20250717-天风证券-安踏体育-02020.HK-户外亮眼_精进运营_2页_365kb

报告摘要

Investment Rating: Maintained "Buy" at 6 months.
Current Price: HK$91.85, target price not specified.
Q2 2025 Performance: An Tai brand sales growth: low single-digit; FILA: mid-single-digit; Other brands: 50-55% growth.
H1 2025 Performance: An Tai brand sales growth: mid-single-digit; FILA: high single-digit; Other brands: 60-65% growth.
Key Strategies:
- An Tai brand focuses on DTC-driven store type revolution, with categorized retail environments to match different customer needs.
- FILA maintains high-end positioning, high average transaction value, and agile product adjustments to avoid low-price competition.
- Other brands emphasize multi-brand synergy, outdoor expansion (e.g., through acquisitions like Jack Wolfskin), and target high-end markets with products that bridge urban and outdoor wear.
Adjusted Financial Predictions: Revised income for FY2025-2027 at 786 billion yuan, 878 billion yuan, 981 billion yuan; Net profit: 135 billion yuan, 156 billion yuan, 173 billion yuan; EPS: 4.82 yuan, 5.56 yuan, 6.16 yuan; PE: 17x, 15x, 13x; Maintained "Buy" rating.
Key Risks: Potential underperformance of store adjustments, multi-brand operations, and sustained consumer demand weakness.