ANTA SPORTS(02020) 国泰君安·2024-10-13 03:36Investment Rating - The report assigns a rating of "Buy" for Anta Sports [2][4]. Core Views - Q3 performance was impacted by external factors, with the main brand and FILA experiencing pressure on revenue, but discount inventory remains healthy. The sales performance during the National Day holiday was outstanding, and attention is drawn to future promotional sales [4]. - Due to the overall pressure on revenue in Q3, the net profit forecasts for 2024-2026 have been revised down to 13.6 billion, 13.9 billion, and 15.7 billion RMB respectively, with corresponding PE ratios of 19, 19, and 17 times [4]. - The report highlights that the main brand and FILA's revenue growth was below internal expectations, while other brands showed strong performance. The company is making steady progress in opening new store formats, reflecting strong market insight and operational capabilities [4]. Summary by Sections Q3 Performance - Q3 revenue growth for the main brand and FILA was in the low single digits, while other brands grew by 45-50%. The main brand's performance was slightly above industry standards, particularly in direct sales [4]. - The company plans to open 50 new stores by the end of the year, indicating a focus on innovative store formats [4]. National Day Sales - Sales during the National Day holiday were strong, with both customer traffic and sales conversion rates performing well. The inventory discount levels remained healthy, suggesting a positive outlook for Q4 sales [4]. Financial Projections - The report projects revenue growth rates of 10.8%, 11.3%, and 11.5% for 2024, 2025, and 2026 respectively, with net profit growth rates of 33.1%, 1.8%, and 13.1% for the same years [6].