Maia Active

Search documents
安踏体育(02020.HK):户外热潮助公司其他品牌高增 关注主品牌提效进展
Ge Long Hui· 2025-07-23 10:35
所有其他品牌快速增长。所有其他品牌高增长系:1)户外行业高景气,户外客群对迪桑特及可隆等高 端户外品牌的产品需求仍较高;2)Maia Active 渐入佳境,据MaiaActive 官方微信公众号,品牌新签入 代言人虞书欣并推出Yoga Studio 店型,有望推动品牌势能向上。此外,据懒熊体育微信公众号,亚玛 芬大中华区总裁姚剑将成为JACK WOLFSKIN(狼爪)品牌总裁,品牌并表后有望助集团业绩再上新台 阶。 盈利预测与评级:作为我国运动鞋服龙头公司,安踏体育深耕行业多年形成竞争壁垒,通过多品牌运营 等方式稳固发展,且具备海外扩张预期,增长空间较大。我们预计公司2025-2027 年归母净利润分别 135.00 亿元/155.67 亿元/171.63 亿元,同比分别增长-13.44%/15.31%/10.25%。我们持续看好公司多品牌 运营下主品牌及FILA 贡献运营稳定性以及户外赛道贡献运营成长性,叠加规模化下费率可控且具备海 外扩张预期,维持"买入"评级。 主品牌Q2 零售金额增速略低于预期,关注线上线下渠道增效计划实施效果。25Q2主品牌零售金额同比 录得低单位数增长,增速环比Q1 有所下滑;我 ...
安踏体育(02020):户外热潮助公司其他品牌高增,关注主品牌提效进展
Hua Yuan Zheng Quan· 2025-07-22 09:34
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) | | | | ...
安踏体育(2020.HK):25H2主品牌运营调整效果可期 户外品牌维持高景气度
Ge Long Hui· 2025-07-20 02:33
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 ...
安踏体育(2020.HK):Q2主品牌调整中 FILA和其他品牌表现优异
Ge Long Hui· 2025-07-18 10:33
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]
安踏体育(02020.HK):多品牌发力集团流水依然亮眼 新业态探索成效显著
Ge Long Hui· 2025-07-18 10:33
Core Viewpoint - The company reported its Q2 2025 operational data, showing performance in line with expectations, with a double-digit revenue growth overall, while the main brand Anta experienced low single-digit growth [1][2]. Group 1: Anta Brand Performance - In Q2 2025, Anta's brand revenue growth was low single-digit, while the first half of the year showed mid single-digit growth, which was below internal expectations due to several factors [2]. - The company accelerated store upgrades in lower-tier cities, impacting short-term sales but laying a foundation for future growth [2]. - The competitive landscape during the online 618 shopping festival led to a cautious approach on discounts to maintain brand health [2]. - A new e-commerce head was appointed to enhance product differentiation across platforms, with expectations for improved sales performance in the second half of the year [2]. Group 2: New Retail Formats and Other Brands - Anta's new retail formats, such as champion stores and SV collection stores, have shown significant effectiveness, with champion stores achieving 80% higher sales efficiency than regular stores [3]. - FILA continued its steady growth with mid single-digit revenue growth in Q2, driven by a recovery in main products and strong e-commerce performance [3]. - New brands like Descente, KOLON, and Maia Active showed exceptional growth, with Descente exceeding 40% and KOLON over 70% in Q2 [3]. Group 3: Inventory and Financial Outlook - Inventory levels remained healthy, with a stock-to-sales ratio of around five months for Anta and FILA [4]. - The company maintained effective cost control, which is beneficial for stabilizing overall operating profit margins [4]. - The multi-brand matrix is seen as a valuable asset, with expectations for continued growth potential, maintaining a "buy" rating and profit forecasts for 2025-2027 [4].
