ANTA SPORTS(02020) 申万宏源证券·2025-04-11 08:15Investment Rating - The investment rating for Anta Sports is "Buy" (maintained) [2] Core Views - The company reported better-than-expected retail performance for Q1 2025, with overall revenue growth in double digits, particularly strong growth from Anta and FILA brands [7] - The acquisition of Jack Wolfskin for $290 million enhances Anta's multi-brand strategy and global presence in the outdoor apparel market [7] - The company maintains a healthy inventory level with a slight increase in discount rates, indicating stable demand [7] - The financial forecasts for net profit are projected at RMB 134.1 billion, RMB 147.0 billion, and RMB 160.1 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16, 14, and 13 [7] Financial Data and Earnings Forecast - Revenue projections are as follows: - FY2023: RMB 623.6 billion - FY2024: RMB 708.3 billion - FY2025E: RMB 779.5 billion - FY2026E: RMB 839.2 billion - FY2027E: RMB 900.7 billion - Year-on-year growth rates for revenue are expected to be 16%, 14%, 10%, 8%, and 7% respectively [6] - Net profit forecasts are as follows: - FY2023: RMB 102.4 billion - FY2024: RMB 156.0 billion - FY2025E: RMB 134.1 billion - FY2026E: RMB 147.0 billion - FY2027E: RMB 160.1 billion - Year-on-year growth rates for net profit are expected to be 35%, 52%, -14%, 10%, and 9% respectively [6] - The gross margin is projected to be around 62% for the next few years, with slight fluctuations [6]