Anta'S Future Development In 2020 Will Continue To Exceed Expectations.

During the cold winter of 2019, many enterprises had different degrees of crisis. But in a bad year. Anta sports (02020) has doubled its market value, making the brand a step forward.

From Business to Brand, it has realized the comprehensive evolution of design, R & D, brand marketing, retail operation and the collaboration of multiple brands. And through several years, it has sorted out Amer's Chinese business and carried out Amer's global business in 5-10 years, making it finally become the global super excellent sports brand.

In 2020, I believe that Anta will continue to achieve good results in 2019, and will continue to create better results than expected. Analyze from the main brand. At present, we hope to maintain a double-digit center, plus investment in research and development, and constantly create high-quality products.

At the same time, it has constantly improved the proportion of major shopping malls, constantly expanding the store area and constantly improving the image of stores. FILA's store structure optimization is improving, and the footwear market share is increasing by 30%.

Of course, there are also concerns about inefficient stores or the need to optimize the space (40% stores monthly store <50 million), as well as the possibility of increased category performance, because the proportion of shoes may still increase, but the brand is still fission, so FILA classic still has the hope to maintain about 20% of the store efficiency, 2500 stores, plus the annual net 100-200 (5%-10%) and the remaining franchised stores to recover. So I believe that in 2020, the great opportunity will bring about 30%+ growth, and even the possibility of exceeding expectations.

In the long run, we can understand the certainty and space of Amer integration. It may focus on the Chinese market and retain the overseas team. Anta will vigorously develop Amer's core brands from many aspects such as products, supply chain, retail and so on. For example, Salomon, Wilson and so on, so that its brand can develop rapidly in China's market and occupy a place.

Through the analysis of the experience of FILA development, it can be speculated that the scale of China's business income in the next 5-7 years will be 6-8 times that of Amer Sports, and the amount is expected to reach more than 1 billion euros. Although the current proportion is 5%, it is believed that it will reach 15% after that.

So in the light of all kinds of things, I believe that Amer will grow two times or more than two times of global income in the future (revenue composite CAGR=10%-15%), and it may also produce 3 products that are worth more than 1 billion euros, such as Solomon, eBird and Wilson, and EBIT Margin will increase to more than 2 digits.