Guangfa Securities: Maintain Anta Sports "Buy" rating with a fair value of HKD 108.03 per share

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Guangfa Securities released a research report, saying it expects Anta Sports (02020) to have EPS of 5.28/6.05/7.01 yuan per share for 2026-2028. Based on comparable companies, and considering the company’s position as an industry leader with strong competitiveness, it assigns an 18x PE for 2026, corresponding to a reasonable value of HKD 108.03 per share, and maintains a “Buy” rating.

Guangfa Securities’ main viewpoints are as follows:

Company announces its 2025 annual performance results

In 2025, the company’s revenue was RMB 80.219 billion, up 13.3% year-on-year. Excluding gains caused by the listing of Amer Sports and the share placement dilution related to Amer Sports in 2024, net profit attributable to shareholders was RMB 13.588 billion, up 13.9% year-on-year. The company proposes to distribute HKD 1.08 per share, plus an interim dividend of HKD 1.37. For the full year of 2025, the total dividend is HKD 2.45 per share. Based on the closing price on April 2, the dividend yield is 3.04%.

Anta and FILA revenue grows steadily; all other brands show high growth

In 2025, Anta brand revenue was RMB 34.754 billion, up 3.7%; FILA revenue was RMB 28.469 billion, up 6.9%; and revenue from all other brands was RMB 16.996 billion, up 59.2%. In terms of operating profit margins, Anta was 20.7%, FILA was 26.1%, up 0.8 pct year-on-year. All other brands were 27.9%, down 0.7 pct year-on-year. In terms of channels, Anta has 7,203 large stores and 2,652 children’s stores. FILA has 1,273 large stores (+9 stores), 578 children’s stores, 189 trend/spinoff brand stores, Descent has 256 stores, Colun has 209 stores, and MAIA has 52 stores.

Company profit analysis

In 2025, the company’s gross profit margin was 62.0%. Of this, Anta brand gross profit margin was 53.6%, mainly due to increased cost investments in professional products and an increased share of the e-commerce business. FILA gross profit margin was 66.4%, mainly due to enhancing and improving product functionality and quality, which increased costs, and an increased share of the e-commerce business. The company’s operating expense ratio was 26%, mainly because 2024 was a year for major sports events, with a higher share of advertising investment.

Risk warning: regulatory approval risk; the risk that brands such as Anta and Amer’s overseas business perform below expectations.

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Editor: Shi Lijun