Investment points: The sports shoes and apparel industry has a broad space, benefiting from the participation of sports and per capita consumption.
The sports industry is expected to maintain a relatively high speed in the future. According to the policy objectives, the annual compound growth rate of the total output of the sports industry is expected to be 11.4% in 2015-2025. The number of people who regularly participate in physical exercise will also increase from 360 million in 2015 to 435 million in 2020 and 500 million in 2025. With the increase in income, consumption upgrades in the second, third and fourth tier cities, and the demand for sports professionalization, the per capita sportswear and apparel consumption is expected to grow.
The sports shoes and apparel industry has high R&D requirements, builds competitive barriers, and is more standardized for the development of e-commerce. In the various sub-areas of clothing, sports shoes and clothing have higher technological content, and R&D expenses account for a higher proportion of operating costs. Leading companies in sportswear and apparel have built up competitive barriers through continuous research and development. At the same time, relative to other fine molecular fields of clothing, the degree of product standardization is relatively high, suitable for e-commerce channels, and we expect that the proportion of e-commerce in the future is expected to increase.
The industry competition pattern is clear, and the concentration of leading companies is increasing.
The global sports shoes and apparel industry has shown a trend of steady increase in concentration. The concentration of China's sports shoes and apparel industry is higher than that of the global market, and the concentration is also growing steadily. With Adidas and Nike maintaining a leading edge, Anta and Li Ning were able to maintain a steady increase in market share in 2013, mainly due to their differentiated competitive advantage. On the one hand, for mass consumers, domestic brands are more cost-effective than international brands. On the other hand, domestic brands have stronger control over domestic channels, especially in low-tier cities, where they have obvious advantages in channel management and control, and they also have e-commerce. The advantages on the platform.
The stone of the mountain - the road of global sports shoes and clothing NIKE growth.
From the Nike income component area, North America's revenue accounted for more than 40%, and Greater China accounted for 14.12%. In recent years, the company's revenue share in Greater China has been increasing, and it has become an important engine for the company's revenue growth. From the perspective of channel distribution, the company's direct sales revenue increased, the e-commerce growth rate was high, driving the company's performance to maintain rapid growth, attaching importance to research and development to promote the company's growth and growth, due to continued growth in performance and increasing competitiveness, the company's stock price 1981 The year has increased by 450 times by 2018.