On November 20th, Goldman Sachs released a research report stating that it maintains a "buy" rating mainly because of its multi-brand strategy, which will make the increase in market share and profits more elastic, with a target price of 111 Hong Kong dollars unchanged. $ANTA SPORTS (02020.HK)$ Goldman Sachs is encouraged by the performance of Amer Sports, expecting an entry of 0.448 billion RMB in net profit from the Amer Sports joint venture.

The report mentions that Anta holds a stake in Amer Sports, which announced an adjusted EBITDA of 0.255 billion USD for the third quarter and raised its 2024 fiscal year guidance to adjusted earnings per share of 0.43-0.45 USD, mainly benefiting from high revenue growth (16-17%), while operating profit margin guidance remains unchanged. It remains confident to achieve its long-term growth target by 2025, with mid to high teens growth (approximately 10%-15%) in adjusted operating profit margin increasing by about 30-70 basis points annually. The expansion of operating profit margin comes from the expansion of gross margin.