With a market capitalization of 200 billion dollars overtaken Adidas, there was only one Nike left in front of Antep

财华社 · Oct 18, 2019 11:30

前言：

信不信吧，反正安踏已经把阿迪达斯给超过去了，前面就剩下一个耐克了。

2019年10月16日，安踏（02020-HK）的市值首次突破2000亿港元。与之相比，截至美国当地时间10月16日收盘，阿迪达斯的市值约为155.98亿美元（约合1223.63亿港元）。安踏已经大幅超过了阿迪，成为了仅次于耐克的体育服饰行业第二大品牌。

值得注意的是，2019年至今，得益于相关政策的扶持、国内经济持续向好以及居民消费升级的带动，相较于1月2日的35.97港元/股，截至10月16日收盘，企业股价已上升到75.65港元/股，安踏市值上涨了近一倍。

期间，安踏曾连续多次遭做空机构狙杀，但凭借着自身出色的业绩表现，安踏不仅没有出现较大地波动，反而愈挫愈强，完美地展现了中国体育服饰行业“一哥”应有平台实力。

股价十年上涨7倍！安踏不平凡的发展之路

事实上，一直以来，安踏的发展都是比较低调的。而提起体育服饰行业的大品牌，大家更容易想起来的还是耐克、阿迪、李宁（02331-HK）。

这一切的转变还要从2012年说起。就在这一年，李宁的业绩出现严重下滑。李宁集团2012年实现营收67.39亿元，亏损19.79亿元；相比之下，安踏集团实现营收76.2亿元，平台盈利13.59亿元。自此以后，李宁把国内体育服饰行业“一哥”的位子让给了安踏。

而自此以后，安踏体育迎来了快速发展期，安踏与李宁、361°等国内体育服饰品牌之间的差距越拉越大。2018年，安踏集团实现营收约241亿元。同年，李宁营收首次突破百亿，约为105.11亿元，而361°全年营收约为51.87亿元。

安踏2018年的营收是李宁的两倍还多，几乎相当于两个李宁加上361°的营收综合。安踏无可争议地成为国内体育服饰行业当之无愧的巨无霸。据透露，安踏集团2018年在全中国线下门店数量达到10057家，较2017年同期增加590家。

据北京日报报道，2019年8月，安踏体育市值突破1700亿，并一举超过申洲国际（02313-HK）成为国内市值最大的服饰集团。2019年10月，安踏体育股票突破70港元/股，集团整体市值突破2000亿港元，成为仅次于耐克的全球第二大体育服饰品牌。

相比之下，2009年10月，安踏体育在一次公开配售股份中，每股售价定位10港元/股。现如今股票市值已经突破了70港元/股，上涨了超7倍。

2019年上半年，安踏体育实现营收148亿元，同比增长了40.3%。同期，李宁、361°分别实现营收约为62.55亿元、32.37亿元。安踏体育依然保持着对国内体育服饰行业其他品牌的绝对领先地位，行业“一哥”地位已经非常巩固。

不过，放眼国际体育市场，安踏的对手还很强大。截至当地时间2019年10月16日收盘，耐克总市值约为1481.13亿美元（折算后约为11619.17亿港元），相当于安踏市值的5倍以上。而且，这还只是市值上的差距，相较于品牌影响力，安踏需要做的还有很多。

品牌收购战略大获成功，安踏体育发力技术创新

以品牌技术为例，耐克有Air气垫技术，阿迪达斯有Boost材料，都可以算得上是它们的技术“杀手锏”。与之相比，长期以来，安踏在这方面还没有能够拿得出手的杀手锏。

当然，在2018年，安踏发布的A-FLASHFOAM（闪能科技）跑鞋也让市场为之一振。在媒体报道中，A-FLASHFOAM的材料密度、回弹弹力方面已经超过了阿迪达斯的Boost。更为重要的是，在成本方面，A-FLASHFOAM同样具有较大的优势，可以称得上是安踏在材料科技领域里程碑式的成功。

但是，A-FLASHFOAM要想赢得市场完全的接受和认可还需要一段时间。此外，对于安踏而言，如何让技术创新持续不断地提升自身品牌价值，如何让市场认知企业独特的技术品味和工艺设计？仍然是一条任重而道远的路，且绝不会轻松。