安踏体育(02020):多品牌发力集团流水依然亮眼,新业态探索成效显著
Shenwan Hongyuan Securities· 2025-07-17 13:15
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]
交银国际每日晨报-20250717
BOCOM International· 2025-07-17 01:19
Group 1: Anta Sports Products (2020 HK) - The second quarter revenue met expectations, with management reaffirming the annual guidance for 2025, indicating low single-digit, mid single-digit, and 50-55% year-on-year revenue growth for Anta, FILA, and other brands respectively [3] - Despite intense industry competition, management maintains growth guidance for all brands, expecting high single-digit, mid single-digit, and over 30% year-on-year growth for Anta, FILA, and other brands respectively [3] - The forecast for net profit from 2025 to 2027 is projected to be between RMB 13.41 billion and RMB 16.54 billion, with a target price of HKD 110.20 based on a 20x P/E ratio for 2026, maintaining a buy rating [3][4] Group 2: Junda Co., Ltd. (002865 CH) - The company expects a loss of RMB 0.94 billion to RMB 1.94 billion in Q2 2025, which is an increase from the loss of RMB 1.06 billion in Q1 2025, primarily due to a decline in battery prices following a surge in installations in mainland China [5] - Junda has signed a strategic cooperation agreement with Turkey and Europe's largest photovoltaic module manufacturer to jointly build a solar cell production base with a capacity of up to 5GW [5] - The outlook remains positive for the company, anticipating a turnaround in performance in 2026 driven by the commencement of production in Oman and supply-side reforms [5] Group 3: E-commerce Industry - In Q2 2025, adjusted year-on-year growth for physical e-commerce retail sales was 6.3%, with categories like home appliances and cosmetics experiencing a decline in growth [7] - E-commerce platforms are increasing investments in instant retail to drive cross-selling with traditional shelf e-commerce, enhancing user engagement [7] - Major players like Alibaba and JD.com are expected to maintain double-digit year-on-year growth, although profitability may be pressured due to increased investments in flash sales and delivery services [8] Group 4: Economic Data Insights - The consumer price index for June is expected to show a month-on-month increase of 0.30% in both the US and China, with the previous data being 0.10% [9] - The industrial product factory price index is anticipated to rise by 0.20% year-on-year in the US for June [9]
安踏体育(02020):安踏(2020HK)
BOCOM International· 2025-07-16 09:32
Investment Rating - The report assigns a "Buy" rating for the company, Anta (2020 HK), with a target price of HKD 110.20, indicating a potential upside of 22.7% from the current price of HKD 89.80 [1][2][15]. Core Insights - The company's second-quarter revenue met expectations, with management reaffirming the annual guidance for growth across its brands, despite a competitive industry landscape. The expected revenue growth for Anta, FILA, and other brands is high single digits, mid single digits, and over 30% respectively [6][7]. - The report maintains revenue forecasts for the next three years but slightly lowers profit margin expectations due to industry discount pressures. Projected net profits for 2025-2027 are estimated to be between RMB 134.1 billion and RMB 165.4 billion [6][7]. - Anta's brand sales momentum has slightly slowed, but improvements in online channels are anticipated in the second half of the year. The company is optimizing its offline store strategy and expects to maintain high single-digit growth for the Anta brand [6][7]. Financial Overview - Revenue projections for the company are as follows: RMB 62,356 million in 2023, RMB 70,826 million in 2024, RMB 77,140 million in 2025, RMB 83,936 million in 2026, and RMB 90,550 million in 2027, with year-on-year growth rates of 16.2%, 13.6%, 8.9%, 8.8%, and 7.9% respectively [5][8][16]. - The net profit forecast for the same years is RMB 10,236 million in 2023, RMB 15,596 million in 2024, RMB 13,410 million in 2025, RMB 15,021 million in 2026, and RMB 16,543 million in 2027, with corresponding growth rates of 30.8%, 50.3%, -14.0%, 12.4%, and 10.1% [5][8][16]. - The report highlights a projected decline in profit margins, with gross profit margins expected to be 62.0% in 2025, 62.1% in 2026, and 62.2% in 2027 [7][17]. Brand Performance - Anta's brand recorded low single-digit revenue growth in the second quarter, while FILA achieved mid single-digit growth. Other brands like Descente and KOLON saw high growth rates of over 40% and 70% respectively [6][7]. - The inventory turnover ratio for FILA improved to five months, and the company strategically increased discounts in the e-commerce channel to optimize inventory [6][7].
