In "The Big Bank," Citigroup lowers the target price for ANTA SPORTS to 103 yuan and revises earnings estimates downward

Citi published a research report stating that ANTA SPORTS (02020.HK) exceeded expectations in both sales and recurring net profit last year, and the sales guidance for this year is also better than market concerns. The bank expects overall sales to grow by 9% this year, with sales of the ANTA brand, FILA, and other brands expected to grow by 3%, 5%, and 24%, respectively.

The bank raised its sales forecasts for 2026 and 2027 by 4% to 5%, but lowered its net profit forecasts by 2% to 3% to reflect reduced interest income and the expanded losses after the full-year accounting of Jack Wolfskin; the bank expects ANTA's sales and net profit to achieve a compound annual growth rate of 9% and 10% between 2026 and 2028, maintaining a "outperform the market" rating, and adjusting the target price from HKD 110 to HKD 103