Gtja research reports indicate that anta sports (02020) Q3 main brand/FILA/other brand sales increased by m units/decreased by m units/grew by 45-50%, with main brand and FILA performing below internal company expectations. Looking at sub-brands, main brand and children's sales growth rate are both at m units, discounts and inventory-sales ratio remain healthy; FILA's main sales remain stable, while FILAKIDS and FILAFUSION are slightly more pressured by environmental factors, but discounts and inventory remain healthy.

The bank continues to point out that during the National Day, main brand customer flow and conversion rates were excellent, with FILA performing well in terms of customer flow. The main brand and FILA sales performance exceeded the industry average, and inventory discounts remained healthy. Considering the good sales performance during National Day, as well as the upcoming singles' day sales and other major promotional activities in Q4, the bank expects Q4 sales growth to improve on a month-on-month basis.

Considering the overall pressure on Q3 sales, which may affect the achievement of the full-year sales target, the bank has revised the company's net profit forecast for 2024-2026 to 13.6/13.9/15.7 billion yuan (pre-adjustment was 13.8/14.1/15.9 billion yuan), corresponding to PE ratios of 19/19/17 times, maintaining a "shareholding" rating.