安踏體育:24Q3流水增長,期待差異化店型表現

（以下内容从天风国际证券《安踏體育:24Q3流水增長,期待差異化店型表現》研报附件原文摘录）
　　ANTA Sports Products (2020 HK) 24Q3流水增长，期待差异化店型表现 24Q3 update: mixed performance among brands as Anta steps up store differentiation to widen consumer coverage BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 安踏24Q3零售表现符合预期 2024年Q3安踏品牌产品流水同比录得中单位数的正增长，FILA 品牌产品流水同比录得低单位数的负增长，所有其他品牌产品流水录得45-50%的正增长。 24Q3 retail sales numbers show a mixed performance; in line with expectations Anta Sports Products published an operational update for 24Q3 on 10 Oct with a mixed picture in terms of brand retail turnover growth (not counting newer brands added after 1 Jan 2023): ·ANTA main brand: mid-single-digit yoy growth; ·FILA: low-single-digit decline yoy; ·Other brands: up 45-50% yoy. 国庆300+新店开业，差异化店型引领风尚 差异化店型，细分市场，提供差异化体验。在渠道方面，品牌构建差异化策略，打破过去千店一面的局面，以满足不同类型消费者的产品需求。安踏继续加强布局高端市场及核心商圈，透过“竞技场级”、“殿堂级”等新店铺形象在重点城市开设战略旗舰店，提升覆盖率。针对细分市场，安踏布局“安踏冠军”、“安踏作品集”等垂类店铺，满足细分人群的需求。针对大众市场，安踏推出全新的“超级安踏”，定位专业的全品类运动卖场，除了为门店设计新形象，店铺亦提供一系列专门订制的产品，为大众消费者提供独特的消费体验。 Over 300 new stores opened on National Day as Anta steps up category variety Anta continues to push for differentiated experiences for its consumers through a variety of store types: ·Themed channels: Anta’s differentiation strategy broke away from the tradition of similar-looking stores to fulfill various product requirements of different groups of consumers. The company strengthened its presence in high-end markets and core business districts by opening strategic flagship stores in key cities with themed stores like Arena and Olympic Hall of Fame to widen its coverage. ·Niche markets: Anta set up vertical market stores such as Champion and Portfolio to meet niche consumer demand. ·Mass market: the launch of ANTA Superstores offers extended shopping with comprehensive coverage of sports categories. The mega stores also provide custom-made products to bring unique offerings to mass consumers. 安踏黑白标店：锚定潮流 白标店定位简约艺术，黑标店定位潮酷前沿。官方对於黑白标的解读是这样的——“白标店”走“少而精”路线，注重艺术性的开放氛围，打造差异化的零售空间，同时将发展其专属商品，并且在未来将会有“一城一店”的标杆性规划；“黑标店”在覆盖面和数量上都会比“白标店”更广、更多，更加注重科技感与竞技氛围。 Differentiation: Black Label, White Label, Champion stores, ANTA Superstores White Label stores: in its own words, Anta positions these stores as “simply artistic”. Like the first White Label store launched in Sanlitun, Beijing, White Label stores are “fewer in number and represent finer quality” and their artistic vibe signals a highly differentiated space to develop exclusive proprietary products. Plans include a "one city, one store" benchmarking program in the future. Black Label stores, in contrast, are positioned as “trendy and cutting-edge”. They are “more in number and offer wider coverage” than White Label stores. They imbue technology with a sense of competitiveness. 安踏冠军：用科技与专业助力超越 用奥运科技造就293位奥运冠军，用一针、一线、一“版”、一眼编织身体的经纬、探寻极限的边界。专注科技和专业的不断突破，悉心照顾每一个运动细节，让爱运动的人，不断超越上一秒的自己,赢出下一个未来。 Champion stores: Anta’s long partnership with Team China at the Olympics has led to 293 appearances on the podium. The company continues to raise its expertise with breakthroughs in technology and it aims to cover every detail in sports performance to empower sports lovers and spur them to outperform their previous personal records in the future. 超级安踏：一站式解锁便捷消费体验 在“超级安踏”中，超大面积、多楼层的店铺让消费者可以像逛大型商超一样，一站式体验安踏品牌所有产品品类，满足家庭不同成员对专业运动、运动休闲产品的需求。 ANTA Superstores: the multi-level mega stores provide a comprehensive shopping experience that covers all product categories of the ANTA brand in one place. For consumers, it feels like they are visiting a mega supermarket, where different family members can fulfill their needs for professional or leisure sports products. 投资建议/Investment Ideas 维持盈利预测，维持“买入”评级 我们预计公司2024-2026年收入分别为701亿元、785亿元、868亿元人民币，归母净利分别为134亿元（含一次性收益）、132亿元、146亿元人民币，EPS分别为4.7元人民币/股、4.7元人民币/股、5.2元人民币/股，对应PE分别为15x、15x、14x。 Valuation and risks We forecast revenue will arrive at RMB70.1bn/78.5bn/86.8bn and net profit at RMB13.4bn (including one-off earnings)/13.2bn/14.6bn in 2024/25/26E, which implies EPS of RMB4.7/4.7/5.2, corresponding to 15x/15x/14x PE. We maintain our BUY rating. 风险提示：终端零售不及预期，新品牌发展不及预期，市场竞争加剧等。 Risks include: weaker sales than expected; worse-than-expected new brand development; and intensifying competition. Email: research@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

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