Guangfa Securities: Maintain Anta Sports (02020) "Buy" rating with a fair value of HKD 108.03 per share

MaticHoleFiller · 2026-04-12T01:51:48+00:00

Guangfa Securities expects Anta Sports' 2026 EPS to be 5.28 yuan, with a reasonable value of 108.03 HKD based on a 2026 PE ratio of 18 times, maintaining a "Buy" rating. In 2025, the company's revenue was 80.22B yuan, with a net profit of 13.59B yuan, showing stable overall growth and good performance across brands, but attention should be paid to regulatory and overseas business risks.

MaticHoleFiller

2026-04-12 01:51:48

Abstract generation in progress

Guangfa Securities released a research report stating that it is expected that Anta Sports ( 2020 ) 26-28 years EPS will be 5.28/6.05/7.01 RMB per share. Based on comparable companies and considering the company’s position as an industry leader with strong competitiveness, a 26-year PE ratio of 18 times is applied, corresponding to a fair value of HKD 108.03 per share, maintaining a “Buy” rating.

Guangfa Securities’ main points are as follows:

Company announces 2025 annual results

In 2025, the company’s revenue is 80.22B RMB, a year-on-year increase of 13.3%. Excluding gains from the listing of Amer Sports and the associated rights dilution in 2024, net profit attributable to shareholders is 13.59B RMB, up 13.9% year-on-year. The company proposes a dividend of HKD 1.08 per share, plus an interim dividend of HKD 1.37, totaling HKD 2.45 per share for the full year 2025. Based on the closing price on April 2, the dividend yield is 3.04%.

Anta and FILA revenue remain steady with high growth in all other brands

In 2025, Anta’s revenue is 34.75B RMB, up 3.7%; FILA’s revenue is 28.47B RMB, up 6.9%; all other brands’ revenue is 17B RMB, up 59.2%. In terms of operating profit margins, Anta is 20.7%, FILA is 26.1%, an increase of 0.8 percentage points year-on-year; all other brands are 27.9%, a decrease of 0.7 percentage points. Regarding channels, Anta has 7,203 large stores, 2,652 children’s stores; FILA has 1,273 large stores, plus 9 (, 578 children’s stores, 189潮牌 stores, 256 Descente stores, 209 Colun stores, and 52 MAIA stores.

Company profit analysis

In 2025, the company’s gross profit margin is 62.0%, with Anta’s gross margin at 53.6%, mainly due to increased investment in professional product costs and higher e-commerce share; FILA’s gross margin is 66.4%, mainly due to enhanced product functionality and quality leading to higher costs and increased e-commerce share. The company’s operating expense ratio is 26%, mainly because 2024 was a sports year with high advertising investment.

Risk warning: Regulatory approval risks; lower-than-expected performance of Anta and other brands, and Amer Sports’ overseas business risks.

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