Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Views - The company has shown strong performance in the first half of the year, achieving a revenue growth of 14.3% despite a relatively weak domestic consumption environment [9]. - The operating profit margin has improved by 0.6 percentage points year-on-year, attributed to refined operations and increased contributions from high-margin brands [9]. - The main brands, Anta and Fila, are expected to maintain steady growth, while other brands like Descente and Kolon are projected to grow rapidly, contributing significantly to overall revenue [9]. Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 4.80, 5.54, and 6.21 RMB respectively, with a target price of 135.86 HKD based on a 26x PE valuation for 2025 [4][10]. - Revenue projections for the company are as follows: 62,356 million RMB in 2023, growing to 97,528 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [4][12]. - The net profit attributable to the parent company is expected to reach 10,236 million RMB in 2023, with a forecasted increase to 17,427 million RMB by 2027 [4][12]. Company Performance Metrics - The company achieved a gross margin of 62.6% in 2023, with projections indicating a slight decline to 62.5% by 2027 [4][12]. - The net profit margin is expected to fluctuate from 16.4% in 2023 to 17.9% in 2027, reflecting stable profitability [4][12]. - Return on equity (ROE) is projected to decrease from 18.3% in 2023 to 17.3% in 2027, indicating a slight reduction in efficiency over the forecast period [4][12].

纺织服饰 2025 年 08 月 28 日 安踏体育 (02020) —— 中报表现超预期，多品牌发力再现高成长性 上 市 公 司 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 101.60 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 107.50/68.35 | | H 股市值（亿港币） | 2,852.13 | | 流通 H 股（百万股） | 2,807.21 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -5% 15% 35% 55% HSCEI 安踏体育 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 联系人 刘佩 (8621)23297818× liupei@swsresearch.com 投资要点： 财务数据及盈利预测 | 货币单位：人民币 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | ...

Core Viewpoint - Goldman Sachs reports that Anta Sports (02020) has exceeded expectations for mid-term core operating profit and net profit, with management adjusting the sales guidance for the Anta core brand to a mid-single-digit growth [1] Group 1: Financial Performance - Anta's mid-term performance reflects the successful execution of its multi-brand strategy, with a focus on investing in existing businesses and exploring acquisition targets to enhance its portfolio [1] - The company maintains a stable dividend payout ratio and share buyback plan, which is expected to improve sales and profit visibility [1] Group 2: Market Outlook - Goldman Sachs has raised the target price for Anta from HKD 117 to HKD 121, reaffirming a "Buy" rating, indicating confidence in the company's growth potential [1] - The market share is anticipated to continue growing sustainably, supported by the company's strategic initiatives [1]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][6] Core Views - Anta Sports reported a significant increase in net profit by 52% year-on-year for 2024, driven by gains from its joint venture Amer Sports and its successful listing and placement [6][8] - The company achieved a revenue growth of 13.6% year-on-year, reaching 708.3 billion RMB, with operating profit increasing by 8% to 166.0 billion RMB [6][8] - The report highlights the company's multi-brand strategy, with Anta brand showing double-digit growth and Fila brand maintaining steady growth [6][8] Financial Data and Profit Forecast - Revenue projections for FY2023 to FY2027 are as follows: 624 billion RMB, 708 billion RMB, 779.5 billion RMB, 839.2 billion RMB, and 900.7 billion RMB respectively, with year-on-year growth rates of 16%, 14%, 10%, 8%, and 7% [6][16] - Net profit forecasts for the same period are 102.4 billion RMB, 156.0 billion RMB, 134.1 billion RMB, 147.0 billion RMB, and 160.1 billion RMB, with growth rates of 35%, 52%, -14%, 10%, and 9% respectively [6][16] - The diluted earnings per share are projected to be 3.61 RMB, 5.41 RMB, 4.65 RMB, 5.10 RMB, and 5.55 RMB for FY2023 to FY2027 [6][16] Brand Performance - Anta brand revenue for 2024 was 335.2 billion RMB, growing by 10.6%, while Fila brand revenue reached 266.3 billion RMB, up by 6.1% [6] - Other brands experienced a robust growth of 53.7%, with revenue reaching 106.8 billion RMB [6] Channel Performance - Online sales grew by 22% year-on-year, accounting for 35.1% of total revenue, while the company continued to expand its offline store presence [6][8] - As of the end of 2024, Anta had 7,135 adult apparel stores and 2,784 children's stores, with steady growth in store numbers across various brands [6][8] Global Strategy - Anta is accelerating its globalization strategy, focusing on Southeast Asia as its first overseas market, with successful entries into countries like Singapore, Malaysia, and Vietnam [6][8] - The company has established a significant presence in international markets, with a total of 216, 23, and 4 stores for Anta, Fila, and Descente respectively outside of China [6][8]

