Investment summary:
Talk every Monday: learn from bosden's suggestions and pay attention to the four enterprises cooperating with Junzhi
Event: strategic upgrading helped Bosideng achieve all-round growth. Bosideng began to cooperate with Junzhi consulting in 2017. Junzhi team conducted in-depth research on the market environment of Bosideng, and finally helped Bosideng establish a new strategic direction, that is, "return to the main business and concentrate on making down jacket". Under the influence of the company's strategic upgrading, Bosideng's performance has achieved all-round high-speed growth, among which the performance of down jacket products is the most outstanding. In 2020, Bosideng's down jacket revenue was 10.889 billion yuan, an increase of 137.80% compared with 2016 before the cooperation.
Products, brands and channels should work together to promote the efficient implementation of Bosideng's new strategy. As a leading enterprise in the field of down jacket in China, Bosideng focuses on the new strategic direction, focuses on all advantageous resource advantages, focuses on the core down jacket business, makes a comprehensive layout from three aspects of products, brands and channels, promotes product technology innovation, tamps customers' brand awareness, improves terminal sales efficiency, and jointly supports the implementation of the company's new strategy.
Joeone Co.Ltd(601566) cooperated with Junzhi consulting in 2020 to start the strategic change of "men's pants expert". As a leading enterprise in the field of men's pants in China, Joeone Co.Ltd(601566) launched the strategic change of "men's pants expert" against the trend in 2020 in order to win the value war of the brand with differentiated men's pants positioning Joeone Co.Ltd(601566) put forward the brand mission of "creating the best pants in the world" and the brand vision of "leading Chinese men's pants and becoming the global pants king", and carried out strategic upgrading in three aspects: brand power, channel power and product power.
Hunan Mendale Hometextile Co.Ltd(002397) since 2020, we have cooperated with Junzhi consulting to build the first brand of high-end bedding. As a leading enterprise in the field of high-end bedding, Hunan Mendale Hometextile Co.Ltd(002397) from the four dimensions of product upgrading, channel upgrading, operation upgrading and communication upgrading, it has opened a new strategic layout, accelerated the realization of the brand position of "high-end bedding", and made Mengjie the first brand of high-end bedding.
603 Guangdong Jushen Logistics Company Limited(001202) 1 reached strategic cooperation with Junzhi consulting, focusing on "comfortable men's shoes" as the core strategy. As one of the largest private shoemaking enterprises in China, Zhejiang Aokang Shoes Co.Ltd(603001) focuses on the mainstream population and focuses on "comfortable men's shoes" as the core strategy, with the help of five actions: Strategic landing, channel expansion, image upgrading, operation upgrading and policy incentive. Starting from the brand strategic positioning with "more comfortable men's leather shoes" as the core, we are committed to solving the pain points of "grinding feet, top feet, hard leather and air tightness" of male customers wearing leather shoes, and create new products that meet the quality requirements of consumers for comfort, fashion and science and technology.
Jiangsu Hongdou Industrial Co.Ltd(600400) join hands with Junzhi consulting to fully implement the brand high-end strategy On June 18, 2021, Jiangsu Hongdou Industrial Co.Ltd(600400) Hongdou men's wear started the cooperation of brand high-end strategic project with Junzhi consulting. Hongdou men's wear officially anchored the new track of "comfortable men's wear", positioned as "classic comfortable men's wear", took "men's wear is more comfortable, wear red beans" as the advertising language, adapted to consumption upgrading with high-end and differentiation, and improved brand awareness and industry influence; Adapt to the era of digital economy and enhance competitiveness with digitization and online; Adapt to the needs of personalized customization with flexible and intelligent production, make self breakthrough and self innovation, and lead new development with high-quality brand.
After cooperating with Junzhi consulting, the above four enterprises are expected to replicate Bosideng's success Joeone Co.Ltd(601566) , Hunan Mendale Hometextile Co.Ltd(002397) , Zhejiang Aokang Shoes Co.Ltd(603001) , Jiangsu Hongdou Industrial Co.Ltd(600400) these four enterprises are very similar to bosden. From the perspective of industry status, these four enterprises are in a leading position in their respective fields, which is similar to bosden's industry status; From the perspective of the difficulties faced, these four enterprises are facing similar difficulties as Bosideng in that year, such as intensified industry competition, serious product homogenization in the industry, low consumer recognition of the brand and so on; From the perspective of solutions, the solutions provided by Junzhi consulting are very similar to those of Bosideng in that year. In the overall strategic direction, it is to let each company focus on their "core advantage business", such as Bosideng focusing on down jacket and Joeone Co.Ltd(601566) focusing on men's pants. In terms of the specific implementation plan, it mainly carries out all-round strategic upgrading from the perspectives of products, brands and channels, so as to get rid of the current difficulties and achieve the purpose of improving the overall performance. It is suggested to pay attention to the long-term development of Joeone Co.Ltd(601566) , Hunan Mendale Hometextile Co.Ltd(002397) , Zhejiang Aokang Shoes Co.Ltd(603001) , Jiangsu Hongdou Industrial Co.Ltd(600400) .
Market review (February 21-february 25):
Among the Shenwan level industries, the light industry manufacturing industry fell 0.63% this week, ranking 16th among Shenwan 31 level-1 industries, outperforming the market. Among the sub sectors, the paper sector performed better, up 2.56%, and the performance of cultural and entertainment products was poor, down 2.72%; The textile and garment industry fell 0.42% this week, ranking 15th among Shenwan's 31 primary industries, outperforming the market. Among the sub sectors, the jewelry sector rose 0.92%, the textile manufacturing sector fell 0.67%, and the clothing and home textile sector fell 0.70%.
Industry data tracking:
Furniture: timber prices fell this week, TDI prices fell this week compared with last week, and MDI prices fell compared with last week.
Papermaking: according to Zhuo Chuang information, in terms of pulp, on February 25, the market price of coniferous pulp was 668554 yuan / ton, up 4.03% from last Friday; The market price of broad-leaved pulp was 567955 yuan / ton, up 5.69% from last Friday; The market price of natural color pulp was 630833 yuan / ton, up 1.34% from last Friday; The market price of chemical mechanical pulp was 490000 yuan / ton, up 3.34% from last Friday. In terms of packaging paper, on February 25, the market price of corrugated paper was 386875 yuan / ton, down 1.35% from last Friday; The market price of white cardboard was 620500 yuan / ton, up 0.16% from last Friday. In terms of cultural printing paper, on February 25, the market price of double offset paper was 583750 yuan / ton, up 0.21% from last Friday; In terms of household paper, the market price on February 25 was 671667 yuan / ton, up 4.13% from last Friday. Textile and clothing: on February 25, the price of cotton was 2277154 yuan / ton, unchanged from last week; The price of yarn has decreased and the price of polyester has increased.
Investment strategy:
Recently, the policy margin of the real estate industry has been relaxed. We believe that we can pay attention to the home sector in the near future. It is suggested to pay attention to [ Oppein Home Group Inc(603833) ], [ Suofeiya Home Collection Co.Ltd(002572) ]; It is suggested to pay attention to [ Jason Furniture (Hangzhou) Co.Ltd(603816) ], [ Xlinmen Furniture Co.Ltd(603008) ].
Risk tips: raw material price fluctuation risk and exchange rate fluctuation risk.
