Jinwu Financial News | According to CMB International Development Research Report, Anta (02020) /FILA announced operating figures for the first quarter of '24. The number of units/high number of units in retail traffic growth was lower than the annual target of 10% to 15%. However, considering the high base that was just opened last year, the performance was in line with expectations, and the company's sales achievement rate was above 100%. Online performance is better than offline, and the basketball and running categories are growing well.
The bank said it still has confidence in FY24's growth, and believes that there should be varying degrees of improvement from the 2nd quarter to the 4th quarter. Mainly due to: 1) growth began to accelerate in late March, with an achievement rate of more than 120%; 2) new products were launched one after another (the main focus was Olympics-related products in the 2nd quarter, Owen's products were also launched in the 3rd to 4th quarter, and products with more affordable unit prices); 3) More targeted operation methods. The high-end Anta Championship Line performed well after adjusting product design and adding outdoor series. Anta will also have new store types and more compatible products in middle- and low-tier cities; 4) FILA's store opening and store renovation will accelerate.
According to the bank, the current price is 16 times the forecast price-earnings ratio for FY24, maintaining the purchase rating, and the target price is HK$101.73. Anta is the bank's preferred target in the sporting goods industry.