金吾财讯 | 光大证券（国际）发研报指，安踏体育(02020)凭借多品牌矩阵实现稳健增长，2024 年营收达 708.26 亿元人民币（下同），同比增长 13.6%；净利润 155.96 亿元，同比大增 52.4%，双双刷新历史纪录。公司在中国运动鞋服市场份额提升至 23%，连续三年稳居本土品牌首位，全球排名跻身前三。
业务亮点：
投资建议：光大证券国际认为，安踏多元化品牌矩阵及差异化竞争优势将支撑其穿越消费周期，建议投资者趁股价回调（当前动态市盈率 17.3 倍）分批吸纳，目标价 100 港元，止损位 82 港元。
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