纺织服装 安踏体育（02020.HK） 买入-A(维持) 2024 年稳健增长，户外运动品牌营收突破百亿 2025 年 3 月 20 日 公司研究/公司快报 公司近一年市场表现 事件描述 3 月 19 日，公司发布 2024 年年报，2024 年，公司实现营收 708.26 亿元，同比增 长 13.6%，实现归母净利润 155.96 亿元，同比增长 52.4%。拟派末期股息 118 港分/股， 全年派息率 51.4%（剔除 Amer Sports 上市事项及 Amer Sports 配售事项权益摊薄所致 的非现金会计利得）。 事件点评 资料来源：最闻，山西证券研究所 市场数据：2025 年 3 月 19 日 收盘价（港元）： 97.900 2024 年公司营收增长稳健，电商渠道增速快于线下。营收端，2024 年，公司实现 营收 708.26 亿元，同比增长 13.6%，其中公司电商渠道收入同比增长 21.8%，占集团收 入比重上升 2.3pct 至 35.1%。从流水角度看，2024 年，安踏品牌、FILA 品牌、所有其 它品牌零售流水同比分别增长高单位数、中单位数、40%-45%。业绩端，2024 年，公司 ...

主品牌韧性增长+户外品牌持续高增，加速 海外市场布局 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们调整了 25-26 年的盈利预测（上调了收入，下调了毛利率）并引入了 27 年的盈利预测，预计 2025-2027 年每股收益分别为 4.82、5.54 和 6.24 元（原 25- 26 为 4.92 和 5.64 元），参考可比公司，我们维持公司 2025 年 21 倍 PE 估值，对应 目标价 108.31 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：流行风尚变化、市场竞争加剧、全球运动服饰消费减速等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 62,356 | 70,826 | 78,370 | 86,449 | 95,412 | | 同比增长 (%) | 16.2% | 13.6% | 10.7% | 10.3% | 10.4% | | 营业利润(百万元) | 15,367 | 16,595 | 18,525 | ...

纺织服装 安踏体育（02020.HK） 买入-A(维持) 2024 年稳健增长，户外运动品牌营收突破百亿 2025 年 3 月 20 日 公司研究/公司快报 公司近一年市场表现 事件描述 3 月 19 日，公司发布 2024 年年报，2024 年，公司实现营收 708.26 亿元，同比增 长 13.6%，实现归母净利润 155.96 亿元，同比增长 52.4%。拟派末期股息 118 港分/股， 全年派息率 51.4%（剔除 Amer Sports 上市事项及 Amer Sports 配售事项权益摊薄所致 的非现金会计利得）。 事件点评 资料来源：最闻，山西证券研究所 市场数据：2025 年 3 月 19 日 收盘价（港元）： 97.900 年内最高/最低（港元）： 107.50/65.550 流通 A 股/总股本（亿股）： 28.07/28.07 流通 A 股市值（亿港元）： 2,748.26 2024 年公司营收增长稳健，电商渠道增速快于线下。营收端，2024 年，公司实现 营收 708.26 亿元，同比增长 13.6%，其中公司电商渠道收入同比增长 21.8%，占集团收 入比重上升 2.3pct 至 35 ...

