Jinwu Financial News | According to Dongxing Securities Research Report, Anta Sports (02020) recently released its 2023 annual report and operations for the first quarter of 2024. In 2023, it achieved operating income of 62.356 billion yuan, an increase of 16.2% over the previous year, and net profit attributable to the parent company (excluding profit and loss of the joint venture) of 10.954 billion yuan, an increase of 44.9% over the previous year. The year-end dividend payout ratio was 50.7%, providing shareholders with continuous and steady growth in returns. In the first quarter of 2024, retail sales of the Anta brand achieved positive growth in the number of units, retail sales of the FILA brand achieved positive growth in high units, and retail sales of all other brand products increased 25-30%.
The bank continued that it is optimistic about the company's ability to continue to seize the market by relying on a multi-brand matrix as a leader in the domestic sports industry. The company's net profit for 2023-2025 is estimated to be 128.50, 133.73, and 15.152 billion yuan respectively, with growth rates of 25.53%, 4.07%, and 13.30% respectively. Currently, PE corresponding to the stock price is 19.7, 18.9, and 16.7 times, respectively, maintaining a “highly recommended” rating.