伯希和招股书解读：高性能户外服饰领先品牌，成长空间广阔

Investment Rating - The report assigns an "Outperform" rating to several companies in the high-performance outdoor apparel sector, including Anta Sports, Shenzhou International, Li Ning, Samsonite, Xtep International, and 361 Degrees, with target prices set for each [1]. Core Insights - The high-performance outdoor apparel industry in China is entering a trillion-yuan era, with significant growth potential. The market size increased from 53.9 billion yuan in 2019 to 102.7 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 13.8%. It is projected to reach 215.8 billion yuan by 2029, with a CAGR of 16% from 2024 to 2029 [3]. - The report highlights Pelliot as a leading brand in high-performance outdoor apparel, which has established a broad product matrix and a direct-to-consumer (DTC) sales channel. The company reported a revenue of 1.766 billion yuan in 2024, a 94.5% year-on-year increase [2][17]. - Pelliot's product matrix includes four main series: Peak Series, Professional Performance Series, Mountain Series, and Classic Series, with the Classic Series contributing over 80% of sales revenue [34]. Summary by Sections Company Overview - Pelliot has been a key player in the high-performance outdoor apparel market since its establishment in 2012, focusing on a wide range of products suitable for outdoor activities, fitness, and urban commuting [2][10]. - The company has developed a multi-channel sales and distribution network, with online sales accounting for 76.5% of total revenue in 2024, while offline sales grew by 257.1% [2][19]. Financial Performance - Pelliot's revenue grew from 379 million yuan in 2022 to 1.766 billion yuan in 2024, with a remarkable growth rate of 139.9% in 2023 and 94.5% in 2024 [17][18]. - The company's gross margin improved from 54.3% in 2022 to 59.6% in 2024, driven by business scale expansion, enhanced pricing power, and effective cost control [7]. Market Position - The high-performance outdoor apparel market in China is relatively fragmented, with the top ten brands holding a combined market share of 27.3% in 2024. Pelliot's market share was 1.7% [3]. - Pelliot ranked third in online retail sales among high-performance outdoor apparel brands in mainland China, with a market share of 3.7% [3]. Product Development - The company employs a dual-track technology system of "internal innovation + external procurement," focusing on proprietary technologies such as Storm Breath and Storm Shield [6]. - Pelliot's core products demonstrate its technological capabilities and market positioning, contributing significantly to revenue and brand strength [39].