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【出版时间及名称】：2010年5月中国体育运动用品行业研究报告
【作者】：瑞士信贷
【文件格式】：pdf
【页数】：71
【目录或简介】：
China Sporting Goods Sector
SECTOR REVIEW
Making healthy choices into 2011
■ Five-Factor Evaluation Model for Chinese sports brands. We evaluate
the relative strengths and weaknesses of Chinese sports brands by their:
1) branding and marketing resources; 2) ability to differentiate themselves;
3) market penetration strength; 4) financial management and control;
5) corporate and organisational structure. Our evaluation shows that while
concerns over retail store overcapacity, foreign competition, crisis
management (in the event of inventory bottlenecks) and financial leverage to
distribution channels are not unwarranted, they could be excessive and
therefore understate the value of selected sports proxies.
■ A further rerating is expected for Anta, Peak and Xtep. There is little to
refute the premium that Li Ning commands in the market, although recent
progress made by its peers could dilute its differentiation premium. Anta,
Peak and Xtep are well positioned to leverage further on their branding and
marketing resources, which could see new additions in the near term.
Li Ning, Anta and Peak have shown greater consistency in growth across
markets in China than Xtep, but we do appreciate Xtep’s preference to work
with more able distributors that meet its financial management standards
and controls. Finally, as we review the organisational structure of each
company, we would like to see Peak expand with more managerial
resources and expertise, as these would help cement the sustainability of its
future growth.
■ Anta remains our top pick in the sector. Anta (OUTPERFORM) is bestpositioned
for growth over the next three years and we believe its growth story
remains understated at current valuations. Despite the recent outperformance,
we also see further rerating potential for Peak (OUTPERFORM) and Xtep
(OUTPERFORM). We continue to like Li Ning (OUTPERFORM) as a good
long-term investment and maintain our UNDERPERFORM on Hongxing.
Making healthy choices into 2011
Come May 2010, Chinese sports brands would have completed their final trade fair for 2010.
We roll out new forecasts for the next three years (2011, 2012 and 2013), based upon a
Five-Factor Evaluation Model for Chinese sports brands that includes assessments of:
Branding and marketing resources
We assess whether the investments made by Chinese sports brands in branding and
marketing resources every year can enhance their ability to reach out to consumers and
lift their brand recognition. We believe that sports with a higher participation rate in China
can be more easily utilised to reach out to Chinese consumers and, if differentiated
activities surrounding these sports can be executed, sports brands would be able to
leverage on their popularity to enhance brand recognition. Li Ning holds a clear lead in this
area, but it is evident that Anta, Peak and Xtep are making good progress in taking more
such resources on board.
Ability to differentiate
Our underlying view is that effective sports marketing is not just about the amount of
money spent, events sponsored or the number of stars endorsed. What is more important
is whether the marketers of the brand company are able to develop a recognisable
distinction through the associated event or sports star endorsements that appeals to its
targeted audience. This can only be achieved with a well-conceived marketing campaign,
along with products and precise execution. Li Ning and Anta have consistently delivered
on this front.
Market penetration strength
As the various Chinese sports brands continue to grow their retail network in China toward
a 10,000 store target, companies like Li Ning, Anta and Peak have shown greater
consistency in growth across markets in China, while Xtep seems to have a comparatively
stronger presence in selected regions. This regional concentration may diffuse ahead as
Xtep taps into its new branding and marketing resources to extend its reach further across
China.
Financial management and control
The current weakness in the financials of newer stocks like Peak reflects the early stage of
their growth; this should reverse over time if their strategies are well-executed. The
emphasis on operational cash generation by most Chinese sports brands and their
manufacturing background can, in our view, make up for a relative lack of an operational
track record. The provision of early financial support to build a franchising network is not
uncommon in China, and if the following branding and marketing resources can be utilised
effectively, the payback from this investment could be huge.
Corporate and organisational structure
Many Chinese sports brands, such as Anta, Peak, Xtep and Hongxing, are family-owned
businesses, but some (like Anta and Xtep) have begun to tap into professional managerial
resources and expertise to help manage their growing businesses. This seems to be
lacking in Peak at this moment. As the scale of Peak’s business expands, we believe the
risk/reward profile of having more professional managerial resources on board would
become increasingly favourable.
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