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零售行業深度:中國優質供應鏈的品牌化系列之平價大生意,名創優品崛起之路
格隆匯 10-05 10:22

機構:東吳證券

行業趨勢:

①國內優質供應鏈通過品牌化兑現價值,SKU多但沒有價格錨定的商品具備較高的品牌化潛力;

②行業規模繼續增長,但分化早已開始——但每過數年都有一些品牌崛起,而另一些品牌退出;

③未來零售唯快不破,能做到“快反”的品牌崛起——2008-18年,優衣庫和ZARA是勝在“快”而不是時尚,而Forever21等老品牌就輸在“慢”;?④國內有大量沒有被主流品牌照顧到的下沉市場,我們需要更多接地氣的品牌;

名創優品做對了的幾件事:

①通過品牌化減少中間環節,加快流通效率,快反+高週轉,降低風險適應潮流;

②接地氣,價格足夠低,照顧到廣大下沉市場——據招股書,FY2020國內超過95%的產品零售價格低於50元人民幣;

③鋪的足夠開,部分品類(紡織品等)消費者可以觸達實物,較線上購物具備優勢——截至2020年6月,公司在中國300多個城市中擁有2533家門店,在全球80多個國家和地區擁有1689家門店;

④產品設計有特色,形成差異,能持續強化品牌認知。

投資建議&風險提示

投資建議:建議關注南極電商,公司通過建立聯盟,採取去中心化模式引領生產和銷售,是白牌電商品牌化行業的典型代表。

風險提示:貿易摩擦,渠道變革,產品質量問題,疫情出現反覆等

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