纺织服装行业户外用品：调整进入尾声，把握优质赛道

规范、专业、创新 请阅读最后一页重要免责声明 1 证券研 证券研报告 华鑫证券·行业深度 证券研究报告 市场表现  我国户外运动起步较晚，经历了萌芽阶段、初创阶段、培育阶段，实现了行政化主导到商业化、大众化转变。有 6000 万人参与登山、攀岩、徒步 等运动，但仍与美国 50%的户外运动参与率差距较大。在我国徒步/健走、休闲健身登山及露营类运动类型最为流行，低端户外用品仍是大多数人的选择。户外用品行业零售额持续放缓，使得行业进入调整期，与此同时，滑雪等小众运动开始崭露头角，或成为下一轮增长的驱动力。  北京市联合张家口市获得了 2022 年冬季奥运会的主办权，冰雪产业迎来重大发展机遇。国家政策的大力扶持，逐步加速产业发展。通过全国范围的冰雪运动宣传、重点省市的雪场兴建和改造，使得冰雪运动人口大幅上升，从而改善下游冰雪装备器械的需求。分布广泛的雪场，加上赛事数量日渐丰富，赛事体系开始完善，给冰雪消费者带来良好体验的同时，也使行业更快更全面地发展。同时，民众参与滑雪运动地热情高涨，无论冰雪资源多稀缺、路途多遥远，都有更多的消费者愿意为这项运动买单，而这其中南方人的增速更高，消费更多，而年轻人在这方面参与度更高。  冰雪装备市场挑战与机遇并存。与其他运动相比，个人滑雪用品具有专业性强、售价高等特点。高额的滑雪装备价格让大部分轻度滑雪参与者选择雪具租赁，各个地区滑雪装备租赁价格各不相同，不同时间段滑雪板产品的租赁价格也不相同。雪板的一线品牌和二线品牌格局清晰，彼此之间的竞争已非常激烈，中国雪板想挤入市场很困难，雪场经营者和消费者不敢贸然选择国内知名度还不高的雪板。我国厂商主要在滑雪镜、滑雪手套等占有较高市场份额，但品牌知名度普遍不高。  国内冰雪产业相关上市公司。探路者：国内户外用品领军企业，并打造滑雪赛事 IP；三夫户外：户外用品新零售，代理品牌涵盖海外高端滑雪品牌；安踏体育：多元化品牌的体育用品航母，收购亚玛芬体育，提升冰雪用品领域市场地位。  风险提示：新冠疫情可能反复使得户外及旅游产业发展受阻的风险，经济增速下滑对户外用品消费产生不利影响的风险，市场系统性风险等。 资料来源：Wind，华鑫证券研发部 指数表现（最近一年） 指数/板块 过去一周涨跌幅（%） 过去一月涨跌幅（%） 年初至今涨跌幅（%） 上证综指 3.90 2.49 -4.16 深证成指 4.75 3.37 6.50 创业板指 4.46 2.69 19.08 沪深300 4.17 3.02 -2.76 SW纺织服装 7.06 4.86 -4.66 资料来源：Wind，华鑫证券研发部 分析师：姚嘉杰 执业证书编号：S1050520020002 电话：（86 21）64967860 邮箱：yaojj@cfsc.com.cn 华鑫证券有限责任公司 地址：上海市徐汇区肇嘉浜路 750 号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.cn 2020 年 6 月 4 日 纺织服装 户外用品：调整进入尾声，把握优质赛道 行业评级：中性 规范、专业、创新 请阅读最后一页重要免责声明 2 华鑫证券·行业深度 目录 1.国内户外产业现状 ......................................................................................................................................................... 4 1.1 我国户外运动发展历程 ···················································································································································· 4 1.2 国内户外用品消费者基本属性 ········································································································································ 4 1.3 我国户外用品市场进入调整阶段 ···································································································································· 6 1.4 小众运动逐渐崭露头角 ····················································································································································· 8 2. 冰雪户外产业的发展机遇 ............................................................................................................................................ 9 2.1 我国冰雪户外产业概况 ···················································································································································· 9 2.2 把握“天时”，响应政策 ···················································································································································· 9 2.3 场地赛事齐头并进，展现“地利 ”优势·························································································································· 11 2.4 大众参与，贵在“人和” ·······················································································································