My son just made me watch this. We finished it about 30 minutes ago. While there might be a communist double meaning to the title, the movie is about a 13 year old girl who just realized she likes boys and wakes up the next morning as a big red panda.

It's clearly a play on her getting her period. The whole movie draws that double meaning. The panda is likely representative of owning your sexuality and not burying it deep within you (not really an appropriate message for 13 year old girls but I doubt they'll grasp the hidden meaning there) This is represented by her deciding to ignore her mother's orders and attend a boy band concert with their friends (the movie takes place in 2002 in Toronto for some reason).

There was something interesting THERE though. The boy band is called 4 town, but there are 5 singers in the band (45). In fact, one of her friends has a drawing on her cheek at the concert with a number 4 and a 5 sided star right next to it. Unless someone has more examples than "red" in the title I think you might be reaching here. If anything I feel like maybe there's a nod to Trump in there.