彙豐對中國運動鞋市場的研究報告(英文版)(pdf 53頁)

彙豐對中國運動鞋市場的研究報告目錄：
Summary………………4
Valuation………………6
Near-term adjustments………………9
Pricing strategies………………13
Company profiles………………19
Belle (1880)………………20
Daphne (210)………………25
Li Ning (2331)………………29
Yue Yuen (551)………………34
Appendix 1: China………………fashion
footwear………………39
Appendix 2: China………………sports
footwear………………42
Appendix 3: Business models………………45
Disclosure appendix………………48
Disclaimer………………52

彙豐對中國運動鞋市場的研究報告內容提要：
China footwear
Two key investment themes
Two key themes drive our investment strategy in the Chinese footwear industry. These are:
1. Inventory overhang in sports footwear to continue in 2H09
The inventory overhang of sportswear products was caused by the combination of weaker Chinese consumer confidence and weaker demand post the
Beijing Olympics.
We estimate that this inventory overhang will need at least another quarter for inventories to normalize (page 7), if not longer.
2. Consumers continue to trade down
Weaker consumer confidence implies consumers continue to “trade down”. This will put pressure on ASP for both sports and fashion footwear companies. Companies that sell high-end shoes will, we expect, be more exposed to this pressure
than companies that operate at the low end of the market (Daphne’s Shoebox). Recent guidance and changes in same store sales growth (SSSG) appear to confirm this.

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