ANTA SPORTS(02020) 华源证券·2025-04-12 13:08Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong performance in Q1, with several brands exceeding expectations, and the acquisition of Jack Wolfskin is expected to stabilize and enhance its multi-brand strategy [5][7] - The company is positioned as a leading player in the sportswear industry in China, with significant growth potential through multi-brand operations and overseas expansion [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 62,661 million RMB - 2024: 70,826 million RMB (growth of 16.37%) - 2025E: 78,944.69 million RMB (growth of 11.46%) - 2026E: 87,795.88 million RMB (growth of 11.21%) - 2027E: 96,556.82 million RMB (growth of 9.98%) [6] - Net profit attributable to the parent company is projected as follows: - 2023: 10,236 million RMB - 2024: 15,596 million RMB (growth of 52.36%) - 2025E: 13,500.18 million RMB (decline of 13.44%) - 2026E: 15,559.12 million RMB (growth of 15.25%) - 2027E: 17,142.09 million RMB (growth of 10.17%) [6] - Earnings per share (EPS) are expected to be: - 2023: 3.69 RMB - 2024: 5.55 RMB - 2025E: 4.81 RMB - 2026E: 5.54 RMB - 2027E: 6.11 RMB [6] Brand Performance - The Anta brand recorded high single-digit growth in Q1 2025, maintaining stable operations - The FILA brand also showed high single-digit growth, continuing the improvement trend from Q4 2024 - Other brands experienced a significant growth rate of 65-70% in Q1 2025, benefiting from a high demand in the outdoor sports sector [7] Acquisition Impact - The acquisition of Jack Wolfskin for USD 290 million is expected to enhance the company's outdoor product matrix and broaden its customer base - Jack Wolfskin's established presence in Europe is anticipated to support the company's global expansion strategy [7]