ANTA SPORTS(02020) 国证国际证券·2025-03-25 09:34Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 128, based on a 25x PE for 2025 [2][5]. Core Insights - Anta Sports reported a revenue increase of 13.6% year-on-year to RMB 70.826 billion for 2024, with a net profit attributable to shareholders (excluding one-time gains from Amer's listing) rising by 16.5% to RMB 11.927 billion [3][5]. - The company successfully turned around Amer Sports, contributing approximately RMB 200 million to the group's profit from joint ventures [3]. - The main brand, Anta, achieved a revenue of RMB 33.5 billion in 2024, reflecting a growth of 13.5% [4]. Financial Performance Summary - Revenue for 2024 was RMB 70.826 billion, with a growth rate of 13.6% [6]. - Net profit attributable to shareholders for 2024 was RMB 15.596 billion, showing a significant increase of 50.7% [6]. - Gross margin decreased by 0.4 percentage points to 62.2%, while operating profit margin fell by 1.2 percentage points to 23.4% [3][6]. - EPS for 2025 is projected at RMB 4.78, with a forecasted growth rate of 10.6% for revenue in 2025 [6]. Brand Performance - FILA achieved a revenue of RMB 26.6 billion in 2024, growing by 6.1% [4]. - Other brands collectively surpassed RMB 10.7 billion in revenue, marking a 53.7% increase year-on-year [4]. - The company continues to focus on multi-brand strategies, with significant growth in the number of stores for Descente and Kolon [4].