与技术创新的“任重而道远”相比，安踏体育近年来的品牌收购之路可谓是收获颇丰，助推企业实现快速发展。这其中最为经典的当推安踏体育对意大利品牌FILA的收购。

2009年9月，安踏体育从百丽国际的手里以不到6亿港元的价格收购了FILA Marketing的全部股权，以及FILA在中国大陆、香港和澳门相关的商标以及在香港和澳门的FILA零售业务。通过对FILA品牌的一系列调整，截至2019年6月30日，作为安踏体育旗下的高端运动时尚品牌，FILA在国内开店合计1788家，在集团的业务占比达到44.1%。

10月16日，在安踏披露的2019年三季度财报里，FILA同比增长达到50%-55%。应该说，FILA的成功收购为安踏体育进军高端品牌打开了大门。同时，在“多品牌、全渠道”的战略指导下，安踏体育持续完成了多笔品牌收购，持续丰富自身的产品体系。

2015年，安踏收购斯潘迪；2016年，安踏与迪桑特达成合资协议；2017年，安踏与科隆达成合资协议，同年，安踏收购KINKOW……2018年，有消息称，安踏意在收购德国彪马，并借此进军欧美市场，开启全球化征程。

不管消息是否属实，有一点几乎是可以肯定的：通过频繁地品牌收购，安踏不仅实现了营收的快速增长，而且，也已经形成了多品牌的生态体系。安踏已经成为一家真正的大型体育集团，直面国际体育品牌巨头的市场竞争。

被投资机构看好，安踏体育未来发展潜力巨大

而随着品牌生态的逐渐成熟，集团业务的快速发展，安踏体育被一种投资评级机构看好。

10月16日，国盛证券发布研究报告表示，作为本土体育服饰的龙头品牌，目前，安踏体育品牌矩阵完善，尤其是主品牌FILA持续稳健、高速增长，且战略性地收购Amer，为安踏体育进军国际市场打开了大门。

2019年，国盛证券预期安踏全年净利润将达到56.3亿元人民币。因此，国盛证券维持安踏体育的“买入”评级，并上调目标价位82港元/股，并预期市值达到2200亿港元。

而在10月17日，由招银国际公布的一份研究报告中，招银国际同样维持了安踏体育的买入评级，并给予安踏体育91.46港元/股的目标价。此外，招银国际持续看好安踏体育主品牌FILA的发展，并预期FILA在2020年仍能达到30%左右的增长。

此前，光大证券曾发布研究报告表示，看好安踏体育的多品牌战略，并认为在完成对Amer Sports的收购后，安踏体育将开启自身的国际化品牌战略。

从Amer Sports业务规律来看，上半年通常为销售淡季，下半年营销较旺。而随着下半年对Amer Sports的运营调整的完成，Amer Sports有望实现全年的盈亏平衡。未来五年，Amer Sports的年复合增长率将达到10%-15%，成为安踏体育旗下又一极具市场竞争力的品牌。

此外，光大证券看好中国体育产业的未来发展。而作为“国货崛起”的代表，以及国内体育服饰行业的“一哥”，安踏体育将在国内体育产业发展中受益。

结语

对于安踏体育而言，品牌矩阵已经逐渐成熟、完善，企业技术创新能力有条不紊的提升，走向国际市场已经成为了大势所趋。借助国内庞大的市场空间，未来，安踏体育有望成为国际上首屈一指的大品牌，成为中国体育产业一个标杆性企业。

当然，在这一过程中，如何提升安踏品牌在国际市场的认可度，特别是品牌号召力将会是一个长期需要解决的问题，需要安踏体育认真地去考虑和面对。

Foreword:

Believe it or not, anyway, Anta has overtaken Adidas, and there is only one Nike Inc left in front.

02020-HK 's market capitalization exceeded HK $200 billion for the first time on October 16, 2019. By comparison, Adidas's market capitalization was about US $15.598 billion (HK $122.363 billion) as of Oct. 16 local time. Anta has greatly surpassed Adi to become the second largest brand in the sportswear industry after Nike Inc.

