国信证券：国内户外鞋服市场高速增长 未来专业产品更具增长潜力

Core Insights - The Chinese outdoor footwear and apparel market is valued at over 100 billion, experiencing double-digit growth, outpacing the global outdoor market growth rate [1] - Growth is driven by increased penetration of outdoor sports participants and the rise of high-end brands like Arc'teryx, which have social attributes and set fashion trends, benefiting mid-range brands as alternatives [1] - Market concentration is increasing, with the top ten outdoor brands expected to hold approximately 29% market share in 2024, and the top ten e-commerce channels accounting for 40% of sales [1] Brand Competitiveness Analysis - Product Strength: High-end and professional brands excel in technology, materials, and craftsmanship, allowing for high pricing; mass-market brands focus on cost-effectiveness and trendy designs [1] - Channel Strength: High-end brands have strong offline presence and high store efficiency, while domestic mass-market brands dominate online sales [1] - Brand Strength: Professional outdoor brands leverage sports and event marketing, with brands like Salomon and HOKA sponsoring trail running events, while casual outdoor brands use celebrity endorsements for visibility [1] Product Strategy Overview - High-end Professional Brands: Focus on technical barriers and a well-defined product matrix, supporting high pricing through professional performance [2] - Mass-market Casual Brands: Core products include three-in-one jackets, which account for over 40% of sales, emphasizing multifunctionality and cost-effectiveness for daily and light outdoor use [2] - Sports Leaders: Brands like Nike ACG, Adidas TERREX, and Anta Champion are entering the outdoor segment, showing strong growth in outdoor footwear [2] Industry Chain Analysis - The high-end functional fabric market is dominated by international suppliers, with brands like GORE-TEXPro holding exclusive rights to advanced waterproof and breathable technologies [3] - Domestic manufacturers, such as Taihua New Materials and Weixing Co., benefit from industry growth by offering high-quality products at competitive prices, enhancing their market share [3] - The industry chain exhibits a pattern of "international technology monopoly and accelerated domestic substitution," with downstream brand growth driving orders for domestic manufacturers [3]