This paper analyzes the storage capacity of the associative memory network (HASP). HASP is an associative memory network, which is composed of the heteroassociative memory network using the correlation matrix, and the mutually inhibitory network. The feature of the network is that the one-to-many associations can be realized, which has been difficult in the networks hitherto proposed. Because a mutually inhibitory network can effectively eliminate the crosstalk noise produced in the heteroassociative memory network, it is expected that the storage capacity in the heteroassociative memory. In the present study, a similar method is used to analyze and evaluate theoretically the storage capacity of HASP. As a result, it is shown that HASP can realize twice or larger storage capacity compared to the heteroassociative memory networks, when the keys and the associative vectors are sparsely encoded. It is verified that the result of the analysis agrees well with the result of the computer simulations.