Sports Shoes Enterprises Face Greater Challenges In 2011
HSBC securities reported that the mainland sporting goods unit faced greater challenges in 2011.
Lining
(market, information, commentary) (price, information, comment), the brand has cut prices and the cost is soaring.
industry
The risks of operating income and profit margins are gradually increasing.
In the report, HSBC pointed out that Lining (2331-HK) had recently been cutting prices too aggressively, and feared that the market would have a price cut competition. In addition, cotton prices soared 86% since January last year, which will make the gross profit margins of independent brand enterprises under pressure.
market
The popular brands will have greater advantages, including Anta (2020-HK) and XTEP (1368-HK).
HSBC pointed out that mainland sporting goods shares fell 17% in the past year and 22% behind the big cities. Although the industry P / E ratio is below 15.4 times the historical average, the valuation of the market will remain low for fear of profit level and sales growth.
The bank also believes that with the increasing number of participants, the competition in the mainland sporting goods industry will become more intense.
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