ANTA Sports Products: Resilient performance amid sector slowdown

研报英文原文证据摘录

ANTA Sports Products: Resilient performance amid sector slowdown

Global Markets Research

ANTA Sports Products 2020.HK 2020 HK 19 July 2026

EQUITY: RETAIL

RatingResilient performance amid sector slowdown Remains Buy

Target price2Q26 sales momentum outperforms sector, indicating Reduced from HKD 89.90business resilience; reiterate Buy HKD 125.00

2Q26 sales weakened q-q, but still outperformed peers Closing17 July 2026price HKD 74.15

ANTA announced a set of solid 2Q26 operating data (17 July): the ANTA core and FILA

brands’ sales increased by low-single-digit% (LSD%) and LSD% y-y, respectively, in Implied upside +21.2%

2Q26, while other brands' sales grew 25-30% y-y. Although ANTA, like its other peers,

experienced a slowdown of sales momentum in 2Q26 (Fig.1), its sales outperformed the Market Cap (USD mn) 26,451.5

sportswear sector, indicating the resilience of ANTA’s multi-brand strategy and solid ADT (USD mn) 72.5

operational capability, in our view. For 1H26, the ANTA core/ FILA/ all other brands

recorded y-y sales growth of mid-single-digit% (MSD%)/ MSD%/ 35-40%, on track to Relative performance chart

achieve its full-year sales targets. We maintain our FY26F full-year revenue/earnings

estimates for ANTA, but cut our target price to HKD89.90, based on a reduced target

F12M P/E of 17.5x in line with the derating of the sportswear sector. With that said, ANTA

remains our preferred name in the sportswear sector, given its exposure to structural

growth opportunities in the long term and attractive valuation levels.

Operational adjustments evident on multiple fronts

ANTA has been adjusting operations across its brand portfolios, amid sales slowdown of

the sportswear sector as well as increasing competition from niche segment leaders; such