The ice and snow industry has great potential, and the Winter Olympic Games ignite enthusiasm. The Beijing Winter Olympic Games are in full swing. As of February 16, China has achieved 6 gold, 4 Silver and 2 copper in this winter Olympic Games. In addition to the athletes on the field, the enthusiasm of ordinary people for ice and snow sports has also been ignited by the Winter Olympic Games. According to the data of China ice and snow tourism development report (2022) released by China Tourism Research Institute, the number of ice and snow leisure tourists in China has increased from 170 million in the 2016-2017 ice and snow season to 254 million in the 2020-2021 ice and snow season. It is expected that the number of ice and snow leisure tourists in China will reach 305 million in the 2021-2022 ice and snow season, and the income of ice and snow leisure tourism is expected to reach 323.3 billion yuan, China is entering the rigid life demand stage of ice and snow tourism from the experience stage of ice and snow tourism.
Recently, the dynamic sales of ski clothes and ski equipment are good, the enthusiasm for ice and snow is expected to continue, and we are optimistic about the performance of relevant companies. Although the epidemic situation has been repeated, the sales of skiing has maintained a positive growth in the past two years. Magic mirror data shows that in January on the eve of the Spring Festival, the sales of tmall platform ski equipment reached 188 million yuan, a year-on-year increase of 66%, and the sales of ski clothes reached 127 million yuan, a year-on-year increase of 55%. Amoy data show that since the opening ceremony of the Winter Olympic Games (February 4-february 15), the sales growth of lululemon's official flagship store has reached 174%, which shows the good grass planting effect of the opening ceremony. The growth rate of Anta's official flagship store, the sponsor of the Olympic Organizing Committee, has increased by 44%, which is excellent under the high base.
Focusing on the ice and snow shoes and clothing of the Winter Olympic Games, Anta sports, as a brand party cooperating with the Olympic Organizing Committee for a long time, has the most certain income. The ice and snow sports logic of Anta Sports: 1) enhance the brand influence of the Olympic Games. Compared with the summer Olympic Games in 21 years, the 22 year Beijing Winter Olympic Games have significantly improved the influence of Anta brand. 2) Product professionalism and ASP have been significantly improved. Anta brand has launched new technologies such as "hot technology" in response to the needs of the Olympic Games. In the future, the improvement of product professionalism and price band will be further moved up. 3) From the brand matrix, in addition to the main brand of Anta, Anta Group has high-end outdoor brands such as Descente, Archaeopteryx and Salomon, which is expected to benefit from the continued enthusiasm of China's ice and snow sports. According to Taobao data and channel feedback, Anta's dynamic sales have been good since the beginning of 2022, especially since the opening ceremony of the Winter Olympic Games. Discounts and inventory are in a healthy state. Combined with the ordering meeting in the first three quarters, we believe that the revenue growth rate of 18% - 25% in the whole year is relatively certain.
The supply chain of ice and snow sports shoes and clothing is expected to benefit. Benefiting from the expansion of the demand for ice and snow sports shoes and clothing, the upstream textile and shoes and clothing OEM enterprises are expected to realize the growth of orders and performance. Among them: Zhe Jiang Taihua New Material Co.Ltd(603055) is a supplier of outdoor clothing fabrics such as ski suits and assault suits. The company has obvious advantages in nylon 66 and recycled nylon, and is expected to benefit from the development trend of nylon 66 replacing nylon 6. In recent years, the company has been recognized by downstream brand customers through the vertical integrated layout of nylon filament + fabric, and is expected to continue to expand the procurement share of high-quality brand customers. Zhejiang Sunrise Garment Group Co.Ltd(605138) is a OEM enterprise of medium and high-end clothing brands at home and abroad. It has obvious advantages in the vertical integration layout of fabrics and ready-made clothes. In terms of customers, the top five customers account for more than 50%. FILA under Anta company is the fourth largest customer of the company, and the order growth rate is good. We believe that other brands of Anta are also expected to become high-quality customers of the company. Huali Industrial Group Company Limited(300979) and Shenzhou International, as high-quality representatives of sports shoes and clothing, have good sales of downstream customers and are recognized by emerging sports brands, providing follow-up order guarantee. Shenzhou International entered the lululemon supply system, and 21q4 began to receive orders and arrange production; Huali Industrial Group Company Limited(300979) is highly recognized by on running and is expected to contribute some order revenue in 22 years.
Investment strategy: recommend head sports brands Anta sports and Li Ning, as well as excellent sports shoes and clothing manufacturers Huali Industrial Group Company Limited(300979) and Shenzhou International. It is suggested to pay attention to ice and snow sportswear fabric suppliers and OEM enterprises.
Risk tip: macroeconomic fluctuations have led to less than expected demand growth, the epidemic has led to poor production scheduling in the supply chain and intensified brand competition.
