公司近一年市场表现 2024 年 10 月 11 日 公司研究/公司快报 资料来源：最闻，山西证券研究所 安踏品牌零售流水同比增长中单位数，折扣与库存保持健康水平。2024Q3，安踏 品牌零售流水同比增长中单位数，流水增速较 2 季度有所减弱，预计零售流水达成率弱 于公司内部预期。分渠道看，预计线上渠道表现好于线下，2024Q3，安踏品牌线上渠道 流水预计同比增长 20%以上。分品类看，安踏大货、安踏儿童零售流水同比增长均为中 单位数。库存方面，截至 2024Q3 末，安踏品牌库渠道库存周转 4 个月以上，渠道库存 处于健康水平。零售折扣方面，安踏品牌整体零售折扣改善，其中线上零售折扣改善， 线下零售折扣持平。 | --- | --- | |--------------------------|---------------| | 市场数据： 2024 年 10 月 | 10 日 | | 收盘价（港元）： | 100.10 | | 年内最高/最低（港元）： | 107.50/60.200 | | 流通股/总股本（亿股）： | 28.29/28.29 | | 流通市值（亿港元）： | 2,832.06 | | ...

2024 年 10 月 11 日 公司研究 Q3 安踏及 FILA 流水走弱，Q4 冬装旺季期待多品牌销售提振 ——安踏体育（2020.HK）2024 年三季度经营情况点评 要点 24Q3 安踏和 FILA 品牌流水走弱，库存和折扣仍保持健康 安踏体育公告 2024 年三季度经营情况。分品牌来看，2024 年第三季度安踏品牌 零售流水同比增长中单位数、FILA 同比下滑低单位数、其他品牌同比增长 45~50%。三季度终端零售压力加大，安踏及 FILA 品牌零售流水低于预期，与二 季度相比，安踏增速环比略有放缓、FILA 转为下滑，而其他品牌增速有所加快。 安踏品牌：24Q3 安踏品牌库销比小于 5 个月、环比维持；零售折扣线下同比基 本持平，线上折扣同比改善。分产品及渠道来看，安踏大货、儿童流水同比均增 长中单位数；安踏线上延续高增长，流水同比增长超 20%。 FILA 品牌：FILA 品牌 24Q3 受大环境影响零售流水转为下滑，其零售折扣及库存 仍处于健康水平，零售折扣未有加深，库销比接近 5 个月。分产品及渠道来看， FILA 大货零售流水同比持平，潮牌和儿童流水压力相对较大。 其他品牌：24Q3 其他 ...

Investment Rating - The investment rating for Anta Sports is "Outperform the Market" (maintained) [1][2] Core Views - In the challenging consumer environment, Anta demonstrates strong brand operational capabilities, with a positive outlook on annual performance certainty and long-term growth potential across multiple brands. Despite a noticeable industry downturn in the third quarter, Anta maintains good growth, while FILA experiences a slight decline but with healthy inventory and discount levels. Other sub-brands show rapid growth, highlighting the company's multi-brand operational strength. With the upcoming National Day Golden Week and peak consumption season, the company is expected to accelerate growth while maintaining healthy inventory and discount levels [2][7] Summary by Sections Retail Performance - In Q3 2024, Anta's main brand recorded mid-single-digit positive growth, while FILA experienced low single-digit negative growth. Other brands saw a significant increase in sales of 45-50% [2][4] - Anta's sales growth continued with mid-single-digit increases, maintaining a healthy inventory turnover ratio of less than 5. Online retail discounts narrowed [4][6] - FILA's sales saw a slight decline, with an inventory turnover ratio of 5, and online discounts remained stable [4][6] Financial Forecasts - The forecast for net profit attributable to the parent company for 2024-2026 is estimated at 136.5 billion, 134.9 billion, and 148.2 billion yuan respectively. Adjusted net profits, excluding one-time gains from Amer Sports' listing, are approximately 120.7 billion, 134.9 billion, and 148.2 billion yuan, reflecting year-on-year growth of 17.9%, 11.8%, and 9.9% [2][7][8] - The revenue forecast for 2024 is 69.507 billion yuan, with a growth rate of 11.5% [8][11] Valuation - The reasonable valuation range for Anta has been adjusted to 103-112 HKD, up from the previous range of 98-107 HKD, corresponding to an adjusted EPS of 22-24 times for 2024 [2][7]

证券研究报告 | 公司点评 gszqdatemark 2024 10 10 年 月 日 安踏体育（02020.HK） 集团营运稳健，FILA 流水短期略有波动 事件：公司发布 2024Q3 经营情况公告，安踏品牌增长稳健，Fila 品牌流水波动。 根据公司披露，2024Q3 安踏品牌流水同比增长中单位数，Fila 品牌流水同比下降 低单位数，其他品牌流水同比增长 45%~50%。 安踏品牌：电商业务增长优异，品牌终端营运健康。1）电商业务向好，推动品牌 全渠道流水稳健增长。期内安踏产品力和品牌力提升同步推进，品牌定位同大众 群体对于运动鞋服的需求相契合，安踏品牌 Q3 流水同比增长中单位数。分品牌 看，我们预计成人和儿童流水均有中单位数的增长；分渠道看，安踏电商流水或有 20%+增长，整体表现仍显著优于线下，一方面系线下客流波动较大，另一方面系 安踏持续推动电商业务产品以及运营优化。2）库销比预计仍在 4-5 之间，渠道折 扣良好。我们预计截至 2024Q3 末安踏品牌库销比仍在 4-5 之间的健康水平，期 内线下折扣同比或持平，电商渠道受益于持续向好的零售环境，折扣同比或有改 善。从中长期来看，我们预计安踏 ...

