Textile And Clothing Industry: Consumption Recovery After The Festival

Benefiting from many favorable factors and Anta's perfect product matrix, we expect that Anta brands will continue to recover during the Spring Festival and from January to February compared with the same period in 2020

On the one hand, the epidemic situation is effectively controlled, which directly drives the relevant travel consumption during the Spring Festival. At the same time, the local new year's policy does not reduce the consumption enthusiasm, and the commodity consumption of migrant population gathering areas and industrial provinces is booming; on the other hand, after the Spring Festival this year, the temperature rises rapidly and the school season comes, effectively stimulating the demand for changing clothes.

From the third-party data of Taobao, during the Spring Festival, the sales data of online tmall of major sports brands increased significantly year-on-year: during the Spring Festival holiday (February 11 ~ February 18), the Gmv of Nike tmall flagship store reached 67.5635 million yuan, with a year-on-year growth of 114.36%; the cumulative Gmv of Anta's official online stores reached 22.7965 million yuan, with a year-on-year increase of 40.74%; the Gmv of Li Ning tmall flagship store reached 33.919 million yuan Yuan, a year-on-year increase of 166.66%.

Textile, clothing, sports apparel and industrial chain have a high outlook. Objectively, head sports brand continues to expand its market share with the help of brand potential, R & D and marketing strength and channel advantages. We continue to be optimistic about Anta sports, Shenzhou International and Li Ning.

[Anta] the brand matrix is rich and can effectively meet the shopping needs of different groups. Among them, Anta kids / FILA / di Sant / Archaeopteryx and other growth dividends are significant; in recent years, it has continued to promote store efficiency improvement, second store degradation and online multi platform sales, effectively reduce inventory, improve the stock to sales ratio, fully benefit from the Spring Festival sales peak season, and promote the continuous growth of water flow. Anta's three growth curves outline the future development blueprint, and the main brands Anta, FILA and Amer continue to carry the growth center and accelerate the realization of the group's goal of double 100 billion yuan in 2025.

[Li Ning] with the help of China's Li Ning series, Li Ning launched the "national tide" sports fashion subdivision track, objectively helped Li Ning to steadily improve its brand strength, at the same time, continued to promote the replacement of inefficient stores at the channel end, and steadily expanded the efficient stores in shopping centers.

[Shenzhou International] overseas production capacity has been expanded smoothly, and a "double integration" production capacity layout has been formed at home and abroad. Under the background of stable epidemic situation and warmer consumption, we objectively believe that the future orders of Shenzhou are expected to grow steadily.

Risk tips: repeated risk of local epidemic situation; terminal passenger flow rebounded less than expected, demand for middle and high-end sports and outdoor sports rebounded weakly; inventory of terminal stores decreased slower than expected.