CICC: Maintaining Anta Sports (02020) Outperforms the Industry Rating Target Price of HK$110.91
The Zhitong Finance App learned that CICC released a research report stating that the 2026/27 EPS forecast for Anta Sports (02020) remains unchanged at 4.98/5.37, the current stock price corresponds to 13/12 times the 2026/27 price-earnings ratio, and maintains the outperforming industry rating and target price of HK$110.91, corresponding to the 20/18 price-earnings ratio in 2026/27, with 50% room for growth. In 2Q26, retail sales of the Anta brand increased by the same number of units, while retail sales of FILA decreased by the same number of units. Other brands (excluding new brands added in early 2025) also increased by 25-30%.
CICC's main views are as follows:
The Anta brand and FILA maintain operational resilience, and high-end brands continue the rapid growth trend:
The Anta brand bucked the trend and grew steadily. In unfavorable weather and a fierce competitive environment, 2Q26 sales increased by a low number of units year over year. Among them, online benefited from 618 accurate marketing and new product sales. The year-on-year growth was lower by double digits, which was better than the industry level. In terms of discounts, offline discounts for large goods remained flat at 72% off year over year, and online discounts deepened by 2ppt year to slightly less than 50% off. As of the end of 2Q26, the sales ratio of the Anta brand inventory was 5x, the same as the previous year.
FILA focuses on product efficiency and segmented operations and is resilient. The number of units increased in 2Q26, and FUSION increased the number of units at the same time under fluctuations in the weather and retail environment, mainly due to the fact that the product portfolio is more suited to weather changes; online increases by double digits. Offline discounts for large goods increased by 1ppt to 73% off year over year, online discounts remained flat at nearly 40% off year over year, and inventory sales fell within 0.3x to 5x compared with the same period.
Other brands continued the trend of high quality and rapid growth. Under the high base, Descente's turnover increased by more than 20% year on year, and continued outstanding performance with continuous strengthening of professional image, product innovation and expansion, and channel upgrades; Colon's logistics increased by more than 40% year over year, and omni-channel discounts remained above 10%; Maia's logistics increased by more than 25% year over year, with continuous channel upgrades and new product launches, and offline growth of more than 35%, surpassing online channels for the first time; Management expects new stores and products to be released in 4Q26 Landed in key cities in China.
1H26 Group's performance is expected to continue to outperform the industry
In 1H26, the bank expects double-digit year-on-year revenue growth, and net profit to mother will increase by a higher number of units; if Wolf Claw is excluded, revenue growth is lower by double digits year-on-year, and net profit to mother is growing slightly faster than revenue.
Risk warning: The terminal retail environment falls short of expectations, industry competition intensifies, and brand improvement falls short of expectations.