Anta initially rose .%, the industry entered the recovery stage

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Anta rose 8.71% in early 2014 and the industry entered the recovery stage

In the week of 2014, Anta Sports was reiterated as a “buy” rating by Bank of America Merrill Lynch, with a target price of 13 yuan. Affected by this, Anta Sports’ stock price surged 8.71% last Friday (January 3) to close at 10.48 yuan, driving the overall rise in sporting goods stocks. At the same time, Anta Sports held its third quarter 2014 order fair, and its orders grew strongly. The remaining sporting goods stocks have not yet announced new quarter orders, but industry experts predict that new quarter orders may show signs of improvement.

Anta was rated as “Buy”

Bank of America Merrill Lynch pointed out that ANTA Sports held its third quarter 2014 order fair during the Christmas period. Order growth was still strong, thanks to its encouraging retail sales performance, with both average price and sales volume increasing, and The inventory channel is healthy, and its recent weak stock price provides investors with buying opportunities. The target price is expected to be raised to 13 yuan, and the rating is maintained at “buy”. According to the bank’s on-site observations, Anta Sports expects retail discounts to further narrow, same-store sales growth to be positive in the third quarter of 2014, and sales to be flat in the third quarter of 2013.

The bank also mentioned that the specified orders in Anta Sports’ 2014 third quarter order fair accounted for 60% to 70% of total sales, compared with only 50% in the first half of 2014 and less than 20% in 2013. This means that Anta Sports can focus more on marketing, shorten the replenishment time, and may increase retail sales.

The industry has entered the recovery stage

In the domestic apparel industry, sportswear companies fell into an inventory crisis earlier. In the past two years, channel expansion has slowed down significantly, and there has even been a wave of store closures. After two years of vigorous destocking by leading sportswear companies such as Anta Sports and Peak Sports, trade fair data in the first and second quarters of 2014 have resumed growth, reversing the decline in orders since 2012. Xtep International Trade Fair order declines have also narrowed for three consecutive quarters.

According to industry analysis, with the restart of IPO, two sportswear companies, Guireniao and Qiaodan Sports, may be listed on the A-share market, filling the gap in the sporting goods field of the A-share brand apparel industry. The prospectuses of the two companies show that Guirenniao owned 5,067 network terminals at the end of 2011. The company’s sales revenue in the second and third tier markets exceeded 7.3 billion yuan that year, accounting for more than 76% of the total revenue, accounting for 38.24% and 38.02% respectively. . As of the end of June 2011, the Jordan Sports Marketing Network reached 5,715.

Brokerage analysis pointed out that sportswear is one of the few subdivided industries in the brand apparel industry that has experienced a complete life cycle. This round of destocking in the sportswear industry will last roughly two years. The market generally expects that the industry will enter a slow recovery stage in 2014, but the store opening speed will not return to the level of 2011 for the time being. Companies will continue to adjust their structures and pay more attention to the effectiveness of single stores. .

As one of Anta’s fabric suppliers, we hope to share some of the dividends from industry recovery from Anta’s performance growth.

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