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<Research>CICC: ANTA SPORTS (02020.HK) Maintains High-quality Growth in 1Q24 Despite High Base
Recommend 5 Positive 10 Negative 7 |
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CICC noted in a report that ANTA SPORTS (02020.HK) achieved mid-single-digit YoY growth in the retail sales of Anta brand in 1Q24, high-single-digit YoY growth in that of FILA brand, and YoY growth of 25-30% in that of other brands. According to the broker, ANTA SPORTS has maintained high-quality growth in 1Q, despite a higher base brought about by the improvement in the retail environment last year. The report highlighted that ANTA SPORTS continued to promote channel upgrading. The store efficiency of Anta's premium shops rolled out in 2023 has reached RMB1 million per month, ANTA SNEAKERVERSE increased its presence in the premium channel, and over 10% of FILA shops are being renovated annually. These have brought about improvements in the company's quality of operation. On the product side, the global sales of Owen series products released in 1Q have been outstanding, and the company plans to create more Owen series products in 3Q-4Q, while launching more Olympic-related products in 2Q to go with the Olympic Games marketing. CICC is optimistic about the company's channel optimisation and new product development, which will bring better growth than the industry. CICC maintained its EPS forecasts on ANTA SPORTS at RMB4.63 and RMB4.94 for 2024/25 respectively. The broker kept its Outperform rating and target price of $109.19. AAStocks Financial News |
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