Jingu Finance | Guotai Junan International issued a research report stating that Anta Sports (02020) announced the revenue situation for Q3 2024, with the main Anta brand recording mid-single-digit growth year-on-year; FILA recording a low single-digit decline year-on-year; other brands recording 45-50% growth year-on-year.

The bank stated that during the National Day period, the main brand's customer traffic and conversion rate performed well, and FILA's customer flow also showed good performance. It is expected that the main brand and FILA will outperform the industry in terms of revenue. Considering the recent consumer policy stimulus, as well as the upcoming Q4 online e-commerce promotions (Singles' Day sales have started early), it is expected that the revenue in Q4 will improve, and the full-year profit margin is expected to be maintained.

The bank further mentioned that as a leading company in the sporting goods industry in China, the company will prioritize enjoying the dividends brought by industry development. Taking everything into account, the bank predicts EPS for 2024-2026 to be 4.35/4.97/5.53 yuan, giving a 25x PE for 2024, with a target price of 118 Hong Kong dollars, and maintaining a 'buy' rating.