ICBC International talked about China's sportswear industry

We are concerned and optimistic about China's sportswear industry. Yesterday we visited the orders of major sportswear enterprises in China and discussed with executives respectively. We concluded that the worst period after 4 consecutive quarters of the sportswear industry has passed and the business environment is expected to gradually improve. ICBC's international sportswear industry in China - brand start

We expect the sports apparel market to experience a 15% -20% increase from 2010 onwards after experiencing high growth in 2008 before the Beijing Olympics. The motivation will come from the popularization of sports, the improvement of public health awareness, as well as the increase in household income and urbanization development of.

After months of inventory discounts at large discounts, the consumer sentiment has been restored since the third quarter of 2009. At present, retail discounts are shrinking, and the retailer's sales-to-consumer ratio has improved over the previous period. Dealers after the past few lessons learned, the expectations of the market has become a reality, the order is also more rational. From the second quarter of 2010, we can see that the orders of most sportswear enterprises increased by 15% -20% compared with the same period of last year. The growth rate is reasonable and is in line with the actual growth of the industry in the future.

Opinions We preferred Anta, because it 1) has a clear goal to become the nation's largest sportswear brand in 5 years; 2) the mass market positioning, brand awareness, product value for money; 3) with the Olympic Games have more Close contact is expected to follow Li Ning (26.8,0.75,2.88%, Economic real-time market) past successful experience development; 4) stable financial position, net cash per share 1.3 yuan; 5) 13.7 times, the valuation is not expensive.

We first give Xtep a "buy" rating because the unit is 1) an inexpensive alternative to investing in the Chinese sportswear industry; 2) targeting the popular fashion apparel market; 3) finding new ways to market products through sponsored entertainment and entertainers; and 4 ) Sights on the popularity of running in China, with this sport as its product promotion platform.

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