2016 Double Eleven Innovation High, 2017 In The First Half Of Sports Apparel Industry Prospects

From the data of 7-10 months in the second half of the year,

There is a noticeable acceleration of growth in the sector, with flagship stores growing at about 100% year-on-year.

With the increasing proportion of electricity supplier income and the acceleration of penetration in the mass market, the driving role of e-commerce channels for the industry as a whole has become increasingly prominent.

The flagship store achieved sales of 187 million yuan in double eleven, and its growth rate remained above 120% in the second half of the year.

Its multi brand and all channel strategy provide continuous driving source for it.

And the recognition of Anta brand is also rising. Double eleven Anta ASP is in the lead in the industry.

Lining flagship store maintains a high growth rate of 110% in the second half of the year. It is expected that the electricity supplier will exceed 15% in the second half of the year.

The strategy that the 5 categories go hand in hand led to excellent performance for non shoe products, and 3 of sales on double eleven were made up of clothing products.

Double Eleven

Flagship store achieved 85 million 800 thousand yuan, in the second half of this year, the growth rate was above 100%, and the sales volume of the whole network increased by 40% over the same period of 139 million, lower than that of the same industry.

XTEP will get low unit growth in 2Q17 ordering.

The slowdown is due to the increase in the proportion of supplementary documents in the quarter.

On the one hand, XTEP's supply chain management is obviously optimized. On the other hand, the company's retail oriented strategy is further developed.

In this season, XTEP has further strengthened functional and clothing products, and the product structure will continue to optimize.

In the 16 quarter and third quarter of, the number of units in the same quarter increased, and the discount rate was 25%.

(2020.HK, buy): industry leader, brand advantage and scale effect are obvious, single focus, multi brand, all channel strategy performance is expected to grow steadily.

Shanghai and Hong Kong through the standard.

Buying rating, the target price is HK $25.36.

16-18 years EPS was 0.93/1.09/1.27 yuan respectively.

International (1368.HK, buy): from fashion sports brand to sports fashion brand.

The management strategy is clear and the execution is in place.

Market value, low elasticity of valuation and Shenzhen Hong Kong standard.

Buying rating, the target price is HK $5.35.

16-18 years EPS was 0.32/0.36/0.39 yuan respectively.

(2331.HK, overweight): the turning point of performance is basically established, and the situation of inventory channel has been greatly improved.

As a leading company in the past, the company still has significant brand advantages and abundant industry resources.

Overweight rating, target price of HK $5.59.

16-18 years EPS was 0.13/0.25/0.36 yuan respectively.