Investment Rating - Maintain **Buy** rating with a revised target price of HK$107.84, up from HK$97.05, reflecting a 24.2% upside potential [2][3] - The new target price is based on a 20x FY25E P/E multiple, up from 18x, due to improved investor sentiment following central government stimulus measures [2] Core Views - The company's new retail formats, such as the "ANTA Super Store," "ANTA Champion Store," "ANTA SNEAKERVERSE," "ANTA Arena," and "ANTA Palace," are successfully driving growth and expanding the customer base [1] - The ANTA Super Store in Shenzhen, with a monthly sales estimate of RMB 1.5 million, outperforms regular ANTA stores, with annual sales per square meter reaching RMB 21,000, compared to RMB 16,000 for regular stores [6] - The company aims to open 10 ANTA Super Stores in FY24 and expand to 40 stores within three years, potentially contributing 2% to ANTA brand sales by FY26 [6] - The company's market segmentation strategy, including targeting mass-market, premium, and niche markets, is well-executed and supports future growth [1] Financial Performance - Revenue is expected to grow at a CAGR of 12% from FY23 to FY26E, with net profit growing at a CAGR of 16% [2] - FY24E revenue is projected at RMB 70.3 billion, with net profit of RMB 13.7 billion, representing a 12.8% YoY growth in revenue and 21.4% YoY growth in net profit [3][19] - FY25E revenue is forecasted at RMB 78.3 billion, with net profit of RMB 15.0 billion, reflecting an 11.4% YoY revenue growth and 9.7% YoY net profit growth [3][19] - FY26E revenue is expected to reach RMB 87.1 billion, with net profit of RMB 17.6 billion, indicating an 11.2% YoY revenue growth and 17.5% YoY net profit growth [3][19] Store Performance and Strategy - The ANTA Super Store in Shenzhen, with a floor area of 670 sqm (860 sqm including warehouse), achieves monthly sales exceeding RMB 1 million, with an average ticket size of RMB 330 [6] - The store offers a wide range of products, including training gear, professional sports, outdoor products, and sports culture, with approximately 1,000 SKUs [1] - The store's product mix differs from regular ANTA stores, with only 10% overlap in SKUs, and a higher proportion of evergreen products [1] - The company's strategy to attract new customers, particularly families and students, is successful, with over 90% of customers being first-time visitors to ANTA Group [6] Valuation and Peer Comparison - The company's FY25E P/E of 16x is below its 5-year historical average of 25x, indicating undervaluation [2] - The company's ROE is expected to remain strong, at 24.7% in FY26E, compared to 26.0% in FY21A [3][19] - Peer comparison shows ANTA Sports trading at a lower P/E multiple compared to some international brands like Nike and Adidas, which trade at higher multiples [17] Growth Drivers - The company's new retail formats and market segmentation strategy are key growth drivers, supported by strong execution and financial performance [1][6] - The ANTA Super Store model, with its high sales per square meter and attractive pricing, is expected to drive significant growth in the coming years [6] - The company's focus on expanding its customer base, particularly through family and student segments, is expected to contribute to long-term growth [6]

27 Sep 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Anta Sports (2020 HK) Takeaways from the Anta Superstore visit The Anta Superstore we visited is fairly competitive and should be a decent growth driver onwards, supported by its superior price to quality and great variety of choices. Moreover, it can also acquire more family-type customers, and it has reasonable room for store expansion and decent financials (both sales per store and sales per sq.m are better t ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 92.45 per share, based on a 20x PE multiple for 2024 [3][5] Core Views - The sportswear industry is resilient, with leading brands showing strong competitive advantages [3] - Anta Sports has maintained an average ROE of 26% over the past 5 years, driven by its excellent management team and strong channel capabilities [3] - The company's multi-brand and internationalization strategies are steadily progressing, with FILA contributing significantly to revenue and profitability [3][9] Industry Analysis - China's sportswear industry is expected to maintain steady growth, with significant room for expansion in per capita consumption and penetration rates [3][15] - The US sportswear market has recovered to pre-pandemic levels, with sports-related spending reaching 126% of pre-pandemic levels in 2024 [15] - China's sportswear penetration rate is 15%, significantly lower than developed countries like the US (36%) and Japan (21%) [18] - The industry is driven by national policies, economic development, and emerging segments such as skiing, outdoor activities, and women's sportswear [3][15] Company Analysis Financial Performance - Anta Sports' revenue