安踏体育(02020):2025二季度营运情况点评:流水表现符合预期,维持全年指引
NORTHEAST SECURITIES· 2025-07-16 06:16
Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company's Q2 performance met expectations, with a focus on further developing its outdoor brand portfolio and maintaining a multi-brand, global strategy [3]. - The company is expected to achieve revenue growth of 10.9% in 2025, 9.5% in 2026, and 8.7% in 2027, reaching revenues of 785.3 billion, 860.1 billion, and 934.5 billion respectively [3]. - The net profit attributable to the parent company is projected to decline by 15.8% in 2025, followed by growth of 11.6% in 2026 and 10.3% in 2027, amounting to 131.3 billion, 146.6 billion, and 161.6 billion respectively [3]. Summary by Sections Company Performance - Anta's main brand experienced low single-digit growth in Q2 2025, while FILA brand revenue grew in the mid-single digits. Other brands saw significant growth, with retail revenue increasing by 50-55% [1][2]. - The company has adjusted its franchise store operations and enhanced its e-commerce structure to improve efficiency [1]. Brand Analysis - FILA's performance was stable, with notable growth in children's and trendy lines after adjustments made in 2024. The brand is expanding into professional sports and outdoor products [2]. - Other brands like Descente and Kolon Sports reported over 40% and 70% revenue growth respectively, indicating strong performance in the women's sports segment [2]. Acquisition Impact - The acquisition of Jack Wolfskin for $290 million is expected to enhance the company's outdoor market presence and support international expansion [2]. Financial Projections - The financial summary indicates a revenue increase from 62.36 billion in 2023 to 78.53 billion in 2025, with a projected net profit of 13.13 billion in 2025 [4][3]. - The report outlines a decrease in net profit margin from 34.86% in 2024 to 17.53% in 2025, reflecting anticipated challenges [4]. Market Data - The company's stock closed at HKD 89.80, with a 12-month price range of HKD 65.90 to HKD 106.30, and a market capitalization of HKD 252.09 billion [5].
中金:维持安踏体育(02020)目标价120.92港元 维持“跑赢行业”评级
智通财经网· 2025-07-16 02:27
Group 1 - The core viewpoint of the report is that Anta Sports (02020) maintains its EPS forecast for 2025/26 at 4.81/5.42 HKD, with a current stock price corresponding to 17/15 times the 2025/26 P/E ratio, and a target price of 120.92 HKD, indicating a 35% upside potential from the current price [1] - Anta and FILA brands achieved low single-digit and mid single-digit revenue growth respectively in Q2 2025, while all other brands saw revenue growth of 50-55% year-on-year [1] - The company is expected to achieve high single-digit and mid single-digit revenue growth targets for Anta and FILA brands in 2025, supported by adjustments in offline stores and online channel management, as well as a low base effect [1] Group 2 - The report indicates that the mid-to-high-end outdoor segment continues to show strong growth, with Anta brand achieving low single-digit revenue growth in Q2 2025, and FILA brand achieving mid single-digit revenue growth [2] - FILA's performance remains stable, with new categories like golf and tennis becoming growth highlights, and the company strategically increasing discount rates online to accelerate inventory turnover and drive revenue growth [2] - Other brands such as DESCENTE and KOLON experienced revenue growth of over 40% and 70% respectively, while the new brand Maia Active achieved over 30% year-on-year growth, indicating a strong expansion of new store types [2]