Investment Rating - The investment rating for Anta Sports is "Buy" with a target price not specified [1] Core Views - The report indicates that Anta's main brand experienced a slight decline in revenue in Q4 2025, while FILA and other brands showed varying growth rates [2][3] - The company plans to open a total of 7,000-7,100 Anta stores, 2,600-2,700 Anta Children stores, and 2,100-2,200 FILA stores by the end of 2025 [4] - The report maintains revenue and net profit forecasts for 2025, 2026, and 2027, with expected revenues of 770 billion, 859 billion, and 960 billion respectively, and net profits of 138.74 billion, 159.07 billion, and 178.76 billion [4] Summary by Sections Event Overview - In Q4 2025, Anta's main brand and FILA experienced low single-digit negative growth, while other brands saw mid-single-digit positive growth [2] Analysis and Judgment - Anta's brand saw a decline in Q4 2025 due to delayed Spring Festival affecting children's sales, while FILA's revenue showed mid-single-digit growth [3] - Other brands like Descente, KOLON, and MAIA experienced growth rates of 35-40%, which is a slowdown compared to previous quarters [3] Investment Recommendations - Short-term outlook suggests pressure on Anta's children's segment and e-commerce, but a potential recovery in 2026 for the main brand [4] - Mid-term growth is expected for KOLON and DESCENTE due to favorable outdoor market conditions [4] - Long-term growth drivers include brands like Jack Wolfski, MUSINS, and MAYA ACTIVE [4] Financial Forecasts and Valuation - Revenue projections for 2025, 2026, and 2027 are 770.45 billion, 859.48 billion, and 959.63 billion respectively, with net profit forecasts of 138.74 billion, 159.07 billion, and 178.76 billion [6][9] - The report maintains EPS forecasts of 4.94, 5.67, and 6.37 for the respective years [6][9]

Investment Rating - The investment rating for Anta Sports is "Buy" with a target price of HK$110.40, representing a potential upside of 16% from the current price of HK$95.10 [1][8]. Core Views - The report maintains the earnings forecast and "Buy" rating, raising the target price by 16% to HK$110.40, corresponding to a 19 times P/E for 2026 [8]. - Revenue and operating profit are expected to grow by 10.0% and 10.9% year-on-year in 2025, respectively, while net profit is projected to decrease slightly by 1.0% [9][8]. Summary by Sections Financial Performance - Revenue for 2025 is projected to reach RMB 770.5 billion, with a year-on-year growth of 10.0% [7][9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are RMB 5.03, RMB 4.98, and RMB 5.46, respectively, reflecting a 1% increase for both 2024 and 2025 [2][9]. Revenue Growth Drivers - Anta brand is anticipated to achieve a revenue growth of 8.4% in 2025, driven by the expansion of Direct-to-Consumer (DTC) stores and the introduction of "super Anta" stores focusing on cost-effectiveness [7]. - FILA brand is expected to see a revenue increase of 6.4% in 2025, following adjustments in core product designs [7]. - Other brands, including Descente and KOLON, are projected to grow over 30% year-on-year in 2025 [6]. Market Position and Valuation - Anta Sports' market capitalization is approximately US$34.354 billion, with a current share count of 2,807 million [1]. - The report highlights that Anta Sports is trading at a P/E ratio of 18.0 for 2025, which is competitive compared to peers [10].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HK$110.40, indicating a potential upside of 16% from the current price of HK$95.10 [1][2]. Core Views - The report projects a revenue growth of 10% year-on-year for 2025, with operating profit expected to increase by 10.9% [5][8]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are RMB 5.03, RMB 4.98, and RMB 5.46 respectively, reflecting slight increases from previous estimates [2][8]. Revenue and Profit Forecast - For Q1 2025, revenue is expected to grow by 5%-7% year-on-year, with Anta brand sales projected to increase significantly in January due to favorable conditions, while FILA brand sales are expected to remain flat [6][7]. - The overall revenue for Anta Sports in 2025 is forecasted to reach RMB 770.5 billion, driven by growth in various brands, including a 6.3% increase for Anta and a 6.4% increase for FILA [7][8]. Financial Summary - The financial data indicates that Anta Sports' revenue for 2024 is projected at RMB 70.049 billion, increasing to RMB 77.052 billion in 2025 and RMB 84.265 billion in 2026 [9][12]. - The net profit for 2025 is expected to be RMB 139.8 billion, a slight decrease of 1% from the previous year, with a net profit margin of 18.1% [8][9]. Valuation Metrics - The report sets a new target price based on a 19x P/E ratio for 2026, reflecting an increase of 16% from the previous target price [8][10]. - The average P/E ratio for comparable companies is noted, with Anta Sports currently at 18.0 for 2025, indicating competitive positioning within the industry [10].