——安踏体育（2020.HK）2024 年业绩点评 买入（维持） 当前价：93.15 元港币 2025 年 3 月 20 日 公司研究 24 年主营业绩健康增长，多品牌龙头优势继续凸显 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 28.07 | | --- | --- | | 总市值(亿港元)： | 2614.92 | | 一年最低/最高(港元)： | 65.55/107.50 | | 近 3 月换手率： | 40.9% | 股价相对走势 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/0 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 117.98 [7][8]. Core Views - The company achieved a revenue of RMB 70.83 billion in 2024, representing a year-on-year growth of 13.6%, and a net profit of RMB 15.60 billion, which is a 52.4% increase year-on-year. Excluding one-time gains from AS listing and placement, the profit was RMB 11.93 billion, up 16.5% year-on-year, slightly above Bloomberg consensus expectations [1]. - The company's market share in the Chinese sports footwear and apparel market increased to 23% in 2024, maintaining its leading position in the industry. The main brands continue to perform well, and the outdoor brand has sustained high growth [1][2]. - The company has initiated a share buyback program, repurchasing a total of HKD 1.97 billion worth of shares since August 2024 [1]. Summary by Sections Revenue and Profitability - In 2024, the main brand revenue increased by 10.6% to RMB 33.52 billion, while FILA's revenue grew by 6.1% to RMB 26.63 billion. Other brands saw a significant increase of 53.7% to RMB 10.68 billion. Online revenue rose by 21.8%, accounting for 35.1% of total revenue [2]. - The gross profit margin decreased by 0.4 percentage points to 62.2%, attributed to a higher proportion of lower-margin footwear products and e-commerce business [3]. Expenses and Operational Efficiency - Advertising expenses increased by 0.8 percentage points to 9.0%, driven by increased spending on advertising, sponsorships, and store upgrades. R&D expenses rose by 0.2 percentage points to 2.8% as the company continues to invest in innovation [3]. - The company maintained a healthy inventory turnover of 123 days, with a cash flow generation capacity of RMB 13.2 billion [3]. Profit Forecast and Valuation - The net profit estimates for 2025 and 2026 have been adjusted downwards by 3.4% and 3.8% to RMB 13.36 billion and RMB 15.01 billion, respectively. A new estimate for 2027 net profit is set at RMB 16.79 billion [4]. - The target price is based on a PE ratio of 23x for 2025, reflecting the company's significant market share and multi-brand operational capabilities [4].

2025 年 3 月 20 日 公司研究 24 年主营业绩健康增长，多品牌龙头优势继续凸显 ——安踏体育（2020.HK）2024 年业绩点评 买入（维持） 当前价：93.15 元港币 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 -20% -10% 0% 10% 20% 30% 40% 50% 60% 24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 安踏体育 恒生指数 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.2 | -7.0 | -25.6 | | 绝对 | 9.7 | 15.9 | 20.8 | | 资料来源：Wind | | | | 相关研报 24Q4 各品牌流水环比改善，25 年看好多品 牌高质量增长（2025-01-09） Q3 安踏及 FILA 流水走弱，Q4 冬装旺季期 ...

Investment Rating - The investment rating for the company is "Buy" [2][6][7] Core Insights - The company's 2024 performance met market expectations, with revenue reaching 70.83 billion RMB, a year-on-year increase of 13.6% [6] - The company aims for revenue growth in 2025 to be in the high single digits to double digits [6] - The company has maintained a dividend payout ratio of 51.4% for 2024, slightly up from 50.9% in 2023 [6] Financial Overview - Revenue projections for the company are as follows: 62.36 billion RMB in 2023, 70.83 billion RMB in 2024, and 77.16 billion RMB in 2025, with year-on-year growth rates of 16.2%, 13.6%, and 8.9% respectively [5][9] - Net profit is expected to be 10.24 billion RMB in 2023, increasing to 15.60 billion RMB in 2024, and then decreasing to 14.08 billion RMB in 2025 [5][9] - The company’s earnings per share (EPS) are projected to be 3.57 RMB in 2023, 5.37 RMB in 2024, and 4.84 RMB in 2025 [5][10] Brand Performance - The Anta brand generated revenue of 33.52 billion RMB in 2024, a year-on-year increase of 10.6% [6] - The FILA brand's revenue grew by 6.1% to 26.63 billion RMB, with significant sales in footwear [6] - Other brands contributed 10.68 billion RMB, with Descente and Kolon showing strong growth rates of 35% and 60% respectively [6] Market Strategy - The company is focusing on a multi-brand global strategy, with plans to enhance its presence in Southeast Asia and the Middle East [6] - The management has set a target for overseas business contributions to reach 15% within five years [6] - The company expects Anta, FILA, and other brands to achieve high single-digit, mid-single-digit, and over 30% growth respectively in 2025 [6]

