CITIC Securities: Maintain ANTA SPORTS "outperforming the Industry" rating with a Target Price of 104.02 HKD.
CITIC Securities released a research report stating that they maintain ANTA SPORTS (02020) with an "outperform Industry" rating, keeping the 2024/25e EPS forecast at 4.16 yuan (after deducting non-recurring items) / 4.80 yuan, and introducing the 2026 EPS forecast of 5.35 yuan, with a Target Price of 104.02 HKD. The firm believes that ANTA SPORTS' leading position and growth in the international sports brand market are comparable to international peers, but its current valuation is lower than that of comparable international companies, indicating significant potential for future improvement. After more than 30 years of development, ANTA's main brand has become the top local sports brand in market share, moving towards a multi-brand strategy.
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