Speed Up The Speed Of The Market Of The Football Industry

The overall plan of Chinese football reform was officially announced, and the process of football industry marketization was speeded up. In February 27, 2015, the central leading group for deepening reform comprehensively promoted the football reform to revitalize the national level through the general plan of China's football reform.

In March 16th, the Chinese government network officially announced the overall plan of China's football reform. There are 50 reform measures, involving football association reform, League reform, national football construction, youth training system, bidding for World Cup, Chinese League football lottery, and market competition mechanism of sports broadcasting.

Policy guidance combined with the gradual improvement trend of the industry in recent years, the institutional constraints gradually break the ice, and the speed of the football industry marketization is speeding up.

Football as

The largest single project has a global annual output value of more than 500 billion US dollars, accounting for over 40% of the sports industry.

Football matches are the core components of the football industry chain. They are mainly represented by the world cup and European champions, and the professional league represented by the five major European leagues.

Among them, professional league is the core, mainly composed of Football Association, clubs, league matches, spectators, derivative business development links and so on. It condenses the fans group with content, and develops the cash flow around the fans.

Chinese and foreign football in the League scale, system, structure and clubs, players value differences.

Scale: the income of China Super League is 10% less than that of the Premier League.

System: China's management and operation is integrated, and overseas management and operation are separated.

The league's income structure: the five largest league matches in Europe: the income structure is balanced, the match day, the broadcasting right and the business income ratio are close. Taking the Premier League as an example, the broadcasting revenue market is on a large scale (the latest three year contract amount is 5 billion 500 million pounds), the high growth rate (up by 62%); the structure of the super league matches is unbalanced, the sponsorship income is the main, and the copyright income is very low.

Club: the overseas club's profit level is uneven, and the weaker club's profit outlook is limited. Nevertheless, the domestic club's earning power is still far weaker than that of foreign countries. Guangzhou's Hengda 13/14, which has the strongest earning power in the Super League, does not earn as much as 1/5 of Liga Real Madrid, and the club's income structure is similar to that of the league.

The development of the best Premier League matches day, the right of broadcasting and the balance between the three businesses are balanced. The domestic clubs also show the phenomenon that commercial sponsorship is more important than copyright.

The value of players is related to the commercial value of the league. The highest ranking in the Super League is only 1/5 of the average.

Fans: there will be great potential for domestic growth, and future growth will be more certain.

Investment recommendations: the most obvious expansion of fans group, reform and promote the biggest market of broadcasting rights.

along with

With the introduction and commercialization, we can judge that the Chinese Super League may be closer to the characteristics of the Premier League: 1) the growth of the fans is strong, the strength of the league is enhanced, the fans' economic operation around the fans will become the key to the profit prospects; 2) the possibility of the short run commercial profits related to the associated market will be the biggest; 3) the club's earnings outlook depends on the strength of the club, and if the ranking is ordinary, the asset profit outlook is limited and should not be too optimistic.

Based on domestic and foreign comparison and policy analysis, the following investment suggestions are given: 1) from a deterministic point of view, fans group expansion is an inevitable trend, and the value of Internet platform with fans resources will increase in the future.

Tiger pads are outstanding and continue to recommend the birds.

2) from the perspective of flexibility, after the relevant system reform, the most potential space and short-term cash in market potential are broadcasts.

3) from the perspective of imagination, Hong Kong Group, Jiangsu sainty and TEDA share have the resources of football clubs, but they are generally qualified, and do not rule out short-term opportunities driven by market sentiment.

4) from the perspective of industrial chain, Nike, Adidas, Lining, Anta and other sporting goods companies and sports lottery concept stocks are expected to benefit.

5) from the perspective of market linkage, relevant stocks will benefit from the sports concept, focusing on Pathfinder, noble bird, Xun Xing share, and China group.