拆解三丽鸥探讨IP零售变现价值

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the retail industry [4] Core Views - IP licensing is becoming a key driver for attracting customer traffic, especially in a challenging sales environment [5] - The IP industry exhibits counter-cyclical properties, with growth observed even during economic downturns [9] - The global IP licensing market is projected to reach $3565 billion in 2023, with a 4.6% YoY growth [5] - The Chinese IP licensing market is growing rapidly, with a 9.7% YoY increase in 2019, reaching $10.4 billion [5] - Sanrio's IP matrix, including Hello Kitty, has demonstrated stable growth potential, particularly in the US and East Asian markets [5] Detailed Summary by Sections IP Licensing Industry - IP licensing serves as a valuable tool for attracting customer traffic, especially in a difficult sales environment [5] - The IP industry has shown resilience during economic downturns, with Japan's character industry growing to over 2 trillion yen in the 1990s despite economic pressures [9] - Consumers are willing to pay for the emotional value associated with IPs, with 55.9% of Japanese consumers seeking comfort in character products [9] Global IP Market - The global IP licensing market is projected to reach $3565 billion in 2023, with a 4.6% YoY growth [5] - The entertainment/character sector remains the largest category in the IP licensing market, accounting for 43.8% of the global market in 2019 [12] - North America is the most mature IP market, with the US and Canada accounting for 58% of global IP consumption in 2019 [14] Chinese IP Market - The Chinese IP licensing market is growing rapidly, with a 9.7% YoY increase in 2019, reaching $10.4 billion [5] - The market is still in its early stages, with significant growth potential compared to the US, where per capita IP consumption is $568 compared to $9.8 in China [5] - The rise of the millennial and Gen Z consumer base is driving the shift from functional to emotional consumption, increasing the influence of IPs in purchasing decisions [17] Sanrio's IP Strategy - Sanrio's IP matrix, including Hello Kitty, has demonstrated stable growth potential, particularly in the US and East Asian markets [5] - Sanrio's revenue in North America grew by 131% in FY2023, highlighting the value of IPs in the region [18] - The company's diversified character portfolio in China, including Hello Kitty, Kuromi, Cinnamoroll, and My Melody, is expected to drive stable growth [18] IP Retail Value Chain - The core value of IP monetization lies in merchandise retail, with Sanrio's global revenue heavily reliant on product sales and IP licensing [5] - In the US, retail channels play a crucial role in IP sales, with retailers like Walmart and Target being key players [46] - The profit margins for IP-related retail in the US are higher, with retailers achieving gross margins of 55%-62%, compared to 35%-40% in Japan [47] Investment Recommendations - Companies with strong IP operation capabilities and overseas expansion potential, such as Miniso, are recommended for investment [5] - The report suggests that a diversified IP portfolio can help stabilize business fluctuations and drive consistent growth [5] - The importance of both brand power from IP licensors and channel power from retailers is emphasized, particularly in overseas markets [5]