On November 20, Goldman Sachs released a research report stating that it will maintain $ANTA SPORTS (02020.HK)$ The “buy” rating, mainly due to the multi-brand strategy, will make the increase in market share and profit more flexible, and the target price will remain unchanged at HK$111. Goldman Sachs is encouraged by Amer Sports' performance. It is estimated that the net profit of RMB 0.448 billion will come from the Amer Sports joint venture.
The report mentioned that Amer Sports (Amer Sports), which is owned by Anta, announced that the adjusted EBITDA for the third quarter was 0.255 billion US dollars and raised its 2024 guidance to an adjusted profit of 0.43-0.45 US dollars per share, mainly due to high revenue growth (16-17%), and operating margin guidelines remained unchanged. By 2025, it is still confident that it will reach its long-term growth target, that is, medium to low double digit growth (about 10% to 15%), and the adjusted operating profit margin will increase by more than 30-70 basis points per year. The expansion in operating margins comes from an expansion in gross margins.
