华源证券：鞋服市场发展有望延续 国牌强势崛起

Core Insights - The global sportswear industry has rapidly developed since the post-World War I and II era, influenced by the integration of the Olympics and fashion design [1] - The domestic running atmosphere is increasingly vibrant, with the number of offline marathon events recovering in 2023 [2][7] - The demand for running-related products, such as running gear, is on the rise due to the growing running population, indicating significant future growth potential for domestic running shoes [3] - The domestic sports footwear market is witnessing a trend of rising domestic brands and a concentration of market share towards leading brands [4][10] Market Trends - Emerging markets have become a new growth engine for the global footwear and apparel market in recent years [5] - Economic development is driving an increase in per capita spending among domestic residents, suggesting that the footwear and apparel market growth is likely to continue [6] - In 2022, the CR10 (concentration ratio of the top 10 brands) of China's sports footwear market grew by 18.6% from 2015, reaching 36.8%, with market share increasingly concentrated among leading brands [10] - International leading brands have seen a decline in market share due to shifts in domestic consumer demand and preferences, while domestic brands are rapidly growing under the influence of the "national trend" [10] Future Projections - According to iMedia Consulting, the market size of China's sports footwear and apparel industry is expected to reach 598.9 billion yuan by 2025, with an anticipated annual growth rate of 11.62% from 2021 to 2025 [11] Investment Recommendations - Companies to watch include Anta Sports, Li Ning, and TBO [9]