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                今年國內各行業間、各企業間呈現出比較明顯的景氣度差異,但體育產業整體發展態勢頗為亮眼,幾家在港股上市的體育用品公司近期先后交出上揚的中期業績。
            8月26日,安踏集團發布了2019年半年財報:上半年營業收入同比增長40.3%至人民幣148.1億元,凈利潤增長27.7%至24.8億元,經營溢利上漲58.4%至42.6億元,每股基本盈利為92.5分,擬派中期股息每股31港分。
            FILA成業績發動機
            今年5月和7月,Blue Orca Capital與渾水先后狙擊安踏,主要就是圍繞FILA的運營數據不透明,質疑其涉嫌夸大相關業績。
            在中期財報中,FILA的具體業績數據首次露出“廬山真面目”:上半年營收同比增長79.9%至65.4億元,占總營收比為44%,毛利率高達71.5%,毛利同比增長79%至46.7億元。
            安踏主品牌上半年營收同比增長18.3%為75.9億元,占總營收比為51.2%,毛利率為42.5%,毛利同比增速為14%。
            按照如此發展速度,或許在2019年財報中,FILA就能超越安踏成為集團營收第一大品牌。
            事實上,而在2009年,意大利品牌FILA中國區業務還深陷虧損泥潭。當時安踏僅花費6億港元就將其從百麗手中購得收入囊中。如今,10年過去了,單FILA的半年經營利潤就達18.9億元,是當初這筆買賣的六倍,安踏獲益巨大。
            安踏執行董事兼總裁鄭捷在業績發布會上介紹,上半年安踏在核心重點城市開出FILA的大店和綜合店,無論是從店效還是坪效方面都在行業里名列前茅。
            可以說,收購FILA是安踏體育最成功的戰略之一。從營收、毛利潤、凈利潤等多項指標看,FILA目前仍處于高速成長期,是安踏體育最重要的增長動力。
            有了FILA作為成功示范,安踏近些年收購了諸多海外運動品牌。根據財報中安踏集團148.1億元的整體營收計算,迪桑特(DESCENTE)、小笑牛(KINGKOW)、可隆等其他處于建設期的品牌營收合計為6.83億元。
            其中,冰雪運動品牌迪桑特成長速度最快。鄭捷透露,今年上半年迪桑特業績接近翻倍,全年預計會實現盈利,年底營收有望突破10億元,成為安踏旗下第三個突破10億元的品牌。
            去年12月,安踏聯合騰訊等組成的財團斥資46億歐元,全資收購芬蘭體育用品集團亞瑪芬(Amer Sports)。其中,安踏出資26.68億歐元。問及亞瑪芬何時并表至安踏,鄭捷表示,兩家公司目前是相對獨立運營的狀態,暫無并表的計劃,不過亞瑪芬的利潤在安踏財報上有所反映。半年報顯示,從2019年3月26日到6月底,Amer Sports營收達到39.64億元,凈虧損達到8.494億元。
            主品牌穩步增長
            相比FILA的首次驚艷亮相,安踏主品牌的光芒被遮蓋住不少。
            雖然FILA的毛利率高達71.5%,安踏主品牌僅為42.5%。但在經營溢利率上,安踏主品牌則要強過FILA,二者分別為32.2%、29%,同比增速更是主品牌為5.4%,而FILA只有0.2%。
            體現到經營利潤上,安踏主品牌為24.4億元,占比為57.3%,FILA為18.9億元,占比為44%。安踏主品牌貢獻了更多的利潤,相比FILA創收更高效。
            毛利率相對較低的主品牌卻賺錢效益更佳。對此,鄭捷表示,因為FILA大部分是直營,所以整個零售運營的店員、店長、店鋪租金等等都要在運營成本里體現,而安踏主品牌業務是批發模式,雖然毛利低,但是運營成本也相對低一點,因為不需要承擔店員、店長工資等運營成本。
            一家公司的發展,除了投資和籌資外,最主要的就是進行各種經營性活動。經營性活動產生的現金流,可以說是一個企業發展的命脈。經營活動現金凈額是安踏2019半年報里的一個亮點,去年同期為14.7億元,今年猛增134%達到34.4億元,說明公司的凈利潤是具有含金量的。
            通過梳理安踏近幾年財報數據,公司已經連續五年營業收入、凈利雙位數增長。但對比2018半年財報,今年半年營收和凈利增速放緩。2019半年財報顯示,營收和凈利增速為40.3%和27.7%,而去年則分別同比增長44.06%和34%。
            不久前,李寧發布了2019年中期業績,營業收入同比增長33%至62.55億元,扣除一次性與經營無關的損益后,凈利潤同比增速為109%至5.61億元。對比安踏主品牌,李寧核心品牌追趕的步伐正在加快。
            投資“年輕未來”
            球鞋市場近兩年因其強大的年輕群體市場需求,被各家企業看重。
            2019財年Nike核心的鞋履銷售額增長9%至242.22億美元,占總收入的65%;服裝增長8%至115.5億美元,占總收入的31%;運動配飾增長1%至14.04億美元,占總收入的3.8%。鞋類始終占據耐克主營最重要的地位。
            財報顯示,上半年安踏體育鞋類營收51.24億元,占總營收34.6%,同比增長24.7%;服裝收入為91.51億,占總營收61.8%,同比增長50.9%;配飾類收入同比增長41%至5.36億元。服裝和配飾類同比增長較快,而鞋類占比份額在縮小。
            對此,鄭捷告訴記者,由于FILA的增長主要是來源于服裝,服裝的占比非常高,FILA的高速增長也提升了服裝在集團的占比,所以每個品牌的商品集中度還是不太一樣的,安踏主品牌鞋服是平均的。
            安踏集團副總裁李玲介紹,公司的現金流和資金基本上就花在一件事情上,就是做好每一件衣服每一雙鞋,以上半年推出的具有高科技含量的超輕跑鞋“氫跑鞋”為例,甫一面世,就在市面上售罄斷貨。
            財報中,安踏體育表示,主品牌今年起加大投資未來,主打“年輕”牌。品牌定位將是“以科技引領極致價值”的專業運動品牌,重點投資科技研發、品質提升、零售體驗升級、新渠道布局及高效大店。
            受財報業績利好刺激,安踏體育27日股價大漲5.39%,市值突破1700億元,是另外四家港股體育用品公司李寧+特步+361度+中國動向(Kapa)市值的兩倍。
           
           
           

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