GLONGHUI July 5 | Tianfeng Securities Research Report on the 4th pointed out that as a scarce fashion product design enterprise with mass marketing design capabilities, Zhongyin Fashion (300901.SZ) combines the industry characteristics and industry agglomeration advantages of the footwear industry, uses shoe design services as a foothold for business development, pattern design as the company's new profit growth point, and also provides supply chain integration services to better guarantee the implementation of design results. Covered for the first time, giving it an “increase in holdings” rating. By the end of '22, the company had nearly 100 R&D and design-related personnel, with an average design capacity of nearly 10,000 shoe models per year. Currently, it is one of the few enterprises in the industry with large-scale, centralized design capabilities. Its mass-marketed independent design capabilities are scarce in the market, and the company has a remarkable first-mover leading position. The company's footwear design is a high value-added link in the industrial chain, and the advantages of third parties are highlighted under the fast fashion trend. R&D design and brand channel operation occupy the high end of the industrial chain, have the highest added economic value, and the entire footwear industry is on a smiling curve. In addition, the company's mass-marketing design capabilities and strong supply chain integration capabilities fit the industry characteristics of popular brands, especially women's shoe brands. It is rich in customer resources and has formed a good reputation within the industry.