Jinwu Financial News | According to the Northeast Securities Research Report, Anta Sports (02020) released its 2023 annual report. In 2023, revenue increased 16.2% year on year to 62.356 billion yuan, and net profit to mother increased 34.9% year over year to 10.236 billion yuan. By brand, the revenue of the Anta division also increased 9.3% to 30.306 billion yuan in 2023. The Anta brand adheres to the strategy of “mass positioning, professional breakthrough, and brand improvement”, improving the product matrix of running shoes and basketball shoes during the reporting period, and signing sports stars such as Owen and Beckler to empower the brand; the FILA division's revenue also increased 16.6% to 25.103 billion yuan, returning to a high growth trajectory after the pandemic, strengthening sports fashion mentality in golf, tennis and other segments; all other brands also increased 57.7% to 6.947 billion yuan. In the context of high popularity in the outdoor field, the Descente and Cologne brands strengthened their respective fields in the field of skiing and camping Advantages to achieve rapid growth.
According to the bank, the company's 2023 performance exceeded expectations, multiple brands grew with high quality, and the subsequent global layout is expected to contribute to new volume. The company is expected to achieve net profit of 132/138/15.2 billion yuan from 2024 to 2026, an increase of 29%/5%/10% over the previous year, corresponding to the current share price of HK$88.05 (RMB 81.3) and a valuation of 18/17/15 times, maintaining its “buy” rating.