防晒服饰专题报告：酷暑下的品牌化竞争

Investment Rating - The report maintains an "Outperform" rating for the textile and apparel industry [7] Core Insights - Functional apparel is experiencing structural growth potential, with a focus on sun protection clothing as summer approaches [1][11] - The narrow (national standard) sun protection clothing market has reached approximately 100 billion yuan, with growth rates expected to slow due to market saturation [2][17] - Brand competition is intensifying, with significant market players like JiaoXia and JiaoNei leading in market share, while fashion appeal becomes a key competitive factor [3][23] Summary by Sections Functional Apparel Market - The functional apparel market shows potential for growth, with a notable rise in demand for sun protection clothing during extreme heat conditions [1][15] - The market for sun protection clothing is projected to maintain rapid growth in 2024, despite a slowdown in growth rates compared to previous years [2][19] Development Stage - The sun protection clothing market has reached a scale of around 100 billion yuan, with online sales showing a significant increase [2][17] - The market is entering a phase of brand consolidation, with a decrease in the number of market participants and an increase in mid-to-high-end branded products [2][21] Brand Competition - JiaoXia holds a significant market share, particularly in the mid-to-high-end price range, with intense competition among various brands [3][23] - The focus of brand competition has shifted towards product comfort and design, alongside aggressive marketing strategies involving celebrity endorsements [3][24] Leading Companies - JiaoXia has expanded its product range and channels, achieving substantial sales growth in sun protection clothing, with 2021 revenues reaching 710 million yuan [4][21] - Bosideng is also making strides in the sun protection clothing segment, enhancing its product offerings and marketing efforts to align with fashion trends [5][24]