安踏體育：24Q3流水增長，期待差異化店型表現

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ANTA Sports Products  (2020 HK) 24Q3流水增長，期待差異化店型表現 24Q3 update: mixed performance among brands as Anta steps up store differentiation to widen consumer coverage BUY (maintain) 投資要點/Investment Thesis 投資要點/Investment Thesis 安踏24Q3零售表現符合預期 2024年Q3安踏品牌產品流水同比錄得中單位數的正增長，FILA 品牌產品流水同比錄得低單位數的負增長，所有其他品牌產品流水錄得45-50%的正增長。 24Q3 retail sales numbers show a mixed performance; in line with expectations Anta Sports Products published an operational update for 24Q3 on 10 Oct with a mixed picture in terms of brand retail turnover growth (not counting newer brands added after 1 Jan 2023): •ANTA main brand: mid-single-digit yoy growth; •FILA: low-single-digit decline yoy; •Other brands: up 45-50% yoy. 國慶300+新店開業，差異化店型引領風尚 差異化店型，細分市場，提供差異化體驗。在渠道方 ………………………………