事件描述：安踏体育（“安踏”，或“公司”）宣布对其执行董事的管理职能进行如下调整，将于2023年2月1日生效：
　　1）现任董事会主席兼首席执行官丁世忠先生将卸任首席执行官但将留任董事会主席。他将继续在集团企业战略、人才建设、企业文化、经营监督等事项上发挥核心领导作用，并将直接管理集团内部审计与监察职能及收购合并事宜。
　　2）现任董事会副主席丁世家先生将会继续负责管理集团生产职能，但不再负责集团供应链管理。
　　3）现任Descente与Kolon品牌及Amers Sports主管郑捷先生将留任执行董事，并将卸任集团总裁及户外运动品牌群CEO。他将继续以Amers Sports首席执行官身份主要负责Amers Sports相关业务。
　　4）现任首席财务官赖世贤先生将担任联席首席执行官，并卸任首席财务官。他将分管安踏品牌、除FILA外的所有其他品牌、集团采购以及其他若干职能（包括人力资源、法务、投资者关系及行政管理等）。
　　5）现任安踏品牌主管吴永华先生也将担任联席首席执行官，并卸任专业运动群CEO。他将分管FILA品牌、集团国际业务及其他若干职能（包括零售渠道管理及公共关系等）。
　　6）现任执行董事毕明伟先生将担任首席财务官，主要负责集团财务管理职能及若干中后台职能（包括业务流程管理及物流管理等）。
　　此次职能重组将有助于公司精益化管理和科学决策。此次董事会职能调整不涉及董事会成员变化。董事会组成及各执行董事和独立非执行董事的划分仍将保持不变。职能调整的主要目的旨在1）推进公司“多品牌”及“全球化”战略落地,2）完善公司的企业管治，及3）提升公司管理效率和人才梯队建设。丁世忠主席强调集团的“多品牌”及“全球化”战略需要管理层的工作更加精细化。现阶段对现有董事会成员进行轮换时机较为成熟。我们认为此次职能重组符合公司战略规划及股东的长远利益，并将有助于公司精益化管理和科学决策。我们期待重组后的整个管理团队将产生新的协同效应。管理层各成员丰富的集团内管理经历以及相互默契度将推动各品牌在高效协同下的可持续发展。
　　公司新的五年目标。丁世忠主席在投资者说明会上也对新管理团队提出了三个新五年目标：1）在中国和全球市场表现要跑赢大市；2）将安踏发展为一个真正的全球化企业；以及3）培养管理人才梯队，能够在5年之后胜任集团管理职能。
　　我们对公司2023年销售复苏保持乐观。我们预计公司零售增速将在2023年第二季度起重拾增长势头，尽管复苏节奏可能仍不稳定。我们也预计公司库存和折扣水平将继续改善，并在2023年第二季度回归正常水平。我们预计，随着2023年上半年库存水平及结构逐步改善，公司的经营杠杆和利润率将会改善。我们维持对公司“买入”的投资评级及每股127.00港元的目标价，相当于31倍2023年市盈率。我们预测公司2022-2024年净利润分别为人民币72.5亿元、人民币96.5亿元和人民币120.7亿元。

研究报告全文：股票研究EquityResearchTableTitleFlashNoteAntaSports02020HKHansenTang汤瀚森8675523976884快讯安踏体育02020HKhansentanggtjascomhk19January2023CoTableSummarymmentsonChangestotheDutiesofTheManagementTheChangesWillSupportLeanManagementand快ScientificDecision-Making讯管理层职能调整点评变革将支持精益化管理和科学决策FlashNoteWhathappenedAntaSportsAntaortheCompanyannouncedchangesintheexecutivedirectorsmanagementresponsibilitiesasfollowswhichshalltakeeffectfrom1Feb20231MrDingShizhong丁世忠currentchairmanandCEOwillretirefromtheroleastheCEObutwillremainastheChairmanHewillcontinuetoplayacoreleadershiproleintheCompanyscorporatestrategytalentbuild-upcorporatecultureandoperationalsupervisionandwilldirectlyoverseetheCompanysinternalauditandsupervisionfunctionsaswellasmergersandacquisitionsinitiatives2MrDingShijia丁世家currentdeputychairmanwillcontinuetooverseetheCompanysmanufacturingoperationbutwillceasetooverseetheCompanyssupplychainmanagement3MrZhengJie郑捷currentheadofDescenteandKolonbrandsandAmerSportswillremainasan证executivedirectorandwillretirefromtherolesasgrouppresidentandtheCEOoftheoutdoorsportsgroupHewillcontinuewithhisroleastheCEOofAmerSportsandbeprimarilyresponsibleforAmerSports-related券business研4MrLaiShixian赖世贤currentCFOwillbeappointedastheCo-CEOandwillretirefromtheroleasthe究告CFOHewilloverseeANTAbrandallotherbrandsexceptFILAbrandgroupprocurementandanumberof报报theCompanysfunctionsincludinghumanresourceslegalinvestorrelationsandadministration告5MrWuYonghua吴永华currentheadofANTAbrandwillbeappointedastheCo-CEOandwillretirefrom究theroleastheCEOoftheperformancesportsgroupHewillbeinchargeofFILAbrandtheCompanysEquityResearchReport研internationalbusinessesandanumberoftheCompanysfunctionsincludingretailchannelmanagementandpublicrelations券Tab毕明伟6MrBiMingweicurrentexecutivedirectorwillbeappointedastheCFOoftheCompanywhowill证leIbeprimarilyresponsiblefortheCompanysfinancialmanagementfunctionsandanumberofmiddle-and纺nfo1back-officefunctionsincludingbusinessprocessmanagementandlogisticsmanagement织服ThereshufflingofdutieswillsupporttheCompanysleanmanagementandscientificdecision-making装TheshufflingofdutiesdoesnotinvolvechangesinboardmembershipThecompositionoftheBoardandthe行designationsofeachrespectiveexecutivedirectorandindependentnon-executivedirectorwillremain业unchangedThemainpurposeoftheshufflingofdutiesis1tofacilitatetheimplementationoftheCompanysmulti-brandandglobalizationstrategies2toenhancetheCompanyscorporategovernanceand3toTextilesApparelTextilesSectorApparelenhancetheCompanysmanagementefficiencyandtalentdevelopmentChairmanDingstressedthattheCompanysmulti-brandandglobalizationstrategiesrequiresmoreleanmanagementItisaripetimetorotatethedutiesofcurrentboardmembersatpresentWethinkthatthereshufflingofthemanagementsdutiesisinlinewiththeCompanysstrategicplanningandlong-terminterestsofshareholdersandwillsupporttheCompanysTableanmanagementandscientificdecision-makingWeexpectthatthereconstitutedmanagementteamasaleIwholewillgeneratenewsynergyTherichmanagementexperienceintheCompanyandmutualunderstandingofnfo2eachmemberofthemanagementwillpromotethesustainabledevelopmentofeachbrandunderefficientcollaboration中安TheCompanysnew5-yeargoalsChairmanDingalsoproposedthreenewfive-yeargoalsforthenew外踏managementteamduringtheconferencecall1tooutperforminbothChinaandglobalmarkets2todevelop运体Antaintoatrulyglobalenterpriseand3tocultivatethemanagementtalentechelontobecompetentforthe育Companysmanagementfunctionafter5years输WeareoptimisticabouttheCompanyssalesrecoveryin2023WeexpectthattheCompanysretailsalesAntaHKSports02020willregainsalesgrowthmomentumstartingfrom2Q2023eventhoughthepaceofrecoverycouldbeerraticWealsoexpecttheCompanysinventoriesanddiscountlevelstocontinuetoimprovetoanormallevelin2Q2023SeethelastpagefordisclaimerPage1of3TablePageHeaderAntaSports02020HKWeexpecttheCompanysoperatingleverageandprofitmarginstoimprovewithgradualimprovementininventorylevelandstructurein1H2023WemaintainourinvestmentratingofBuyfortheCompanywithatargetpriceofHK12700persharerepresenting31x2023FPERWeforecast1rtheaMCompanysthgiRnetprofitelinbaT2022-2024tobeRMB7249millionRMB9647millionandRMB12073millionrespectively事件描述安踏体育安踏或公司宣布对其执行董事的管理职能进行如下调整将于2023年2月1日生效1现任董事会主席兼首席执行官丁世忠先生将卸任首席执行官但将留任董事会主席他将继续在集团企业战略人才建设企业文化经营监督等事项上发挥核心领导作用并将直接管理集团内部审计与监察职能及收购合并事宜2现任董事会副主席丁世家先生将会继续负责管理集团生产职能但不再负责集团供应链管理3现任Descente与Kolon品牌及AmersSports主管郑捷先生将留任执行董事并将卸任集团总裁及户外运动品牌群CEO19January2023他将继续以AmersSports首席执行官身份主要负责AmersSports相关业务4现任首席财务官赖世贤先生将担任联席首席执行官并卸任首席财务官他将分管安踏品牌除FILA外的所有其他品牌集团采购以及其他若干职能包括人力资源法务投资者关系及行政管理等5现任安踏品牌主管吴永华先生也将担任联席首席执行官并卸任专业运动群CEO他将分管FILA品牌集团国际业务及其他若干职能包括零售渠道管理及公共关系等6现任执行董事毕明伟先生将担任首席财务官主要负责集团财务管理职能及若干中后台职能包括业务流程管理及物流管理等此次职能重组将有助于公司精益化管理和科学决策此次董事会职能调整不涉及董事会成员变化董事会组成及各执行董事和独2raMthgiRelbaT立非执行董事的划分仍将保持不变职能调整的主要目的旨在1推进公司多品牌及全球化战略落地2完善公司的企业管治及3提升公司管理效率和人才梯队建设丁世忠主席强调集团的多品牌及全球化战略需要管理层的工作更加精细化现阶段对现有董事会成员进行轮换时机较为成熟我们认为此次职能重组符合公司战略规划及股东的长远利益并将有助于公司精益化管理和科学决策我们期待重组后的整个管理团队将产生新的协同效应管理层各成员丰富的集团内管理经历以及相互默契度将推动各品牌在高效协同下的可持续发展公司新的五年目标丁世忠主席在投资者说明会上也对新管理团队提出了三个新五年目标1在中国和全球市场表现要跑赢大市2将安踏发展为一个真正的全球化企业以及3培养管理人才梯队能够在5年之后胜任集团管理职能我们对公司2023年销售复苏保持乐观我们预计公司零售增速将在2023年第二季度起重拾增长势头尽管复苏节奏可能仍不稳定我们也预计公司库存和折扣水平将继续改善并在2023年第二季度回归正常水平我们预计随着2023年上半年库存水平及结构逐步改善公司的经营杠杆和利润率将会改善我们维持对公司买入的投资评级及每股12700港元的目标价相当于倍年市盈率我们预测公司年净利润分别为人民币亿元人民币亿元和人民币亿元3120232022-2024725965120702020HK安踏体育AntaSportsFlashNoteSeethelastpagefordisclaimerPage2of3AntaSports02020HKTablePageHeaderCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral19January2023Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinition2raMthgiRelbaTOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKSINOHYTEC02402HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport02020HK4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearch安踏体育ReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesAntaSportsDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage3of3