣布以15亿欧元收购运动品牌Puma的29%股权，交易完成后将成为Puma最 大股东。该行认为，由于市场对此次收购已有预期，维持对安踏的"买入"评级，目标价为107港元。安 踏管理层在电话会议中表明，现阶段并无将Puma私有化的计划，且收购资金将全部来自内部资源，不 会影响公司的股息分派及股东现金回报。花旗认为，这缓解了市场对安踏可能进行股权融资或全面合并 Puma的担忧。该行分析，安踏过往在收购FILA及Amer Sports后展现出卓越的整合与营运赋能能力，对 其未来协助Puma拓展业务(特别是在中国市场)具有信心。 ...

Core Viewpoint - Daiwa's report indicates that Anta Sports (02020) outperformed market expectations in the first half of the year, with revenue and net profit exceeding forecasts by 1.5% and 3.2% respectively [1] Financial Performance - Anta Sports' revenue and net profit for the first half of the year were higher than market expectations, with increases of 1.5% and 3.2% respectively [1] - The growth momentum of Descente and Kolon Sport was better than anticipated [1] Earnings Forecast - Daiwa raised its earnings per share forecast for Anta Sports for the years 2025 to 2027 by 3% to 4% [1] - The revision in earnings forecasts primarily reflects the updated profit guidance from Amer Sports [1] Investment Rating - Daiwa reiterated a "Buy" rating for Anta Sports, increasing the target price from HKD 112 to HKD 117 [1] Strategic Initiatives - The company continues to demonstrate its acquisition intentions, recently announcing a joint venture with South Korea's leading fashion platform MUSINSA to introduce the well-known retail brand into the Chinese market [1]

Core Viewpoint - Daiwa's report indicates that Anta Sports (02020) outperformed market expectations in the first half of the year, with revenue and net profit exceeding forecasts by 1.5% and 3.2% respectively, driven by strong growth in Descente and Kolon Sport [1] Financial Performance - Anta Sports' revenue and net profit for the first half of the year were 1.5% and 3.2% higher than market expectations [1] - Earnings per share forecasts for 2025 to 2027 have been raised by 3% to 4% due to revised profit guidance from Amer Sports [1] Strategic Developments - The company continues to demonstrate its acquisition ambitions, recently announcing a joint venture with South Korea's leading fashion platform MUSINSA to introduce the well-known retail brand to the Chinese market [1] - The target price for Anta Sports has been increased from HKD 112 to HKD 117, maintaining a "Buy" rating [1]

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]