Jinwu Financial News | According to Guotai Junan Research, in Q4 last year, driven by major promotions such as Double Eleven and Double 12, brands under Anta (02020) performed well. Overall, it was superior to Q3, which was in line with the company's internal expectations. By channel, online performance was superior to offline, continuing the channel characteristics of the previous three quarters; by brand, the main brands performed better than FILA, and Descente and Kolon continued to grow rapidly. Recently, domestic economic stimulus policies have been introduced one after another. It is hoped that if consumption picks up in the future, the company will achieve rapid and significant performance improvements with a high DTC share.
According to the bank, 2024Q3Amer's revenue increased 17% year over year to 1.354 billion US dollars, net profit increased 257% year over year to 0.06 billion US dollars, and both revenue and profit exceeded expectations. Based on excellent Q3 performance, Amer revised its 2024 full-year guidance. Revenue is expected to increase 16-17% year over year (previously estimated 15-17%), and EPS is expected to be $0.43-0.45 (previously estimated at $0.4-0.44). Considering that Anta Group holds about 47% of Amer's shares, Amer's revised profit guidelines are expected to contribute more investment returns and enhance performance for Anta Sports.
Taking into account Nike's deepening discounts and increasing the overall competitive pressure on the industry, we adjusted the company's net profit forecast for 2024-2026 to 13.1/13.1/14.8 billion yuan (13.6/13.9/15.7 billion yuan before adjustment, respectively), and the corresponding PE was 15/15/14 times, respectively, maintaining the “gain” rating.