Jingu Finance News | China Merchants research reports indicate that in the 24Q3, the unit sales volume of the main brand of Anta Sports (02020) increased, while FILA had a slight decrease, and outdoor brands grew by 45%-50%.

The bank pointed out that in 24Q3, Anta's main brand revenue remained stable, FILA's revenue was under pressure, and outdoor brand continued high growth. The company's inventory and discount levels are good; the company will continue to expand the new store format of Anta's main brand, optimize FILA's store image. Taking into account the company's continuous cost control and efficiency improvement, and the outdoor category's performance exceeding expectations, the bank slightly raised the profit growth rate for the 24th year. Considering the accounting gains of 1.6 billion due to Amer's listing in 24, it is expected that the company will achieve revenues of 69.76 billion yuan, 76.76 billion yuan, and 84.02 billion yuan in 2024-2026, with year-on-year growth rates of 11%, 10%, and 9%; net income of 13.3 billion yuan, 13.86 billion yuan, and 15.64 billion yuan, with year-on-year growth rates of 30%, 4%, and 13%. The current market cap corresponds to 24PE19X, 25PE19X, maintaining a strong buy rating.