Core conclusion
China's exhibition enterprises: large market, weak industry and lack of leaders. 1) China's exhibition demand is the largest in the world, but its industry is weak and lacks leading enterprises. By the end of 2021, the exhibition area of Shanghai International Convention and Exhibition Center and Shenzhen International Convention and Exhibition Center has exceeded 400000 square meters, surpassing Hannover Exhibition Center and becoming the top two exhibition venues in the world. 2) Compared with global Convention and Exhibition giants, China's Convention and exhibition still has great development space. At present, global exhibition giants Reed Exhibitions and infman have set up subsidiaries all over the world, with businesses all over the world. At the same time, they are involved in a wider range of exhibition industry. China's exhibition and convention companies, Mio and donghaolansheng, are also leading listed companies. At present, there is a lot of room for development both in terms of income volume and industrial track layout.
The epidemic situation has been cleared quickly. The leader has responded to the epidemic situation with the help of digital transformation, and is optimistic about the improvement of industry concentration. 1) Before the epidemic, the exhibition industry had good cash flow, scattered distribution and obvious regional characteristics. 2) Under the background of the epidemic, many exhibition enterprises withdrew from the market, the market concentration increased, and the resources inclined to the leading manufacturers. According to UFI data, 57% of exhibition companies have to lay off employees, and more than half of them need to lay off 25% of employees. 3) Leading enterprises actively explore new digital models by integrating resource advantages, increasing investment in online platforms. Mio exhibition launched online exhibition and trade Max digital products, and the digital exhibition business was + 1573% year-on-year in 2020, which helped enterprises go to sea smoothly. Reed connect and other digital exhibits were launched by reed exhibition, and the superimposed epidemic situation improved, and the exhibition business was + 47.51% year-on-year in 21 years. Under the epidemic situation, the double line integration drives the company's performance growth, and the extension is expanded into a leader to improve the concentration.
1) the exhibition mode of double line integration is conducive to expanding the coverage and improving the efficiency of exhibitors and buyers. In the context of the epidemic, providing services for exhibitors through the mode of double line integration can avoid the risks brought by the epidemic and help enterprises go to sea smoothly. On the other hand, it is conducive to expand the coverage of exhibitors and obtain more traffic through the form of digital exhibition. 2) Leading enterprises continue to acquire exhibition enterprises and expand their territory. In recent years, infman, the world's leading event organizer, and Reed Exhibitions group have made frequent moves to acquire a number of industry companies, and their intention of expansion is very obvious. China Mio also began to expand China's exhibition market by acquiring exhibition enterprises.
In the post epidemic era, digital exhibition drives the rise of exhibition leaders. According to the UFI survey, 58% of respondents (exhibition enterprises) said they had added digital services / products (such as applications, digital advertising and digital signage) to their existing exhibition products. According to the data of the 31st conference, the epidemic has had a far-reaching impact on the operation of convention and exhibition units and accelerated the digital transformation. More than 41% of institutions believe that no matter what type of convention and exhibition units are, the digital transformation is the general trend.
It is suggested to pay attention to: under the epidemic situation, the "cloud Exhibition" platform has obvious advantages, advanced exhibition hall management experience and significant location advantages: Dlg Exhibitions & Events Corporation Limited(600826) .
Risk warning: the recovery of the epidemic situation is not as expected; The promotion of digital exhibition products is less than expected; Market development is less than expected.