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) and raises the target price to HKD 118.8, indicating a potential upside of 21.3% from the current price of HKD 97.9 [2][5]. Core Insights - Despite facing significant pressure on profit margins in the short term, Anta's revenue from its main brand is expected to steadily expand, with other brands maintaining rapid growth. The contribution from Amer Sports is projected to significantly increase, supporting a high growth rate in core net profit by 2025. The multi-brand strategy is anticipated to continue driving overall revenue expansion for the company [1][7][8]. Financial Projections - Revenue is forecasted to grow from RMB 62,356 million in 2023 to RMB 78,838 million in 2025, reflecting a compound annual growth rate (CAGR) of 11.3% [9][13]. - The net profit attributable to shareholders is expected to decrease from RMB 15,596 million in 2024 to RMB 13,965 million in 2025, indicating a decline of 10.5% [9][13]. - The gross margin is projected to remain stable around 62.5% in 2025, with operating profit margin slightly declining to 23.2% [11][12]. Brand Performance - Anta's brand revenue is expected to grow at a high single-digit percentage in 2025, while Fila is projected to grow in the mid-single digits. Other brands like Descente and Kolon are anticipated to exceed 30% growth [7][8]. - The online sales channel is expected to continue to grow, contributing to the overall revenue but also leading to increased discounting pressures on margins [7][8]. Market Strategy - Anta plans to increase market investments in 2025, focusing on expanding the new retail formats, enhancing overseas market presence, and increasing product launches. The company aims for overseas revenue to account for 15% within five years [7][8]. - The multi-brand strategy is expected to be a key driver for long-term revenue growth, with Descente and Kolon brands showing strong growth momentum [7][8].

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020.HK) and raises the target price to HKD 118.8, indicating a potential upside of 21.3% from the current price of HKD 97.9 [1][2]. Core Views - Despite facing significant pressure on profit margins in the short term, Anta's revenue from its main brand is expected to steadily expand, with other brands maintaining rapid growth. The contribution from Amer Sports is anticipated to significantly increase, supporting a high growth rate in core net profit by 2025. The multi-brand strategy is expected to continue driving overall revenue expansion for the company [1][7]. Financial Projections - Revenue is projected to grow from RMB 62,356 million in 2023 to RMB 78,838 million in 2025, reflecting a compound annual growth rate (CAGR) of 11.3% [9][13]. - The net profit attributable to shareholders is expected to decrease from RMB 15,596 million in 2024 to RMB 13,965 million in 2025, indicating a decline of 10.5% [9][13]. - The gross margin is projected to remain stable around 62.5% in 2025, with operating profit margin slightly declining to 23.2% [11][13]. Brand Performance - The management anticipates that the Anta brand's revenue will grow at a high single-digit percentage in 2025, while Fila is expected to see mid-single-digit growth. Other brands like Descente and Kolon are projected to exceed 30% growth [7][15]. - The online sales channel is expected to continue driving revenue growth for Fila, which is projected to contribute 40% of its revenue in 2024, up from 35% in 2023 [7][11]. Market Strategy - Anta plans to increase market investments in 2025, focusing on expanding the new retail format (Super Anta stores), enhancing overseas market presence, and increasing sponsorship for domestic events [7][11]. - The multi-brand strategy is expected to be a key driver for long-term revenue growth, with Descente and Kolon brands contributing 15% of the group's revenue in 2024 [7][11].