Anta'S Orders Will Increase By 21.3% In The First Three Quarters Of 2011.

2011/3/3 13:32:00 62

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Sales in 2010 increased by 26.1% to 7 billion 408 million yuan, up to expectations.

Gross profit margin increased by 0.7 percentage points to 42.1% over the same period last year, mainly due to the early purchase of raw material locking costs and the purchase of raw materials with large volume discounts.

Net profit increased 24% to 1 billion 551 million yuan.

In 2010, the basic earnings per share were 0.622 yuan, higher than

market

And we expect 2%.

Company 11, three quarter 20%

Order-placing meeting

Growth is still strong.

The average growth rate of orders in the first three quarters of 2011 is 21.3%, and we expect the company's sales growth in 2011 to be 20.1%.

The company expects the gross margin level in 2011 to remain at the current level.

We believe that the rate of publicity and promotion will drop slightly to 13.2% in 2011.

Because of the higher effective tax rate, we expect the basic earnings per share in 2011 to increase by 17.2% to 0.729 yuan.

We believe that the management of the company has excellent executive ability and clear brand building strategy.

But sporting goods.

industry

With fierce competition and low market sentiment, we lowered the company's target price from HK $16.84 to HK $13.72, which is equivalent to 16 times forecast earnings in 2011.

We maintain the rating.