It is worth noting that since 2019, thanks to the support of relevant policies, the continued improvement of the domestic economy and the upgrading of household consumption, compared with 35.97 Hong Kong dollars per share on January 2, as of October 16, the company's share price has risen to 75.65 Hong Kong dollars per share, and Anta's market capitalization has nearly doubled.

During this period, Anta has been sniped and killed by short sellers for many times in a row, but with its own excellent performance, Anta not only did not fluctuate greatly, but also became stronger and stronger, which perfectly demonstrated the platform strength of the "number one brother" in China's sportswear industry.

The share price has risen sevenfold in ten years! Anta's extraordinary road of development

In fact, Anta's development has always been relatively low-key. When it comes to the big brands in the sportswear industry, it is easier to think of Nike Inc, Adi and Li Ning Co. Ltd. (02331-HK).

All this transformation will begin in 2012. In this year, Li Ning Co. Ltd. 's performance declined seriously. Li Ning Co. Ltd. Group achieved a revenue of 6.739 billion yuan and a loss of 1.979 billion yuan in 2012, compared with 7.62 billion yuan in revenue and a profit of 1.359 billion yuan for the platform. Since then, Li Ning Co. Ltd. has given up the position of "number one" in the domestic sportswear industry to Anta.

Since then, ANTA Sports Products has ushered in a period of rapid development, and the gap between Anta and Li Ning Co. Ltd., 361° and other domestic sports clothing brands has widened. In 2018, Anta Group achieved revenue of about 24.1 billion yuan. In the same year, Li Ning Co. Ltd. 's revenue exceeded 10 billion yuan for the first time, about 10.511 billion yuan, while the annual revenue of 361 °was about 5.187 billion yuan.

Anta's revenue in 2018 was more than twice that of Li Ning Co. Ltd., almost equivalent to the combined revenue of two Li Ning Co. Ltd. plus 361 °. Anta has indisputably become a well-deserved giant in the domestic sportswear industry. It has been revealed that the number of Anta offline stores in China reached 10057 in 2018, an increase of 590 over the same period in 2017.

According to the Beijing Daily, ANTA Sports Products's market capitalization exceeded 170 billion in August 2019, surpassing Shenzhou International Group (02313-HK) to become the largest clothing group in China by market capitalization. In October 2019, ANTA Sports Products's stock exceeded HK $70 per share, and the overall market capitalization of the group exceeded HK $200 billion, making it the second largest sportswear brand in the world after Nike Inc.

By contrast, ANTA Sports Products priced HK $10 a share in a public placement in October 2009. Today, the market capitalization of the stock has exceeded 70 Hong Kong dollars per share, an increase of more than seven times.

In the first half of 2019, ANTA Sports Products achieved revenue of 14.8 billion yuan, an increase of 40.3% over the same period last year. In the same period, the revenue of Li Ning Co. Ltd. and 361° was about 6.255 billion yuan and 3.237 billion yuan respectively. ANTA Sports Products still maintains the absolute leading position of other brands in the domestic sportswear industry, and the industry's "number one" position has been very consolidated.

However, looking at the international sports market, Anta's opponent is still very strong. As of the close of trading on October 16, 2019, Nike Inc's total market capitalization was about US $148.113 billion (about HK $1.161917 trillion), or more than five times Anta's market capitalization. Moreover, this is only a gap in market capitalization, and Anta still has a lot to do compared to brand influence.

The brand acquisition strategy was a great success, ANTA Sports Products made great efforts in technological innovation

Take brand technology as an example. Nike Inc has Air air cushion technology and Adidas has Boost materials, which can be regarded as their technological "killer mace". In contrast, Anta has not been able to come up with a killer mace in this respect for a long time.

Of course, the market was also buoyed by Anta's A-FLASHFOAM (Flash Technology) running shoes in 2018. In media reports, A-FLASHFOAM 's material density and resilience have exceeded that of Adidas's Boost. More importantly, in terms of cost, A-FLASHFOAM also has a greater advantage, which can be called Anta's milestone success in the field of material science and technology.

However, it will take some time for A-FLASHFOAM to win the full acceptance and recognition of the market. In addition, for Anta, how to make technological innovation continuously enhance its brand value, and how to make the market recognize the enterprise's unique technological taste and process design? It is still a long way to go, and it will never be easy.

