Garment Industry: The Development Of Domestic Ice And Snow Industry Is Just Now.

The current situation of ice and snow sports abroad: (1) skiing is very popular in Europe and America. In Asian countries, Japan and South Korea are in a leading position (the proportion of Japanese skiing population is above 10%). Skiing is characterized by high participation of the masses and the simultaneous development of multiple industries. From the mature experience abroad, the development of skiing industry has a close positive correlation with the growth of GDP per capita. (2) ice sports mainly build industrial system around professional league matches. As one of the four major professional sports in North America, the National Ice Hockey League National Hockey League (NHL) is the highest level professional hockey match in the world. The total income of NHL team in the 2013-2014 season is 3 billion 700 million dollars, the total profit is 453 million dollars, 67% of the teams are making profits and 30 teams are worth up to 14 billion 700 million dollars.

The experience of overseas ice and snow industry can be used for reference: (1) the rise of skiing industry is inseparable from the support of government and the promotion of industry associations. (2) Europe and North America have established corresponding operations for their respective market characteristics. management model The company mode and the community mode. (3) skiing and tourism, leisure, conferences, and commercial real estate linkage enhance industry profitability and public participation. (4) to strengthen the application of high technology equipment and focus on specialization. (5) establish a sound safety and rescue system.

China Ski industry Status quo: it's not too late to start. Specialized There is a big gap between popularity and penetration. The success of the Winter Olympic Games is expected to speed up the popularity of skiing in China. The 2022 year old Olympic Winter Games was held. The Chinese government put forward the goal of "promoting the participation of 300 million people in ice and snow sports through the means of government promotion, policy promotion, planning initiatives, propaganda and agitation". Generally speaking, the income of ski industry and other related industries is about 1:10, or so. We are prudent to estimate that according to the proportion of 5% skiing population and the assumption of 500 yuan per year per capita activity, the domestic ski industry will generate 325 yuan in revenue in the future.

The main analysis of the capital market of ice and snow industry: (1) the main income of Listed Companies in overseas ski resorts come from the ski tickets, retail rentals and supporting housing and accommodation businesses. From the financial performance, the income of ski resorts in the past 10 years is basically stable or upward, and the profit is fluctuating. The market value of related targets can reach 200 billion billion, and the fluctuation of valuation is large, with a mean value of 20-40 times. (2) professional skiing equipment and clothing brand is also one of the main targets of the ice and snow industry in the capital market. However, due to the cost and other reasons, the level of profit and valuation fluctuates greatly, and the market value is generally not large. The high target can reach more than 100 billion billion.

Under the background of the Winter Olympic Games, the development of China's ice and snow sports industry will be implemented in the capital market. We recommend the Pathfinder (300005, buy). The company is located in Beijing and is the first leading domestic outdoor industry. Its green field network has accumulated abundant resources and mass foundation in the development of Chinese skiing activities. The company will rely on the Winter Olympic Games to expand the professional ice and snow products brand in the form of merger and acquisition cooperation. At the same time, it will continue to focus on promoting the development of mass ice and snow sports. We roughly calculated that the total capacity of the company's future market in the ice and snow industry can reach 500 billion billion, which corresponds to the income scale of the company which is less than 2 billion, and the potential growth space is still huge. We are optimistic about the great development of sports industry and Beijing bidding. The 15 year is the first year of the strategic layout of the company's sports strategy. In addition to the ice and snow sports, we expect to have a continuous project landing. We maintain the earnings forecast for the company from 2014 to 2016 earnings of 0.58 yuan, 0.67 yuan and 0.82 yuan respectively, and maintain the "buy" rating.