Investment Rating - The report maintains an "Outperform" rating for Anta Sports [3][40]. Core Views - Anta Sports is expected to achieve a core net profit growth of 16.5% in 2024, with a revenue increase of 13.6% to 70.83 billion RMB, excluding non-cash profits from Amer Sports [1][7]. - The company is optimistic about the growth potential in the Chinese sports consumption market, with management projecting high single-digit growth for the Anta brand and over 30% growth for other brands in 2025 [2][39]. Financial Performance Summary - **Revenue and Profit**: In 2024, Anta's revenue is projected to reach 70.83 billion RMB, with a core net profit of 11.93 billion RMB, reflecting a 16.5% increase [1][4]. - **Brand Performance**: Revenue from Anta, FILA, and other brands is expected to be 33.5 billion RMB, 26.6 billion RMB, and 10.7 billion RMB respectively, with growth rates of 10.6%, 6.1%, and 53.7% [2][7]. - **Profit Margins**: The overall gross margin is projected to be 62.2%, with a decline of 0.4 percentage points from the previous year, while the operating profit margin is expected to decrease by 1.2 percentage points to 23.4% [8][29]. Brand-Specific Insights - **Anta Brand**: Revenue is expected to grow by 10.6% to 33.5 billion RMB, with a focus on e-commerce and new retail formats [18][19]. - **FILA Brand**: Revenue growth of 6.1% is anticipated, driven by professional sports series and e-commerce channels, despite a decline in profit margins [22][23]. - **Other Brands**: Significant growth of 53.7% is expected, with Descente and Kolon achieving strong performance [24][26]. Cash Flow and Dividend Policy - The company maintains a robust cash flow with a net cash position of 31.4 billion RMB and a dividend payout ratio of 51.4% [15][39]. - Operating cash inflow is projected at approximately 16.74 billion RMB, indicating a healthy net cash ratio [15][39]. Future Outlook - The report projects net profits for 2025-2027 to be 13.48 billion RMB, 15.46 billion RMB, and 17 billion RMB respectively, with a corresponding growth rate of 13.0%, 14.7%, and 10.0% [3][39]. - The reasonable valuation is adjusted to 113-118 HKD, reflecting an increase from the previous estimate of 103-112 HKD [3][39].

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 20 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 97.90 | 港元 | 113.30↑ | +15.7% | | | 安踏 (2020 HK) | | | | | | | 2024 年业绩符合预期；2025 年指引营收高个位数至双位数增长 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -20% -10% 0% 10% 20% 30% 40% 50% 2020 HK 恒生指数 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 62,356 | 70,826 | 77,163 | 84,476 | 90,862 | | 同比增长 (%) | 16.2 | 13.6 | 8.9 | 9.5 | 7.6 | | 净 ...

浦银国际研究 公司研究 | 消费行业 安踏（2020.HK）：利润率短期扩张可能受 限，但多品牌战略将持续驱动规模扩张 展望 2025 年，尽管安踏的利润率可能继续面临较大的压力，但主力品 牌的收入规模有望稳步扩张，其他品牌的流水将维持高速增长，同时 Amer Sports 的收入贡献将大幅提升，助力公司 2025 年核心净利润维 持较高的增长。长期来看，多品牌战略有望持续驱动公司整体收入规 模的扩张。上调目标价至 118.8 港元，并维持"买入"评级。 林闻嘉 首席消费分析师 richard_lin@spdbi.com (852) 2808 6433 桑若楠，CFA 消费分析师 serena_sang@spdbi.com (852) 2808 6439 2025 年 3 月 20 日 2020.HK ） SPDBI目标价 目前价 市场预期区间 资料来源：Bloomberg、浦银国际 股价表现 资料来源：Bloomberg、浦银国际 扫码关注浦银国际研究 HKD 90.0 HKD 138.0 HKD 97.9 HKD 118.8 -50% -30% -10% 10% 30% 60 70 80 90 100 1 ...