安踏体育-（买入）：潜在收购彪马是明智之举

Summary of ANTA Sports Products Conference Call Company Overview - Company: ANTA Sports Products Limited - Ticker: 2020 HK - Industry: Retail (Sportswear) Key Points Potential Acquisition of Puma - ANTA has reportedly offered to purchase a 29% stake in Puma, which is currently facing challenges in its China operations, including a sales decline of over 20% from 2023 to 2025 [1][7] - The acquisition is seen as a strategic move to enhance ANTA's brand portfolio, which currently focuses more on running and outdoor segments, by integrating Puma's strengths in sports-leisure, football, and basketball [7] Financial Performance and Projections - ANTA maintains a target price of HKD 117.00, indicating a potential upside of 46% from the current trading price of HKD 80.30 [2][4] - Revenue projections for FY24 are set at CNY 70,826 million, with a normalized net profit of CNY 11,729 million [3][9] - The company is expected to achieve a normalized EPS growth of 13.2% in FY24, despite a slight decline in FY25 [3] Market Position and Competitive Landscape - ANTA is recognized for having solid fundamentals in the China sportswear sector, trading at a forward P/E of 17.0x compared to the industry average [2] - The company is well-positioned to improve Puma's operations in China, leveraging its multi-brand management experience [7] Risks and Challenges - Potential risks to achieving the target price include intensified competition from domestic and global players, slower-than-expected sales growth, and weaker macroeconomic conditions [12][20] - Puma's reliance on key retail operators for over 50% of its sales and its underperformance in online channels are significant challenges that could impact the acquisition's success [7] Financial Ratios and Metrics - ANTA's projected dividend yield is expected to increase from 3.0% in FY24 to 4.0% by FY27 [3] - The company is in a net cash position, indicating strong liquidity and financial health [10] ESG Initiatives - ANTA is actively addressing climate change risks and has launched initiatives to promote environmental protection and product innovation using eco-friendly materials [13] Conclusion - The potential acquisition of Puma represents a significant opportunity for ANTA to expand its market presence and enhance its brand portfolio, while the company continues to demonstrate strong financial performance and a solid market position in the competitive sportswear industry [1][2][7]