Focusing on improving store efficiency
? Anta reported FY21 revenue of Rmb49.3bn, up 38.9% yoy, and net profit of Rmb7.7bn,
up 49.6% yoy, in line with our expectations.
? Management maintained its guidance of Anta brand sales growth of 20% yoy and Fila
brand sales growth of 15–20% yoy in FY22F.
? Management also guided a stable yoy OPM in FY22F; in the long run, Fila is expected
to improve its OPM to 25–30% (FY21: 24.5%).
? The new brands are expected to deliver over 30% yoy sales growth in FY22F, with
opportunities in improving store efficiency and online penetration.
? Reiterate Add with a new DCF-based TP of HK$166.