How can the light industry, which is bound with high-quality IP to build a map of ten thousand generations of tide play, achieve evergreen performance?

Bandai: well-known IP is the core of development, and it continues to be the leader in iteration.

As an old toy manufacturer in Japan, Bandai has experienced the toy wave in Japan since the 195s, and developed well-known IP model games such as Gundam, Dragon Ball, Altman and One Piece. In recent years, Bandai has a market share of about 38% in Japan.

Everbright Securities analysts will review the development history of Bandai and Nanmeng Palace before their merger in 25, and analyze their strategic layout and core competitiveness before they became a toy leader.

according to the data of tianyancha APP professional edition, by November 3, 22, there will be more than 26 tide-playing-related enterprises in China mainland in 22. At present, there are at least 8 tide-playing-related enterprises in China. For example, it focuses on the twelve cultures of doll categories and looks for unicorns.

the development history of ten thousand generations:

195-197: the production period of traditional toys.

in p>195, Bandaiya, the predecessor of the company, was founded, focusing on making toys. In 1961, it was renamed Bandai. In 1963, it made a model play for Astro Boy, Japan's first domestic animation series, which was a great success and took the first step in the commercialization of well-known IP. Subsequently, in 1969, Imai Science was acquired to obtain the production capacity of plastic models.

1971-29: the period of IP commercialization and diversified expansion.

in p>1971, the company established a subsidiary, Popy, which made great contributions for Bandai to win the leading position in the industry. On the basis of Bandai's buyout of the commodity development right of "Devil Z", Popy produced two landmark model play products, "Invincible King" and "Super Alloy Devil Z", which opened the era of super alloy model play in Japan.

in the 198s, Bandai relied on this hot IP to grow against the trend in the downturn of the market and stabilize its leading position. At the same time, during this period, Bandai expanded its business multilaterally, and successively entered the fields of egg-twisting, video, clothing, games and so on, laying the foundation for the follow-up IP multi-linkage.

In p>25, Bandai merged with Nanmeng Palace, becoming the third largest entertainment company in Japan after Nintendo and Sega.

21- present: deepening period of IP linkage.

in order to get rid of the impact since the financial crisis, the company took the initiative to carry out structural changes, started the "restart plan", merged the game department and the audio-visual department, strengthened the linkage between departments, improved the response speed of the company's products and reduced costs.

subsequently, the concept of IP axis strategy (similar to "pan-entertainment" in China) was put forward, which vigorously promoted the multi-dimensional coordination and layout of IP in games, model play, audio and video, and peripheral areas, and achieved remarkable success in business. Two phenomenal IPS, lovelive and Monster Watch, were successively launched to further enrich the core product matrix.

after the merger of Bandai Nanmeng Palace, toys and electronic entertainment business were the main business, and organizational structure reform was implemented in 21 to restore growth momentum.

Bandai, which has many popular IPS, and Nanmeng Palace, a big game company, have a good complementary synergy. However, after the merger in 25, the integration of the two was weaker than expected, and it was still difficult to flexibly launch products according to market demand, superimposed on the impact of the financial crisis. After 28, the performance continued to decline. In 21, the company started a restructuring plan to merge the audio-visual department and the game department into a new content department. Enhance the company's content creation ability and market responsiveness, and its performance began to achieve positive growth (the negative growth of audio-visual business in FY 18 was mainly due to the re-division of income structure and the decline of about 7% caused by the difference in broadcast time of core IP content).

in p>16 years, entertainment facilities were incorporated into the content department to establish an online entertainment department, and in 18 years, entertainment facilities (arcades, etc.) and IP creation business were reclassified.

the gross profit margin is relatively stable, and the rate is gradually reduced to improve profitability. Since the organizational structure adjustment in 21, the fluctuation of the company's comprehensive gross profit margin has decreased, and the current stability is around 36%. During this period, the expense ratio has further declined, which has brought about the improvement of profitability.

from the perspective of operating profit rate, by the end of March 22, the operating profit rate of online entertainment/toy business, which accounts for the main part of income, was 13.6%/1.9% respectively.

