运动鞋服行业深度报告：本土与国际品牌相抗衡，细分垂类崛起

Investment Rating - The report initiates a "Buy" rating for four domestic sports footwear and apparel brands, with a preference for Anta Sports (2020.HK) as the top pick [16][17]. Core Insights - The Chinese sports footwear and apparel industry is in a prosperous phase, characterized by a large market capacity and high concentration. The market is expected to maintain a mid-single-digit compound growth rate over the next three years, driven by increased sports participation and rising consumer demand for comfort and functionality [7][20]. - The industry is witnessing a shift in market dynamics, with high demand for outdoor products, the rise of specialized subcategories, and a resurgence of retro styles. The penetration rate of sports footwear and apparel is on the rise, indicating significant growth potential [7][20]. - Domestic brands have achieved technological parity with international brands, leading to a competitive landscape where both sides are now contending with each other. Local brands are focusing on high-end functional products and expanding into lower-tier markets [9][10]. Summary by Sections Industry Analysis - The Chinese sports footwear and apparel market is projected to reach over 380 billion RMB in retail sales by 2023, with a compound annual growth rate (CAGR) of 5.6% from 2019 to 2024, outpacing the retail sector and GDP growth rates [7][20]. - The market is characterized by high concentration, with the top 10 brands holding approximately 83% of the market share in 2024, slightly down from previous years due to the emergence of niche brands [33][40]. - The report highlights the importance of learning from the U.S. market, where the sports footwear industry has historically outpaced GDP growth, indicating a robust consumer demand [8][41]. Company Analysis - Anta Sports (2020.HK) is recognized for its multi-brand strategy that effectively addresses consumer segmentation and market fluctuations. The company is expected to benefit from its outdoor brand growth and successful international expansion [16][17]. - Li Ning (2331.HK) is noted for its healthy brand operations, although it may require time to adjust to market conditions. The company is focusing on improving operational efficiency and expanding into emerging markets [16][17]. - 361 Degrees (1361.HK) is positioned as a leading domestic brand with a focus on professional functionality and cost-effectiveness, aiming to capture market share in the mass market [16][18]. - Xtep International (1368.HK) is leveraging its expertise in running to establish a differentiated market position, particularly in marathon events, which is expected to enhance its brand visibility and market penetration [16][18].