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Optimize Channel Innovation Products, Brokerage Firms Generally Optimistic About Anta

2013/2/28 14:12:00 19

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Anta Sportswear Clothing Marketing Strategy Weak Clothing Market

recently, according to Anta's annual results, Anta's annual turnover and net profit in 2012 dropped by about 21.5% to 1 billion 360 million yuan. The company's revenue last year was 7 billion 620 million yuan, 1 billion 360 million yuan for shareholders' profit and 1 billion 610 million yuan for free cash flow, an increase of 32% compared with 2011, while the dividend payout ratio reached 71.7% of its record high. 
During the 2012 P Olympic Games, "a href=" http://sjfzxm.com/news/index_f.asp "champion dragon dress < /a" and a series of comprehensive marketing activities launched by the Chinese Olympic Committee showed that Anta strengthened its brand strength through efficient marketing strategy, while strengthening its retail channels and streamlining its distribution structure, reducing risks and maintaining competitiveness and maintaining its leading edge in the market. Therefore, UBS, Lyon and other brokerages agreed that Anta's situation continued to improve. 
 optimize the channel innovation product /p >
 Anta believes that in the current market environment, store efficiency improvement is more important than store growth. In 2012, Anta strategically integrated stores with poor location or lease expiration, and strategically integrated sport life series stores in professional sporting goods shops to optimize overall store effectiveness. By December 31, 2012, Anta's professional sporting goods shops and sports life shops totaled 8075 stores (8665 at the end of 2011). In addition, Anta increased the pace of development of children's sporting goods series to meet the needs of the mass market for children's products, and the number of shops increased to 833 (632 at the end of 2011). 
 Anta aims at maintaining a stable inventory level and sustainable development of the channel. The order will start. Anta sports will share with the distributors and franchisees the analysis and prediction of the future trend and increase the accuracy of the order so as to reduce the inventory risk of each store. In addition to providing regular training on inventory management and product knowledge, Anta strictly examines shop optimization plans and retail discount policies to enhance retailer's operational capability. Anta has launched a multifaceted incentive policy to promote retailers' efforts to achieve healthy retail levels and retail discounts. Through a comprehensive monitoring system, Anta closely monitors and controls retail performance, and constantly optimizes factory outlets and discount outlets to enhance the inventory management capacity of retailers. In addition, Anta combined with the a href= "http://www.91se91.com/" > marketing /a plan to optimize the e-commerce retail network and strategically expand coverage in Southeast Asia, Eastern Europe and the Middle East. 
 although the domestic sporting goods market is unstable, Anta has been capturing the potential of the market through innovation and better product mix, continuing to enhance its R & D capabilities and enhance the level of product differentiation. Anta also optimizes its collaboration with quality supply chain partners to improve the efficiency of the workflow and bring more flexible terms of trade to the company. Anta has also improved its ability to produce itself, and it has been able to meet unforeseen needs more quickly. 
 it is learnt that the sporting goods industry still faces fierce competition due to inventory and large discounts. Anta has successfully extended the Chinese Olympic Committee, giving full play to the strategic resources and spokesperson resources of the Chinese Olympic Committee, and continuously enhancing brand influence. At the same time, it coordinates with retailers to enhance channel capabilities and achieve continuous profitability of the terminal. In terms of commodities, Anta will continue to increase investment in research and development, optimize its design capabilities, and continuously enhance its professionalism and cost performance. In terms of supply chain, information processing is adopted to optimize order processing and maintain fast response capability. 
Ding Shizhong, chairman and chief executive officer of Anta Sports Products Limited P, said: "in the future, China's GDP will maintain steady growth and inflation will remain stable. However, China's exports will continue to be affected by the turbulent global economy. It is generally believed that the relevant government departments will strengthen their restructuring policies to expand domestic demand. Meanwhile, the fierce competition in the sporting goods industry will continue. In order to cope with the uncertain market situation, in the long run, we will be committed to taking all effective actions and measures to ensure that our business, supply chain partners, distributors and franchisees will continue to develop steadily and create greater value for our shareholders. " 
 securities companies generally favor Anta /p >
After the announcement of Anta's earnings report, UBS continued to buy Anta's "P" rating with a target price of HK $9. UBS believes Anta has net cash of 5 billion yuan and has the potential to distribute special dividends in 2013 and 2014. According to UBS, although the turnover and profit decreased by 14.4% and 21.5% respectively in 2012, Anta announced a special dividend of HK $8, a dividend of HK $48, a dividend payout ratio of 71.1%, and a dividend yield of 6.5%, which is quite attractive. With stronger and stronger net cash, UBS believes Anta has greater capability to distribute special dividends in 2013 and 2014. Free cash inflows also increased by 32% to 1 billion 610 million yuan per year, reflecting Anta's good cash flow in the face of weak market conditions. 
Less than P, UBS believes Anta's momentum is improving and the same store sales will improve in the second half of 2013. Orders fell by 10%~20% in the third quarter of 2013, showing improvement over the first two quarters. UBS expects Anta's same store sales expected to grow 0% or slightly positive in the second half of 2013. Anta management also pointed out that the same store sales and inventory levels in the first quarter of 2013 will be slightly better than those at the end of 2012. 
 Lyon also points out that Anta has strong cash flow. Although Anta's net profit fell 21% in 2012, which is consistent with Lyon and market expectations, Anta's strong operating cash inflow and free cash inflow growth reflect its good profitability and superior to other wholesale sports products. Therefore, < a href= "http://cailiao.sjfzxm.com/matertial/show/default.aspx" > Anta < /a > is the first choice for Lyon in the sporting goods industry in China. It reiterates that the "superior to big city" rating (the only domestic sporting goods company with positive rating) is the latest target price of HK $8.64. 
At the same time, Anta management reiterated the industry challenges from 2013 to 2014. Anta's same store sales in the fourth quarter of 2012 recorded a decline in the number of units, but the decline in 2013 1 to February will be narrowed slightly. It is expected that the same store sales in 2013 will be improved over the whole year. Anta also has no plan to carry out inventory repurchases in 2013. In the third quarter of 2013, orders fell by 10%~20%, which improved compared with the first, second quarter. Management expects that orders will fall further in the fourth quarter of 2013. Although the wholesale discount policy has been adjusted since the first quarter of 2013, Anta will reduce the rebate to distributors and strive to maintain a stable gross margin. According to Lyon, the ratio of advertising expenditure to Anta turnover will return to 11% to 13% in 2013, and will maintain a stable dividend payout ratio.