the commercialization of popular IP was the main theme of the model game market in 197s and 198s, and the binding of Bandai and Dongying took the lead. The 197s and 198s were an important period for Bandai to develop into a leader, and its model play development closely revolved around the main line of popular IP commercialization.

with the help of "Magic Z" series, it emerged in the early market. In 1972, Dong Ying's animated film "Devil Z" was released, which was a landmark film and started the wave of Japanese mecha animation. The ratings remained high and the broadcast period was long. Bandai was attracted by Dong Ying because of the excellent sales of "Kamen Rider Belt" before, so in 1971, Bandai bought out the product development right of Devil Z and successively launched two popular products, "Invincible Brave" and "Super Alloy Devil Z".

Dongying's powerful IP continued to be authorized, consolidating the head position of Bandai. The Japanese mech toy market has a fast iteration and a short dividend period. Starting with "Devil Z" in 1974, the competition in the industry was fierce in 1977, and under the authorization of Dongying, Bandai was always able to iterate excellent IP works, from the initial Devil series to Britney Spears (love women), heavyweight IP Otto series and Doraemon in the late 197s and early 198s, all of which were directly or indirectly related to Dongying.

the cooperation with Dongying is not only to obtain IP, but also to ensure the timeliness and innovation of products and maintain competitiveness.

in p>1977, the Japanese animation industry switched styles, from robots to the trend of cosmic science fiction, and Bandai also released the "Cosmic Battleship Yamato" in time, realizing the stability transition under the style switching.

finally, the leading technology has further deepened the moat of Wandai's products. Bandai has invested deeply in the technical aspects of mecha's mold play. For example, in the early days, in order to realize the casting and mobility of lead-tin alloy of Magic God Z, Bandai spent one year researching and developing the technology and products, and then in the 198s, it successively introduced technologies such as glue-free tenon positioning technology, multi-color forming technology, electroplating technology and ultra-high precision mold opening, which were far ahead of its peers at that time.

among them, the multi-color forming technology (realizing multi-color distribution on one assembled panel) is rarely achieved by manufacturers even now, which further highlights the technological level of Gundam series works in the 198s and deepens the moat of the company.

Nitori: Deeply cultivate the industrial chain to build affordable products, and its performance is steady. It crosses Niuxiong

Japan's leading household retail industry, and its cost-effective products build competitiveness. Founded in 1967, Nitori is the third-ranked retailer in Japan (the parent companies of 7-ELEVEN convenience store and Uniqlo are Fast Retailing Group), mainly engaged in furniture and home decoration products.

nitori is the first enterprise in Japan's circulation industry to introduce the automatic warehouse system, and it is also a rare company in Japan to import raw materials from overseas in the 198s. Through laying out the SPA manufacturing modes such as product design, logistics and production for decades, nitori has realized the business philosophy of "reducing the price by 1/2 while ensuring the quality and function", thus achieving 33 years of continuous growth and crossing the "lost 2 years" in Japan.

The layout of procurement and logistics fields is perfect, and its profitability far exceeds that of the industry. Nitori's gross profit margin drove the EBIT rate to continue to rise, reaching 16.7% by the end of the 19th fiscal year, which was much higher than the 5% profit margin of Japanese household industry.

This is due to the layout that the leading industries of the company are ahead of their competitors in the supply chain. In the 198s, the automatic warehouse system was realized, and at the same time, overseas procurement was strengthened, which was rare among Japanese enterprises focusing on commodity export at that time.

