ANTA SPORTS(02020) 浙商证券·2025-01-09 10:28Investment Rating - Buy (Maintained) [6] Core Views - Anta Sports' main brands (Anta and FILA) showed steady growth, while other brands continued to experience high growth [1] - Anta brand achieved high single-digit growth in 2024, driven by online sales and new business formats [2] - FILA brand returned to high single-digit growth in Q4 2024, with its trendy sub-brand achieving high double-digit growth [3] - Other brands grew 40%-45% in 2024, with Q4 growth accelerating to 50%-55%, driven by strong performance in winter sports brands [4] - Anta Sports' core competitive advantages remain significant, with long-term growth potential in brand elevation, retail operations, and outdoor sports segments [5] Financial Forecasts - Revenue is expected to grow by 11%/9%/8% in 2024/2025/2026 to RMB 695/757/820 billion [4] - Net profit attributable to shareholders is expected to grow by 33%/-0.5%/+11% in 2024/2025/2026 to RMB 136/135/150 billion, excluding a one-time gain of RMB 15.8 billion from AmerSports' IPO [4] - EPS is forecasted to be RMB 4.80/4.77/5.28 in 2024/2025/2026, with a P/E ratio of 14.5/14.5/13.1X [4][5] Brand Performance - Anta brand: Q4 2024 online sales grew nearly 20%, with overall high single-digit growth for the year [2] - FILA brand: Q4 2024 growth returned to high single digits, with trendy sub-brand achieving high double-digit growth [3] - Other brands: Descente grew 45%-50% and KOLON grew 60%-65% in Q4 2024 [4] Strategic Initiatives - Anta Sports is actively repurchasing shares, with over 21.55 million shares repurchased as of January 7, 2025 [5] - The company is focusing on brand elevation through product innovation, channel operations, and leveraging Olympic resources [5]