证券研究报告 纺织服饰 | 服装家纺 港股|公司点评报告 hyzqdatemark 2025 年 07 月 22 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 07 月 | 21 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 92.80 | | | | 一年内最高/最低（港 | | | 107.50/65.55 | | | | 元） | | | | | | | 总市值（百万港元） | | | 260,509.38 | | | | 流通市值（百万港元） | | | 260,509.38 | | | | 资产负债率（%） | | | | | 40.74 | | 资料来源：聚源数据 | | | | | | 安踏体育(02020.HK) 证券分析师 投资评级： 买入（维持） ——户外热潮助公司其他品牌高增，关注主品牌提效进展 投资要点： | 盈利预测与估值（人民币） | | | | ...

机构：国泰海通证券 研究员：盛开/钟启辉 本报告导读： 25Q2 安踏集团流水增长双位数，其中主品牌/FILA/其他品牌分别增长低单/中单/50-55%。主品牌线上线 下运营同步优化，新业态进展顺利。FILA 表现符合公司预期，新品深耕时尚运动。我们预计其他户外 品牌H2延续良好势头。 投资要点： 投资建议：我 们认为面对当下极具挑战的零售环境，安踏集团在各业务线持续寻找运营突破点，多品 牌矩阵优势持续体现，展望2025年下半年和2026 全年仍有望打通多个盈利能力提升路径。我们维持盈 利预测，预计公司2025-2027 净利润为134.2/151.0/168.8 亿元，给予2025 年PE 估值区间20X，按照1 港 元=0.91 人民币元汇率换算，对应目标价105.1 港元/股，维持"增持"评级。 公司公布25Q2 流水表现，集团整体流水增长双位数。其中安踏主品牌增长低单，FILA 增长中单（接近 高单），其他品牌增长50-55%（迪桑特增长40%+，可隆增长70%+，其他品牌增长30%+）。 主品牌线上线下同步优化，新业态进展顺利。25Q2 安踏主品牌流水增长低单，环比Q1（增长高单）放 缓，主因①低线 ...

Core Viewpoint - Anta's main brand revenue growth in Q2 2025 is low single digits, with a slowdown in growth rate compared to previous quarters, primarily due to optimization of franchise stores in lower-tier cities and online discount control [1][2] Group 1: Anta Brand Performance - In Q2 2025, Anta's main brand revenue growth is low single digits, while H1 shows mid single-digit growth, a decrease from high single digits in Q1 [2] - The company is focusing on optimizing franchise channels in lower-tier cities and has appointed a new e-commerce head to enhance online sales management [2][3] - The inventory-to-sales ratio remains around 5 months, with offline discounts stable year-on-year and online discounts slightly deepening [2][3] Group 2: FILA Brand Performance - FILA's revenue in Q2 2025 shows mid single-digit growth year-on-year, with H1 growth at high single digits [3] - FILA's large goods are expected to grow at high single digits, while Fusion and children's wear are projected to grow at mid single digits [3] - Online sales for FILA are performing better than offline, with an overall inventory-to-sales ratio of about 5 months [3] Group 3: Other Brands Performance - Other brands collectively achieved revenue growth of 50%-55% in Q2 2025, with Kolon exceeding 70% and Descente projected to grow over 40% [3] - Maia Active shows over 30% revenue growth, with double-digit growth in store efficiency and rapid membership growth driven by endorsements [3] Group 4: Outlook for H2 2025 - The company maintains expectations for high single-digit growth for Anta, mid single-digit growth for FILA, and over 30% growth for other brands in 2025 [4] - Continuous optimization of offline franchise stores and expansion of new retail formats for Anta are planned [4] - Anticipated decline in interest income and increased market investment for Anta and FILA may lead to a slight decrease in operating profit margins [4] Group 5: Profit Forecast - Revenue projections for 2025-2027 are 784.4 billion, 848.8 billion, and 911.0 billion, with year-on-year growth rates of +10.7%, +8.2%, and +7.3% respectively [5] - Expected net profit for the parent company is 134.1 billion, 149.7 billion, and 165.4 billion, with a year-on-year decrease of -14.0% (excluding one-time losses from Amer) [5] - Corresponding P/E ratios are 17.7x, 15.9x, and 14.3x, with a maintained "buy" rating [5]

Investment Rating - The report maintains a "Buy" rating for Anta Sports [2][5][24] Core Views - Anta Sports has shown strong group revenue growth driven by multiple brands, with significant results from new retail formats [5][7] - The company is expected to stabilize its performance in the second half of 2025 after a temporary slowdown in the main brand's growth [7] - The multi-brand strategy continues to demonstrate strong potential for future growth, particularly with the acquisition of the Wolf Claw brand [7] Financial Data and Profit Forecast - Revenue projections for Anta Sports are as follows: - FY2023: 623.6 billion RMB - FY2024: 708.3 billion RMB - FY2025E: 779.5 billion RMB - FY2026E: 839.2 billion RMB - FY2027E: 900.7 billion RMB - Year-on-year growth rates are projected at 16% for FY2023, 14% for FY2024, and gradually decreasing to 7% by FY2027 [6][15] - Net profit forecasts are as follows: - FY2023: 102.4 billion RMB - FY2024: 156.0 billion RMB - FY2025E: 134.1 billion RMB - FY2026E: 147.0 billion RMB - FY2027E: 160.1 billion RMB - The projected PE ratios are 23 for FY2023, 15 for FY2024, and 18 for FY2025E [6][15] Brand Performance - Anta's main brand experienced low single-digit growth in Q2 2025, while FILA showed mid-single-digit growth [7] - Other brands such as Descente and KOLON saw revenue growth between 50-55% in Q2 2025, continuing strong performance in niche segments [7] - The new retail formats, including Champion stores and SV collection stores, have shown significantly higher sales efficiency compared to traditional stores [7] Market Position and Strategy - Anta Sports is focusing on enhancing its brand health and optimizing its online product distribution system [7] - The company has successfully maintained healthy inventory levels, with inventory turnover ratios around five months [7] - The report highlights the scarcity and quality of Anta's multi-brand matrix as a key competitive advantage [7]

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 7 月 16 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 89.80 | 港元 | 110.20↓ | +22.7% | | | 安踏 (2020 HK) | | | | | | | 2 季度流水符合预期，上半年整体业务稳步向好 个股评级 买入 1 年股价表现 资料来源： FactSet 7/24 11/24 3/25 7/25 -20% -10% 0% 10% 20% 30% 40% 50% 2020 HK 恒生指数 股份资料 | 52周高位 (港元) | 106.30 | | --- | --- | | 52周低位 (港元) | 65.90 | | 市值 (百万港元) | 249,242.59 | | 日均成交量 (百万) | 8.62 | | 年初至今变化 (%) | 15.35 | | 200天平均价 (港元) | 88.82 | | 资料来源： FactSet | | 肖凯希 cathy.xiao@bocomgroup.com (85 ...