ANTA SPORTS(02020) 广发证券·2024-07-24 13:31Investment Rating - The report maintains a "Buy" rating for Anta Sports [4] Core Views - Anta's main brand revenue grew in the high single digits year-on-year in Q2 2024, while FILA's revenue increased in the mid-single digits. Other brands saw revenue growth of 40%-50%, with Anta's main brand slightly exceeding expectations [2] - The improvement in discounts for Anta's main brand and the strategy to stabilize and expand is promising. E-commerce channels continue to drive steady growth, with Q2 2024 e-commerce revenue growth of 20%-25%. The online discount for the main brand improved, with a healthy inventory-to-sales ratio below 5. The signing of NBA star Kyrie Irving as a spokesperson and the opening of new high-end urban channels are expected to enhance brand value [2][3] - FILA's online performance was strong, with over 20% revenue growth despite a high base. The inventory-to-sales ratio remained healthy below 5. Descente and Kolon also performed well, with revenue growth of 60% and 35%-40% respectively in Q2 2024, indicating strong consumer purchasing power and a robust outdoor market [2] - The earnings forecast predicts EPS of 4.53, 4.87, and 5.59 CNY per share for 2024-2026. Excluding one-time gains from Amer's listing in 2024, the report assigns a 20x PE valuation for 2024, corresponding to a fair value of 91.61 HKD per share [2][3] Financial Summary - Revenue (in million CNY) is projected to grow from 62,356 in 2023 to 70,682 in 2024, reflecting a growth rate of 13.4% [3] - EBITDA is expected to increase from 17,333 in 2023 to 21,467 in 2024 [3] - Net profit attributable to shareholders is forecasted to rise from 10,236 in 2023 to 12,835 in 2024, with a growth rate of 25.39% [3] - EPS is projected to grow from 3.61 in 2023 to 4.53 in 2024 [3]