Core view
Search index: the popularity of the Winter Olympics has returned to rationality, and sports brands continue to lead. Adidas index + 87% month on month; The heat of the special step increased by 37.7% to 1624 from 1180 in February. As the heat of the Winter Olympics gradually faded, the indexes of FILA, desant, Archaeopteryx, Li Ning and other brands returned to the average level of previous years. Guo Jingjing, an official of the cotton era, announced that the index from December to January was relatively low, only 650 and 539. The index rebounded to 620 in February and increased significantly to 2229 in March; Balabala released baokemeng product series. The index was relatively low from January to February, 1741 and 1383 respectively, and increased by 224.0% to 4479 month on month in March; Bosideng’s marketable season is coming to an end, with the index falling 51.7% month on month in March to 2092 Ningbo Peacebird Fashion Co.Ltd(603877) , Senma and Jiangnan cloth index all declined slightly.
Content marketing: domestic brands make great efforts in marketing, and Bosideng performs prominently. From the perspective of microblog performance, the number of microblogs of local brands is generally ahead of that of international brands. Bosideng ranked first in the cumulative number of fans (10.33 million), with 275812 new fans (mom + 2.7%). Cotton era, Anta and FILA added 102 microblogs, 100 microblogs and 64 microblogs respectively. FILA, Anta and Senma added 3 million, 560000 and 200000 new reviews respectively. Performance of little red book: Nike ADI’s cumulative volume is still ahead, and Anta added 15000 notes (mom + 29.4%). On wechat, Bosideng, Nike and Semir have the top three average readings in 30 days.
Sports community: Li Ning’s discussion number is high, and Nike’s discount is narrowed. The number of discussion posts on Li Ning continued to be high, and the number of views of ADI / 361 Posts increased by 546% / 339% month on month. The contents of the discussion were related to the situation in Russia and Ukraine, product evaluation, stars and the company’s profits. In terms of goods recognition, Nike’s discount is narrowed and its sales volume is the first; Li Ning continues to maintain the leading sales volume, discount and price of local brands, ranking second among the selected brands; Anta discount improved month on month.
Risk tips: 1. Repeated epidemic situation; 2. Deterioration of competition; 3. Damaged brand image; 4. Systemic risk.
Investment suggestion: be optimistic about the medium and long-term growth of domestic products and pay attention to the underestimated value and high-quality leaders. In March, the heat of the Winter Olympics began to return to rationality, high-quality sports brands such as Anta and Tebu continued to lead, and the heat of Nike and Adi also rebounded; In addition, local leisure brands such as cotton era and barabarabara are also making efforts, and the marketing heat is rising. In the medium and long term, after the Xinjiang cotton incident, the local head sports brand seized the opportunity to upgrade the brand, and the brand strength gradually stood at a new level. Recently, the consumer side is still affected by the epidemic and macroeconomic fluctuations, but the safety margin appears after valuation adjustment. We recommend Li Ning, Anta sports, Tebu international and taobo in the sportswear section, and Bosideng, Winner Medical Co.Ltd(300888) , Zhejiang Semir Garment Co.Ltd(002563) , and Zhejiang Semir Garment Co.Ltd(002563) .
