ANTA SPORTS(02020) EBSCN·2024-10-11 07:38Investment Rating - The report maintains a "Buy" rating for Anta Sports [4] Core Views - In Q3 2024, Anta and FILA brands experienced weaker sales, while other brands showed strong growth. The overall retail pressure increased, with Anta's growth slowing slightly and FILA's sales declining [2][3] - The report anticipates a sales boost in Q4 due to the winter clothing season and improved customer traffic during the Golden Week holiday [2][3] Summary by Sections Q3 Performance - Anta brand retail sales grew in the mid-single digits year-on-year, while FILA saw a low single-digit decline. Other brands experienced a growth rate of 45-50% [2] - Anta's inventory turnover ratio remained healthy at less than 5 months, with retail discounts stable year-on-year [2] - FILA's retail sales were impacted by external factors, but inventory and discount levels remained healthy [2] Multi-Brand Strategy - Anta is diversifying its store types to enhance market segmentation and improve store performance, including high-end stores and value-oriented stores [2] - The report highlights strong sales for Anta's high-value running shoes and the expansion of FILA's product lines into golf and tennis [2] Future Outlook - The report expects sales to improve in Q4, supported by the winter season and consumer promotion policies. The earnings forecasts for 2024-2026 remain unchanged, with projected EPS of 4.89, 5.04, and 5.63 RMB respectively [2][3]