According to a research report released by gtja, Anta sports (02020) achieved excellent sales performance in Q2 despite the current market conditions, with overall sales in H1 meeting company expectations. They maintain their full-year revenue and operating profit margin guidance.
Considering the overall performance of the Group in H1 meeting the company's expectations and the upcoming Olympic Games in H2, the bank expects an increase in revenue for the second half of the year and maintains the previous full-year revenue expectations. Main brand/FILA to grow by 10-15%, DISCOUNT to grow by no less than 20%, and KELONG to grow by no less than 30%. At the same time, H1 company management is dynamic and strict on cost control (such as focusing more on marketing activities), maintaining the previous full-year operating profit margin expectations, i.e. 20-25% for the main brand and 25-30% for FILA.
The bank believes that domestic terminal sales have been weakly recovering since 2024, and despite the weather conditions affecting Q2, the company still achieved excellent sales performance and is expected to maintain steady growth for the whole year. The bank maintains its "shareholding" rating, projecting the company's net profit attributable to the parent from 2024 to 2026 to be RMB 13.26/14.07/16.08 billion, corresponding to a PE ratio of 13.4/12.6/11.0 times the current stock price.