is projected to grow from RMB 53.7 billion in 2022 to RMB 85.7 billion in 2026, with a CAGR of 10.7% [4] - EBITDA is expected to increase from RMB 12.5 billion in 2022 to RMB 27.1 billion in 2026 [4] - Net profit attributable to shareholders is forecasted to grow from RMB 7.6 billion in 2022 to RMB 15.3 billion in 2026 [4] - EPS is projected to rise from RMB 2.80 in 2022 to RMB 5.39 in 2026 [4] Brand Strategy - Anta's multi-brand strategy includes the main Anta brand, FILA, and other international brands like Descente and Kolon Sport [42] - FILA, acquired in 2009, has been repositioned as a high-end fashion sportswear brand, contributing significantly to the company's revenue and profitability [49][50] - The company is focusing on brand elevation for the Anta main brand, with DTC (Direct-to-Consumer) transformation driving efficiency and profitability [48] Channel Management - Anta has over 12,000 global offline stores, with the main Anta brand having 9,831 stores as of 2023 [45] - The company has been optimizing its distribution network and supply chain, with a focus on retail-oriented strategies to improve inventory management [40][46] - DTC transformation has been a key focus, with approximately 5,400 Anta main brand stores and 2,200 Anta Kids stores operating under the DTC model as of 2023 [48] Competitive Advantages - Anta's strong channel capabilities and efficient management have resulted in lower expense ratios and higher turnover rates compared to peers [54][56] - The company's average inventory turnover days are 118, lower than international peers, and its accounts receivable turnover days are 28, significantly better than industry averages [56][58] - Anta's ROE has consistently outperformed domestic and international peers, with a 5-year average ROE of 26.4% [30][32] Growth Drivers - The Anta main brand is expected to grow steadily, with revenue projected to increase from RMB 30.3 billion in 2023 to RMB 39.8 billion in 2026 [59][60] - FILA is expected to maintain high growth, with revenue projected to increase from RMB 25.1 billion in 2023 to RMB 30.6 billion in 2026 [59][60] - Other brands, including Descente and Kolon Sport, are expected to grow rapidly, with revenue projected to increase from RMB 6.9 billion in 2023 to RMB 15.3 billion in 2026 [59][60] Valuation and Investment Recommendation - The report values Anta Sports at a 20x PE multiple for 2024, based on its superior channel management and cost control capabilities [63] - The target price of HKD 92.45 per share represents a 21.3% upside from the current price of HKD 76.20 [5][63]

Financial Performance - Revenue increased by 13.8% to RMB 33.735 billion for the six months ended June 30, 2024[9]. - Net profit rose by 59.0% to RMB 8.419 billion, with a basic earnings per share of RMB 2.75, up 58.0%[6][9]. - Gross profit margin improved by 0.8 percentage points to 64.1%[6][9]. - Operating profit for Anta increased by 13.6% to RMB 8.660 billion[9]. - The company's revenue increased by 13.8% to RMB 33.74 billion for the first half of 2024, compared to RMB 29.65 billion in the same period of 2023[15]. - The overall gross profit margin rose by 0.8 percentage points to 64.1% from 63.3% year-on-year[15]. - The company declared an interim dividend of HKD 1.18 per share, a 43.9% increase compared to HKD 0.82 in the same period last year[16]. - Anta brand revenue grew by 13.5% to RMB 16.08 billion, with an operating profit margin of 21.8%[16]. - FILA brand revenue increased by 6.8% to RMB 13.06 billion, with a slight decline in operating profit margin to 28.6%[16]. - Other brands saw a significant revenue increase of 41.8% to RMB 4.60 billion, maintaining an operating profit margin of 29.9%[16]. - The average return on equity increased to 28.6% from 23.0% year-on-year[10]. - The average inventory turnover days improved to 114 days from 124 days year-on-year[10]. - The total comprehensive income for the period was RMB 9,475 million, compared to RMB 6,173 million in the same period last year, reflecting a 53.5% increase[128]. - Basic earnings per share for the period were RMB 2.75, compared to RMB 1.74 in the same period of 2023, indicating a 58.4% increase[128]. Market Expansion and Strategy - The company plans to continue expanding its brand portfolio and market presence, focusing on high-end sports products[3]. - The company is strategically increasing investment in e-commerce, which has been growing rapidly and outperforming major competitors in the industry[18]. - The company's "globalization" strategy is advancing, with a focus on expanding retail operations in Southeast Asia, North America, Europe, the Middle East, and Africa[19]. - Anta and Anta Children plan to expand their store types and retail channels, targeting 7,100 to 7,200 stores in mainland China and 2,800 to 2,900 stores overseas by the end of 2024[108]. - The company is leveraging multi-brand and supply chain advantages to develop new IP products, contributing to