ANTA SPORTS (2020 HK) Outstanding performance in 1H, Mgmt guidance maintain September 23, 2021 105

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: HKDHKD178.89

Investment Summary
1H21 revenue recorded CNY 22.81 billion, a Yoy increase of 55.5%. Net profit attributable to
the parent was CNY 3.84 billion, a Yoy increase of 131.6%. Excluding the share of the joint
venture’s net loss, net profit was CNY 4.19 billion, a Yoy increase of 76.1%. The overall
performance is better than the profit alert data. The company’s GPM increased, with a Yoy
increase of 6.4 ppts to 63.2%, which was higher than our expectation (expected: 61%), mainly
due to the transformation of the main brand DTC and the recovery of retail discounts of
various brands to a better level.
The company’s revenue in 1H recorded CNY 22.81 billion, an increase of 55.5% Yoy. In terms
of brand breakdown, Anta’s main brand revenue was CNY 10.58 billion, a Yoy increase of
56.1%, while FILA’s revenue was CNY 10.83 billion, a Yoy increase of 51.4%. Revenue from
other brands was CNY 1.41 billion, a Yoy increase of 90.1%. From the perspective of revenue
structure, the revenue from Anta/FILA/other brands accounted for 46.4%/47.5%/6.1%,
respectively, with a Yoy change of +0.2/-1.3/+1.1 ppts.

About the author

Profile photo of Timothy Chong

Timothy Chong
Analyst
Research

Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.

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