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国君纺服|体育营销稀缺处,运动品牌竞风流
Guotai Junan Securities·2025-01-27 02:03

Investment Rating - The report suggests a positive outlook for leading sports brands with strong marketing capabilities, indicating a favorable investment rating for companies that excel in product strength, marketing strength, and channel strength [1]. Core Insights - The scarcity and importance of sports marketing resources are highlighted, with brands competing in three main categories: event sponsorship, national team sponsorship, and athlete/celebrity endorsements. The report emphasizes that existing marketing advantages have high barriers to entry, making brand migration of marketing resources challenging [1][2]. - Short-term improvements in consumer spending are anticipated due to domestic policy stimulation, while long-term growth is expected for leading sports brands that possess the "three strengths" [1]. - Historical examples illustrate how leading brands have leveraged top-tier sports marketing resources to achieve significant revenue growth, such as Nike's partnership with Michael Jordan leading to a nearly 40-fold increase in revenue [1]. Summary by Sections Sports Marketing Resources - Three categories of sports marketing resources are identified: 1. Events: Li Ning focuses on athletics, basketball, and badminton, targeting the youth market, while Anta is closely tied to the Olympics and emphasizes basketball and athletics [2]. 2. National Teams: Anta and Li Ning dominate sponsorship of national teams in key sports, while Nike and Adidas focus on their core categories [2]. 3. Athlete/Celebrity Endorsements: Different brands have varying strengths in athlete endorsements, with FILA excelling in celebrity endorsements [2]. Competitive Landscape - The report notes that breaking the current competitive landscape is challenging due to financial resources and historical partnerships. Recent developments include Li Ning becoming the official sportswear partner for the Chinese Olympic Committee and the national sports team from 2025 to 2028, which is expected to enhance its brand image and market share [2].