Anta Sports (2020): Outperforming industry in 2Q; 2026 guidance maintained; top pick in sportswear

研报英文原文证据摘录

Anta Sports (2020): Outperforming industry in 2Q; 2026 guidance maintained; top pick in sportswear

Asia Pacific Equity Research

19 July 2026

Overweight

Anta Sports (2020) 2020.HK, 2020 HK

Price (17 Jul 26): HK$74.15

Outperforming industry in 2Q; 2026 guidance

maintained; top pick in sportswear Price Target (Dec-26): HK$130.00

Anta reported upbeat 2Q26 operational updates: core Anta/Fila/other China

brands retail sales up LSD/LSD/25-30% yoy, with quality operating Consumer

metrics (solid discounts and healthy inventory levels), outperforming peers AC Qian Yao

(Li Ning down LSD; core Xtep/Saucony down MSD/up LSD), despite (86-21) 6106 6277

short-term headwinds (lukewarm retail environment and unfavorable qian.q.yao@jpmorgan.com

weather). We attribute the outperformance to: 1) robust online (core Anta SAC Registration Number: S1730521050001

and Fila online both up low-teens); 2) continued momentum of high-end Carson Fan

brands (Descente/Kolon up >20%/>40%); and, 3) management’s (86-21) 6106-6294

continuous efforts and execution. Management maintained its 2026 rong.fan@jpmorgan.com

guidance (core Anta retail sales +LSD, with c20% OPM; Fila retail sales SAC Registration Number: S1730522070002

+MSD with c25% OPM; other brands’ retail sales + >20%, with >25% J.P. Morgan Securities (China) Company Limited

OPM). We argue that the guidance delivery will be highly visible, with

continuous market share gains in 2026. While uncertainties remain, we Style Exposure

believe Anta’s well-executed multi-brand portfolio and its greater-than-

peers’ potential for overseas expansion should position it to seize more

opportunities. We maintain our 26-28E earnings estimates. Our DCF-

based PT of HK$130 implies a 23x 12M forward P/E. Maintain OW, top

pick in China sportswear sector.