growth across various categories[104]. - The company is committed to optimizing store efficiency and online business penetration while maintaining a stable number of offline stores[108]. - FILA plans to open new store types in high-end commercial areas, including flagship stores and specialized stores for professional sports elites[105]. Research and Development - Research and development expenses as a percentage of revenue increased to 2.7%[9]. - The company has established R&D design studios in the US, Europe, Japan, and South Korea, collaborating with global research institutions and suppliers for innovation[19]. - The company continues to innovate in product development, focusing on high-quality, technology-driven sports equipment for children across various sports scenarios[28]. - Anta Sports launched core technologies and products such as Anta Membrane, Soft Heart Yarn, and C10 Pro during the fiscal period[34]. - The company has implemented AI technology in product design and live streaming to enhance consumer experience and improve conversion rates[34]. Sustainability and ESG Efforts - The company has committed to reducing absolute greenhouse gas emissions by 42.0% for Scope 1 and 2, and 51.6% for Scope 3 by 2030, using 2022 as the base year[36]. - Over 140 suppliers have been encouraged to use clean and renewable energy, and a carbon data management system has been established[36]. - The company has been recognized for its ESG efforts, leading the sports goods industry in China[36]. Challenges and Risks - The company faces significant risks related to technological advancements and product innovation, which could adversely affect its operations if it fails to adapt[43]. - Intense competition in the domestic sports footwear and apparel industry is shifting from quantity and price to new technologies and high-value products, potentially impacting future revenue and profitability[46]. - Rising costs associated with physical retail operations, including rent and employee expenses, may reduce profitability for the company and its distributors[52]. - Brand reputation is at risk if there are any lapses in quality control, which could lead to product quality issues and negatively impact sales and brand image[57]. - Supply chain management is critical, as any issues with suppliers regarding material quality or delivery could adversely affect the company's operations[58]. Financial Position and Assets - The group’s total assets amounted to RMB 97,178 million as of June 30, 2024, with current assets at RMB 43,527 million[91]. - The group declared an interim dividend of HKD 1.18 per share, totaling RMB 3,079 million, which is 50.1% of the profit attributable to shareholders[83]. - The total liabilities amounted to RMB 36,218 million, compared to RMB 34,000 million in the previous year, reflecting an increase in financial obligations[142]. - The total equity attributable to shareholders increased to RMB 57,306 million as of June 30, 2024, representing a growth of 11.29% from RMB 51,460 million as of December 31, 2023[133]. - The company reported a significant increase in inventory costs to RMB 12,117 million, up from RMB 10,890 million in 2023, indicating higher production and sales activities[144]. E-commerce and Digital Strategy - E-commerce business contributed 33.8% to the overall revenue of the group, up from 30.8% in the same period of 2023, with an absolute growth of 25.1% year-on-year[24]. - The company has established a direct-to-consumer (DTC) model in over 80% of its stores, with approximately 5,600 Anta stores and 2,300 Anta Kids stores, where 42% and 64% respectively are directly operated[26]. - Anta's e-commerce strategy includes establishing flagship and specialty stores on emerging platforms, enhancing brand visibility through collaborations with well-known e-commerce IPs[26]. Product Development and Innovation - Anta Sports has expanded its professional running shoe matrix, launching the C202 5th generation Lite and the Mah 4, enhancing performance through upgraded technologies[25][26]. - FILA launched new products including the "柔雲" running shoes and "山貓" trail running shoes, establishing a preliminary market position in the running shoe segment[29]. - DESCENTE emphasizes technological innovation and professional quality, launching products like the GOLF CONDOR shoes and Double Chill tops to strengthen its position in the golf market[31]. - KOLON SPORT has expanded its product matrix around camping and hiking, introducing high-performance outdoor apparel like the GAIA jacket and MOVE ALPHA hiking shoes[33]. Community Engagement and Social Responsibility - The company has trained over 6,800 sports teachers and built 185 Anta Dream Centers, benefiting over 7.2 million youth[37]. - The company has not recognized withholding tax liabilities of RMB 853 million on the undistributed retained earnings due to the established dividend policy for its subsidiaries in mainland China[195].

