22Q3 main brand retail flow increased by 10-20%, Fila increased by 10-20%, other brands increased by 40-45%, 22Q3 Anta released the latest operating performance of Anta, retail volume of 22Q3 Anta main brand increased by 10-20% year-on-year, Fila increased by 10-20%, and other brands increased by 40-45%.
Champion stores were opened in many places, and a number of new products were listed with national team equipment technology. During the National Day, Anta champion three-city new stores made a strong debut, with a total of 11 stores across the country, creating a high-tech, high-quality, high-looking professional sports experience. The design of the new store outlines the advanced avant-garde space with simple and sharp lines, and displays the award-winning clothes of the Chinese sports delegation for the Beijing 2022 Winter Olympic Games and portraits of representative athletes of many Olympic Games, which are the exclusive cultural assets of the champion store of Anta, showing the professionalism of the brand.
The products cover four series of all-weather, fitness training, running and sports culture, providing high-quality professional sports equipment to meet the needs of daily training and life. Champion light-speed training running shoes, unique cushioning design and Seiko materials, equipped with national team equipment nitrogen technology; champion training sweater red flame, equipped with cool + hot dual national team equipment technology; flag style cashmere jacket, also supported by hot technology, following the current hot Athflow sports style, multi-scene simple, resistant and easy to match.
Major brands adhere to professional-oriented brand upward, improve market segmentation Anta adults are led by Olympic science and technology, continue to improve the brand; the proportion of high-end consumers increases, sales of high-end products exceed expectations, continue to upgrade channels, and increase core market coverage. Anta children's market share in children's sports first, footwear products and professional sports category accounted for an increase in the proportion, youth, high-end areas, high-end consumer penetration rate increased.
Fila attaches importance to fashion preservation and mental building, from a person to a family Fila overall business scale and shoe business scale and the head brand gap narrowed, the core market store performance is approaching, the main online platform growth industry leading; fitness and golf to expand professional sports market opportunities, high-end fashion sports field continuous innovation and upgrading. Fila kids main online platform online growth leading the baby industry, offline store efficiency is much higher than other children's clothing brands, successfully create professional sports mental products.
The gap between Fila fusion store efficiency and international fashion sports competition has narrowed, surpassing domestic competition, the proportion of shoes has increased significantly, and the female customer base is stable.
Outdoor sports business group consolidate high-end professional brand image, create efficient flagship store Disante to create high-end professional high-quality goods, optimize the layout of high-price goods, upgrade commodity quality; Ice and Snow campaign 2.0 layout top professional skiing product matrix, enhance the brand high-end skiing professional image; continue to upgrade stores, improve store efficiency, and continue to build efficient flagship stores.
Kelon strengthens the high-end positioning of the brand, the landing of brand centers and flagship stores, the strong control of discounts, the improvement of online sales ranking and service experience, the improvement of women's sales share, the improvement of women's shoes goods and sales, and the creation of camping mind and outdoor professional image to effectively improve CRM.
Investment advice: maintain your buy rating. The company continues to adhere to the "single focus, multi-brand, globalization" strategy, constantly deepening the market segment leadership position, with multi-brand management coordination, talent transfer, innovation value chain three major support to build mental categories and improve retail operation efficiency. We estimate that the company's income from 22 to 24 years will be 562,675 and 79.4 billion yuan respectively, and the return net profit will be 82,104 and 12.6 billion yuan respectively, the corresponding EPS will be 3.0,3.8,4.7 yuan per share, and the corresponding PE will be 24,19,15x respectively.
Risk tips: rising fluctuations in raw material prices; slowing macroeconomic growth affecting consumer demand; domestic epidemic repeatedly affecting store efficiency and e-commerce logistics; fierce competition between domestic and foreign brands affecting the company's market share.