9% products are self-researched, and the product management concept of "low price+high SKU+ high iteration" is implemented. Relying on the procurement and logistics system built for many years, the price of the company's products is only half that of other department stores, and even many products are still 3% cheaper than IKEA.

in addition, the company attaches great importance to product development, 9% of the products are self-developed. At present, the company has 24, single products, and the team develops about 1 series of new products every year, with a product replacement rate of 4%. The new products will have better cost performance, and the rapid iteration will better ensure the vitality of the products in the market.

scene display replaces single category, and high frequency drives low frequency. As early as the early days of the company's establishment in the 197s, the founder, Zhao Xiong, decided to display the whole home decoration as a selling point, and abandoned the traditional single product marketing.

under this concept, more than half of the company's current income is contributed by home decorations, and high-frequency products are used to drive low-frequency products, which better eases the low-frequency and high-price attribute of the home industry, and is also conducive to the company's adoption of deco home business model with small stores in the core economic circle.

there are four types of company storefront channels, and deco home, which focuses on the core economic circle, is the focus of future development.

the traditional nitori store is a large shopping center in the suburbs, with an area of 4,-5, square meters, which caters to the demand of Japanese people for one-time shopping on weekends in the last century.

in p>211, deco home, with a small area, was opened in the core economic circle, and nitori express was launched in 17 years. deco home developed rapidly, and 6% of household accessories increased the purchase frequency, which was the main driving force for the company to enter the central business district.

with the entry of the core business district, the single store area has decreased, but the floor efficiency has gradually increased. Since the company opened deco home in 211, the single-sided area has gradually declined. By February 22, the average single-store area was about 3,4 square meters, which was 1,3 square meters lower than the highest point.

However, the company's high-frequency consumption in complementary goods is relatively successful, and the floor efficiency has steadily increased. By February 22, the floor efficiency was 31, yen/square meter. In the future, with the increasing proportion of deco home stores, the comprehensive floor efficiency is still expected to improve.

the growth rate of single-store passenger flow slowed down, but the unit price of customers entered an upward channel. In 16-18 years, the year-on-year growth rate of monthly customers can achieve double-digit growth, and it gradually slows down to single digits in 19 years. The corresponding customer unit price has entered an upward channel since 19 years, and the data of single store model is relatively healthy.

Nitori's long cattle performance benefits from the business philosophy of SPA mode. In the process of decades of growth, the company attaches great importance to the penetration of industrial chain into industrial chain, and leads the industry in product design, global procurement, logistics control and factory construction, thus building a moat for the home industry.

Specifically, the company has the following competitive advantages:

1) The global procurement and production system provides a fundamental guarantee for low-priced products with high profits.

thanks to the pioneering spirit of its founder, Zhao Xiong, the company began to focus on procurement in 1985, which is rare in an export-oriented corporate atmosphere. in fiscal year 219, the company purchased 9% of goods overseas, and China accounted for 6%.

2) Perfect self-owned logistics system, connecting factories and businesses efficiently.

Nitori has the largest logistics system in Japan, and its logistics storage is classified by store rather than category, so factories can deliver goods to stores more directly and conveniently, and stores can realize zero inventory.

In terms of software, nitori has a strong software development capability, and as early as 198, it established the first set of automatic three-dimensional warehouse system in Japanese circulation industry.

at present, both the overseas receiving and transportation system and the small piece distribution system of Japanese domestic stores are developed by the group itself.

to sum up, the company has excellent software and hardware management capabilities in the field of logistics, and the company's logistics expense ratio basically remains at a low level and gradually declines.

In p>22, there will be 18,7 enterprises above designated size in the light industry nationwide, and the accumulated operating income will reach 19.47 trillion yuan, down 1.7% year-on-year, with the decline narrowing month by month and the operation continuing to improve; The profit was 1,334.16 billion yuan, a year-on-year increase of 3.6%, and the profit level rose month by month.

according to the data from the Ministry of industry and information technology, according to the export statistics bulletin of the General Administration of Customs, the export value of eight key commodities of young workers in 22 was US$ 362.1 billion, up by 7.% year-on-year.

the export of household appliances, plastic products, lamps and furniture increased by 23.5%, 19.6%, 14.3% and 11.8% respectively. At the beginning of the year, the export of toys decreased significantly, and the annual export increased by 7.5%.

note: the content of this article is mainly extracted from soochow securities, and the research on Chinese and foreign industries is arranged and pushed.