Compared with the "heavy responsibility and a long way to go" of technological innovation, ANTA Sports Products's road of brand acquisition in recent years has yielded a lot, promoting the rapid development of enterprises. The most classic of these is ANTA Sports Products's acquisition of the Italian brand FILA.

In September 2009, ANTA Sports Products bought all of FILA Marketing from Belle International for less than HK $600m, as well as FILA's Chinese mainland, Hong Kong and Macau-related trademarks and FILA retail operations in Hong Kong and Macau. Through a series of adjustments to the FILA brand, as of June 30, 2019, as a high-end sports and fashion brand under ANTA Sports Products, FILA has opened a total of 1788 stores in China, accounting for 44.1% of the group's business.

On October 16th, in Anta's financial results for the third quarter of 2019, FILA grew by 50 per cent year-on-year to 55 per cent. It should be said that the successful acquisition of FILA opened the door for ANTA Sports Products to enter a high-end brand. At the same time, under the guidance of the strategy of "multi-brand and omni-channel", ANTA Sports Products has continuously completed a number of brand acquisitions and continued to enrich his own product system.

In 2015, Anta acquired Spandi; in 2016, Anta reached a joint venture agreement with Disante; in 2017, Anta reached a joint venture agreement with Cologne, and in the same year, Anta acquired KINKOW. In 2018, it was reported that Anta intended to buy Puma in Germany, so as to enter the European and American markets and start the journey of globalization.

Whether the news is true or not, one thing is almost certain: through frequent brand acquisitions, Anta has not only achieved rapid revenue growth, but has also formed a multi-brand ecosystem. Anta has become a truly large sports group, facing the market competition of international sports brand giants.

Favored by investment institutions, ANTA Sports Products has great potential for future development.

With the gradual maturity of the brand ecology and the rapid development of the group's business, ANTA Sports Products is favored by an investment rating agency.

On October 16th, Guosheng Securities released a research report saying that as the leading brand of local sportswear, ANTA Sports Products's brand matrix is perfect, especially the main brand FILA continues to grow steadily and at a high speed, and strategically acquires Amer, which opens the door for ANTA Sports Products to enter the international market.

In 2019, Guosheng Securities expects Anta's full-year net profit to reach 5.63 billion yuan. As a result, Guosheng Securities maintained ANTA Sports Products's "buy" rating and raised its target price of HK $82 per share, with an expected market capitalization of HK $220 billion.

In a research report released by China Banking International on October 17, China Banking International also maintained ANTA Sports Products's buy rating and gave ANTA Sports Products a target price of 91.46 Hong Kong dollars per share. In addition, China Banking International continues to be optimistic about the development of ANTA Sports Products's main brand FILA, and expects FILA to achieve a growth rate of about 30% in 2020.

Previously, Everbright Securities has issued a research report that is optimistic about ANTA Sports Products's multi-brand strategy, and believes that after the completion of the acquisition of Amer Sports, ANTA Sports Products will start his own international brand strategy.

From the perspective of Amer Sports business law, sales are usually off-season in the first half of the year, and marketing is more prosperous in the second half of the year. With the completion of the operational adjustment of Amer Sports in the second half of the year, Amer Sports is expected to break even for the whole year. In the next five years, Amer Sports will have a compound annual growth rate of 10% and 15%, making it another highly competitive brand under ANTA Sports Products.

In addition, Everbright Securities is optimistic about the future development of China's sports industry. As the representative of "the rise of domestic goods" and the "number one brother" of the domestic sports clothing industry, ANTA Sports Products will benefit from the development of the domestic sports industry.

Conclusion

For ANTA Sports Products, the brand matrix has gradually matured and improved, the technological innovation capability of enterprises has been methodically improved, and it has become a general trend to move towards the international market. With the help of the huge domestic market space, ANTA Sports Products is expected to become a leading international brand and a benchmark enterprise in China's sports industry in the future.

Of course, in this process, how to improve the recognition of Anta brand in the international market, especially the brand appeal will be a long-term problem to be solved, which needs to be seriously considered and faced by ANTA Sports Products.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

2000亿市值反超阿迪达斯，安踏前面只剩下一个耐克