ANTA SPORTS(02020) 招商证券·2025-04-11 06:35Investment Rating - The report maintains a strong buy rating for Anta Sports [3][10] Core Views - In Q1 2025, Anta's main brand and FILA both experienced high single-digit growth, while other brands saw growth between 65% and 70%. The company is deepening online discounts and has a relatively healthy inventory situation [1][2][10] - Anta plans to acquire Jack Wolfskin for $290 million to enhance its outdoor brand portfolio, which is expected to be completed by the end of Q2 or early Q3 2025 [6][10] - The projected net profits for Anta from 2025 to 2027 are estimated at 13.43 billion, 15.51 billion, and 17.15 billion yuan, with year-on-year growth rates of -14%, 15%, and 11% respectively, excluding one-time gains from the Amer acquisition [1][10] Financial Data and Valuation - Total revenue for 2025 is projected to be 77.96 billion yuan, with a year-on-year growth rate of 10%. The company expects to achieve revenues of 85.45 billion yuan in 2026 and 92.97 billion yuan in 2027 [8][10] - The current market capitalization corresponds to a PE ratio of 16x for 2025 and 14x for 2026 [10] - As of the end of Q1 2025, Anta's inventory turnover ratio is less than 5, indicating effective inventory management [6][10] Brand Performance - Anta's main brand saw high single-digit growth in Q1 2025, with children's products also performing well. The overall online sales for the brand experienced low double-digit growth [1][11] - FILA's sales in Q1 2025 showed high single-digit growth, with children's products growing at a low double-digit rate and the FILA Fusion line achieving high double-digit growth [2][11] - Other brands under Anta, such as Descente and KOLON, reported significant growth rates of 60% and 100% respectively in Q1 2025 [2][11]