ANTA SPORTS(02020) 开源证券·2025-04-15 08:23Investment Rating - The investment rating for Anta Sports (02020.HK) is maintained as "Buy" [1] Core Insights - Anta Sports continues to show strong performance in Q1 2025, with FILA exceeding expectations and plans to acquire Jack Wolfskin to expand its outdoor segment [6][7] - The company reported a significant increase in revenue across its brands, with Anta, FILA, and others experiencing a revenue growth of 65-70% [6][7] - The acquisition of Jack Wolfskin is expected to enhance the company's outdoor portfolio and accelerate its global channel development [7] Financial Summary - Revenue projections for Anta Sports are as follows: - 2023: 62,356 million - 2024: 70,826 million - 2025: 78,576 million - 2026: 86,693 million - 2027: 94,871 million - Year-over-year growth rates are projected at 16.2% for 2023, 13.6% for 2024, and declining to 9.4% by 2027 [8] - Net profit estimates are as follows: - 2023: 10,236 million - 2024: 15,596 million - 2025: 13,458 million - 2026: 14,991 million - 2027: 16,567 million - The projected P/E ratios are 21.8 for 2023, decreasing to 13.5 by 2027 [8]