ANTA SPORTS(02020) 天风证券·2024-10-14 00:38Investment Rating - The report maintains a "Buy" rating for Anta Sports (02020) with a 6-month outlook [2] Core Views - Anta brand product sales grew by mid-single digits YoY in Q3 2024, while FILA brand sales declined by low single digits YoY [2] - All other brands under Anta Sports achieved 45-50% YoY growth in sales [2] - The company opened over 300 new stores during the National Day period, focusing on differentiated store formats [3] Business Strategy - Anta is implementing a differentiated store strategy to cater to diverse consumer needs, moving away from uniform store formats [3] - The company is strengthening its presence in high-end markets and core business districts through flagship stores like "Arena Level" and "Hall of Fame Level" [3] - Anta is targeting niche markets with specialized stores such as "Anta Champion" and "Anta Collection" [3] - For the mass market, Anta launched "Super Anta," a comprehensive sports retail concept offering customized products and unique shopping experiences [3] Store Formats - Anta introduced two distinct store formats: "White Label" and "Black Label" [4] - White Label stores focus on minimalist art and exclusive products, with plans for one flagship store per city [4] - Black Label stores emphasize technology and competitive sports atmosphere, with broader coverage and higher store count compared to White Label [4] Financial Projections - Revenue is projected to reach RMB 70.1 billion in 2024, RMB 78.5 billion in 2025, and RMB 86.8 billion in 2026 [7] - Net profit attributable to shareholders is forecasted at RMB 13.4 billion (including one-time gains) in 2024, RMB 13.2 billion in 2025, and RMB 14.6 billion in 2026 [7] - EPS is expected to be RMB 4.7/share in 2024 and 2025, increasing to RMB 5.2/share in 2026 [7] - The PE ratio is estimated at 15x for 2024 and 2025, and 14x for 2026 [7] Market Performance - Anta Sports' stock price has shown significant volatility, with a 29% decline at its lowest point and a 25% increase at its peak between October 2023 and June 2024 [8]