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 [Table_StockInfo] 9 月 4 日收盘价（港元） 75.00 股票数据 52 周股价波动（港元） 59.45-94.8 24H1 主业净利率创新高，Amer 盈利能力大幅提升。24H1 收入同比增 13.8% 至 337.4 亿元，毛利率提升 0.8pct 至 64.1%，归母净利润增 62.6%至 77.2 亿元， 归母净利率提升6.9pct至22.9%。我们判断收入增长主因：①电商收入增25.1%， ②安踏、FILA 功能性产品、鞋履产品增加③DTC 模式（安踏牌）和直营零售（FILA 及其他品牌）提升店效、改善折扣④高端户外运动赛道持续向好。归母净利润 高增主因：①Amer Sports 上市相关一次性会计利得 15.8 亿元，②分占联营公 司亏损减少 5 亿元。撇除 Amer Sports 上市利得及分占联营/合营公司损益影响， 归母净利润同比增 17%至 61.6 亿元，归母净利率同比提升 0.5pct 至 18.3%。鞋 履品类领增，鞋/服/配饰收入同比增 18%/10.8%/10.1%。 总股本（ ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.0 HKD, representing a potential upside of 32.8% from the current price of 76.8 HKD [1][2]. Core Insights - The company reported a significant year-on-year increase in net profit attributable to shareholders of 62.6%, reaching 7.72 billion RMB in the first half of 2024, alongside a robust revenue growth of 13.8% to 33.74 billion RMB [1]. - The gross margin improved by 0.8 percentage points to 64.1%, driven by the performance of the Anta main brand and Fila [1]. - The company announced a share repurchase plan of 10 billion RMB over the next 18 months to enhance market confidence [1]. Financial Performance Summary - **Revenue**: The company achieved a revenue of 33.74 billion RMB in H1 2024, up 13.8% year-on-year [1]. - **Net Profit**: The net profit attributable to shareholders increased by 62.6% to 7.72 billion RMB, with core net profit rising 17.0% to 6.16 billion RMB [1]. - **Gross Margin**: The gross margin rose to 64.1%, reflecting a 0.8 percentage point increase [1]. - **Operating Profit**: Operating profit grew by 13.6% to 8.66 billion RMB, maintaining an operating margin of 25.7% [1]. - **Free Cash Flow**: The company generated free cash flow of 7.62 billion RMB [1]. - **Net Cash Position**: The net cash position increased significantly to 32.39 billion RMB [1]. Brand Performance - **Anta Main Brand**: Revenue for the Anta main brand grew by 13.5% to 16.1 billion RMB, benefiting from strong e-commerce growth and product effectiveness [1]. - **FILA Brand**: Revenue for the FILA brand increased by 6.8% to 13.01 billion RMB, with growth driven primarily by bulk sales [1]. - **Other Brands**: Other brands saw a revenue increase of 41.8% to 4.6 billion RMB, with DESCENTE and KOLON leading the growth [1]. Future Outlook - The company expects double-digit growth for the Anta brand in 2024, while the FILA brand's growth forecast has been adjusted to high single digits [1]. - The operating profit margins for the Anta and FILA brands are projected to be around 20% and 25%, respectively [1].