纺织服装行业：从优衣库复盘窥见全球服装龙头的成长驱动

Industry Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Viewpoints - Uniqlo is a global leader in casual wear with strong growth and sustainable performance [2] - Uniqlo's success is driven by high cost-performance and a full product range, catering to consumer preferences during Japan's economic downturn and consumption downgrade [2] - Brand strength determines the growth ceiling, and international markets have opened a second growth curve for Uniqlo [2] - The report provides insights for Chinese enterprises in terms of channel optimization, product upgrades, and overseas expansion [2] Company Overview - Uniqlo, founded in 1984, has grown into a global casual wear leader with a focus on high-quality, affordable products [6] - From 1994 to 2023, Fast Retailing (Uniqlo's parent company) achieved a revenue CAGR of 16.5%, with international markets contributing significantly to its growth [8] - Fast Retailing's net profit CAGR from 1995 to 2023 was 19.3%, reflecting strong supply chain management and profitability [10] - Uniqlo's stock price increased 212.2 times from 1998 to 2023, with an annualized return of 22.9%, significantly outperforming the Nikkei 225 index [12] Development Stages - 1984-1998: Expansion Phase - Uniqlo relied on low prices and store expansion, with revenue CAGR of 25.7% and store count CAGR of 29.1% [28] - 1999-2005: Reform Phase - Uniqlo implemented the ABC plan and transitioned to the SPA model, improving product quality and supply chain efficiency [31][32] - 2006-2011: High-Quality Growth Phase - Uniqlo collaborated with Toray to develop innovative products, achieving a 25.9% increase in same-store sales in Japan [37][38] - 2012-Present: Global Expansion Phase - Uniqlo's international revenue CAGR from 2011 to 2023 was 25.5%, with Greater China becoming its most important overseas market [40][42] Competitive Analysis - Uniqlo's net profit CAGR over the past five years was 7.6%, outperforming competitors like H&M, Gap, and Hailan Home [15] - Uniqlo's valuation is higher than peers due to its strong profitability and growth potential [15] Consumer Trends and Market Insights - Japan's consumption downgrade led to a preference for high-cost-performance products, benefiting Uniqlo [18][20] - Uniqlo's success in Greater China is attributed to its rapid store expansion and strong same-store sales performance, surpassing local competitors like Hailan Home [42][43] Lessons for Chinese Enterprises - Chinese companies should focus on improving store efficiency and optimizing channels [50][51] - Technological innovation and product upgrades are crucial to meet changing consumer demands [53] - Collaborations and co-branding can enhance brand image and create buzz [54][55] - Domestic market potential remains significant, and overseas expansion should be prioritized [56]