全球体育用品品牌2024年二季度跟踪深度报告：运动服饰成长性延续，品牌端分化加剧

Investment Rating - The report maintains a "Positive" outlook on the sports apparel industry, highlighting the resilience of domestic sports brands and the ongoing growth in demand for functional outdoor sportswear [2]. Core Insights - The demand for domestic sports brands remains strong, with notable growth in retail sales for brands like Anta, FILA, and 361° in Q2 2024, indicating a robust market despite high retail baselines [2][7]. - International brands are experiencing a divergence in performance, with Adidas showing a recovery that exceeds expectations, while traditional brands like Nike and Puma face challenges [3][6]. - The inventory levels of international brands are healthy, contributing to improved gross margins as discounting pressures ease [3][6]. Summary by Sections Overview - The sports apparel market shows steady demand and healthy inventory levels, with significant performance differentiation among brands [15]. - Domestic brands are benefiting from strong demand, particularly in the high-end and cost-effective segments, with Anta and others seeing substantial growth [15]. Brand Performance - Anta, FILA, and 361° reported retail sales growth in high and mid-single digits, while new brands like Lululemon and HOKA are experiencing rapid growth [2][7]. - Adidas achieved an 8.9% revenue growth in Q2 2024, while Nike and Puma faced declines of 1.7% and 0.2%, respectively [6][16]. Regional Analysis - Demand in North America and Europe is weak, while the Greater China region continues to recover, with Nike and Adidas reporting growth of 2.9% and 7.4% respectively [4][8]. - The footwear category remains a core revenue driver, with Adidas benefiting from the popularity of retro styles [4][8]. Channel Performance - The report indicates a recovery in wholesale channels, with Nike's wholesale revenue growing by 5% in Q2 2024, while direct-to-consumer (DTC) channels faced a decline [5][8]. - The easing of inventory pressures is expected to lead to improved sales and margins in the wholesale segment [3][5]. Investment Recommendations - The report suggests investing in domestic brands like Anta, Bosideng, and 361°, with a focus on the strong growth potential in the functional outdoor segment [6][15]. - It also highlights opportunities in the manufacturing sector, recommending companies like Shenzhou International and Huayi Group as they enter a replenishment cycle [6][15].