户外行业研究报告：户外行业千亿市场，高景气延续

Industry Overview - The global outdoor industry reached a market size of approximately $200.2 billion in 2022, with a year-on-year growth of 10.49% [2] - China's outdoor apparel and footwear market size was RMB 38.4 billion in 2022, an 18% increase year-on-year [2] - China's outdoor sports penetration rate is only 28%, significantly lower than the over 50% rate in developed countries, indicating substantial growth potential [2] - The number of people regularly participating in physical exercise in China has exceeded 500 million, with outdoor activities becoming increasingly popular and daily active users doubling from January to October 2023 [2] Key Investment Themes Domestic Leading Sports Brands - Leading domestic sports brands such as Anta, Li-Ning, and Bosideng are expected to benefit from the growing popularity of outdoor sports [2] - Anta has expanded its brand portfolio through acquisitions like Descente, Arc'teryx, and Kolon, positioning itself to capitalize on various outdoor sub-sectors [2] - Li-Ning focuses on long-term growth, while Bosideng is making strides in brand premiumization and youth-oriented strategies [2] Overseas Outdoor & Sports Demand - The rising global demand for outdoor and sports products is expected to benefit Chinese export manufacturers [2] - Companies like Huali Group, a core supplier of sports and casual footwear, are well-positioned to benefit from the increasing overseas demand for outdoor sports products [2] Outdoor Equipment Industry - The demand for outdoor equipment is driven by trends such as glamping, skiing, and water sports [3] - Companies like Sanfo Outdoor, Zhejiang Natural, and Mobi Garden are expected to benefit from the growing domestic and international demand for outdoor equipment [3] Market Trends and Developments Global Outdoor Industry - The global outdoor industry is projected to reach $2.156 trillion in 2023 and $2.265 trillion in 2024, with a CAGR of 11.86% from 2020 to 2022 [5] - Developed countries like the US and Japan have high outdoor sports participation rates, driven by economic growth, supportive policies, and infrastructure development [5] China's Outdoor Industry - China's outdoor industry has grown steadily, with retail sales reaching RMB 26.22 billion in 2022, a 3.39% increase year-on-year [8] - The industry is expected to continue growing, with retail sales projected to reach RMB 27.11 billion in 2023 and RMB 27.44 billion in 2024 [8] Emerging Trends - The outdoor industry is moving towards premiumization, youth orientation, and daily integration [13] - Young consumers, particularly those aged 18-29, are the main drivers of the outdoor market, accounting for nearly 40% of the consumer base [13] - Outdoor sports are becoming more specialized and segmented, with core categories expanding to meet diverse consumer needs [13] Key Companies and Brands Anta Sports - Anta's other brands, including Descente and Kolon, saw a 77.6% year-on-year revenue increase in H1 2023, contributing 10.96% of total revenue [27] - Descente, a leading ski brand, has expanded into the children's sports market, with plans to open new stores in key shopping districts [27] - Kolon, positioned in the high-end outdoor segment, has a strong female consumer base and plans to further increase its market share [27] Amer Sports (Arc'teryx) - Amer Sports, the parent company of Arc'teryx, went public in the US in 2024, with revenue growing at a CAGR of 20% from 2020 to 2022 [30] - Arc'teryx's revenue in Greater China accounted for nearly 50% of its global revenue, with 63 self-operated retail stores in the region as of Q3 2023 [30] Li-Ning and Bosideng - Li-Ning reported a 12.98% year-on-year revenue increase in H1 2023, with a focus on inventory management and long-term growth [32] - Bosideng, a leading domestic down jacket brand, has been expanding its high-end outdoor product lines, with a 20.9% revenue increase in H1 2023 [32] Huali Group - Huali Group, a leading manufacturer of sports and casual footwear, saw a 6.93% year-on-year revenue decline in Q1-Q3 2023, but is expected to recover as outdoor demand grows [34] - The company has strong relationships with major clients like Nike, VF, and Puma, which account for 91.27% of its revenue [34] Sanfo Outdoor - Sanfo Outdoor, a leading outdoor equipment retailer, reported a 49.73% year-on-year revenue increase in Q1-Q3 2023, driven by its diverse brand portfolio [36] - The company has exclusive partnerships with brands like X-Bionic and is expected to see further growth in 2024 [36] Mobi Garden - Mobi Garden, a leading domestic camping tent brand, reported an 11.55% year-on-year revenue increase in Q1-Q3 2023, with strong growth in its OEM/ODM business [38] - The company is expanding its global production capacity and has partnered with major brands like Decathlon and Go Outdoors [38] Zhejiang Natural - Zhejiang Natural, a leading outdoor equipment manufacturer, reported a 16.43% year-on-year revenue decline in Q1-Q3 2023, but is expected to recover as demand rebounds [40] - The company has a strong client base, including Decathlon, and is expanding its production capacity in Vietnam and Cambodia [40] Conclusion - The outdoor industry is poised for continued growth, driven by increasing consumer interest in outdoor activities and the expansion of domestic and international markets [42] - Key investment opportunities lie in leading domestic sports brands, export manufacturers, and outdoor equipment companies, with a focus on premiumization, youth orientation, and daily integration [42]