牧高笛——精准卡位掘金场景,打造健康生活产品矩阵,装备走出去理念走进来

（以下内容从天风证券《牧高笛——精准卡位掘金场景,打造健康生活产品矩阵,装备走出去理念走进来》研报附件原文摘录）
　　Comefly Outdoor (603908 CH) 精准卡位掘金场景，打造健康生活产品矩阵，装备走出去理念走进来 Precise positioning drives profitability: building out healthy living product matrix with refined outdoor nuances BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 近期我们持续提示关注高景气户外赛道牧高笛，我们看好其对于精致户外生活方式的定义及美好健康生活理念的诠释；借助户外风在装备领域提升品牌声量，构建周边产品矩阵及户外生活生态圈，把户外理念融入进日常生活，进一步提升渗透率同时激活更多场景价值。 Precise positioning: ‘outdoor refinement in daily life’ taps market tailwinds Within the booming outdoor market, our recent call to overweight Comefly centers on its refined outdoor lifestyle positioning, which is wrapped around wellness and healthy living. The company is riding outdoor gear market tailwinds to raise its brand profile and build out a compatible product matrix and outdoor lifestyle ecosystem. We believe that its thematic incorporation of the outdoors into daily life will deepen its market penetration and trigger higher-value scenarios. 户外正成为新一轮产业风口及消费趋势。近期lululemon发布品牌首个综合徒步系列产品——lululemon Hike，系列产品不但具备极强的功能属性也兼顾时尚审美和丰富SKU；我们认为户外装备及穿搭逐步破圈，不再是小众圈层专属名词或是追求极端户外的固定品类，而是未来都市青年中较受欢迎的生活方式和穿搭理念，在日常生活中通过主题化、功能性装配鞋服为穿搭风格增添色彩，展现个人品味追求，户外与生活时尚边界日益模糊；或能对标此前流行多年的运动时尚风潮，产业宽度及空间可期。 Outdoor lifestyle is the next big thing: driving consumer market and trends The recent roll-out of lululemon’s first hiking brand, lululemon Hike, features both function and fashion to enrich its SKUs. We believe outdoor gear and apparel are gradually moving beyond niche exclusivity and extreme sports positioning as young city dwellers increasingly embrace the concept of a chic urban lifestyle and apparel. Themed wardrobe sets of shoes and apparel liven up dressing to highlight individuality and taste, increasingly blurring the line between outdoor activity and daily life. This recalls the early years of the fashionable sports trend and suggests that the industry has enormous growth potential. In line with market trends, Comefly’s precise market positioning to enhance its brand power and product matrix has two main routes: 公司精准卡位，顺势提升品牌势能及产品矩阵。一方面，下半年品牌将更加多场景多领域全面露出，巩固领先定位；次元合作破圈吸引年轻消费者，手机、汽车、综艺等各行业流量合作，与现象级动漫IP摇曳露营跨次元联名合作破圈，多款联名装备在各平台发售引起粉丝追捧，吸引更多年轻露营消费者，带动品牌年轻化专业化时尚化。 (1) Multi-scenario and multi-market exposure: the company is consolidating its industry leadership in 2H with these initiatives: sub-genre collaborations to facilitate its foray into the youth market, including channels such as cell phones, cars and variety shows; as well as its cross-genre, co-branding collaboration with Laid-Back Camp animation IP. A variety of its co-branded gear is sold on various platforms to increase its following and attract young campers to its brand for fashion-conscious young professionals. 另一方面，牧高笛帐篷及周边产品丰富，首家线下门店推广精致露营融入大众生活，未来有望多地复制。目前牧高笛品牌SKU日益丰富，涵盖帐篷以外多品类装备，在提升消费复购规模及盈利能力同时，更多体现户外理念对于日常生活的全面充分融入，重新诠释理念与调性，逐步提升品牌溢价。 (2) Enriching tents and peripheral product SKUs: its first offline store brings the glamping vibe into daily life, a theme that we suspect will be replicated elsewhere in the future. Comefly’s brand SKUs are becoming richer as it covers many more gear categories besides tents to enhance the scale of customer repurchases and profitability, while reflecting the full integration of the outdoors into daily life. Its redefinition of the outdoor concept and nuances enhance its brand premium. 维持盈利预测，维持买入评级 我们认为以牧高笛为代表的户外品牌赛道具备较强稀缺增长属性，头部品牌享有更多α机遇；在规模增长同时品牌及OEM业务净利率成重要看点，盈利能力提升贯穿全年。此外，国家大力发展飞盘运动将充分带动户外露营周边产业发展，未来有望持续享受政策红利及露营生活方式化需求演绎。我们预计公司22-23年EPS分别为2.7、3.6元/股，PE分别为38.2，28.6x。 Valuation and risks Given its market rarity, we see strong growth potential in Comefly’s branding amid the alpha opportunities for outdoor market leaders. We expect the company’s annual profitability to be driven by scale increase, along with the rising roles of branding and OEM net margins. At the same time, China’s ardent development of ultimate frisbee serves to promote camping and other peripheral outdoor markets. We expect Comefly will continue to reap the benefits of policy support with more camping lifestyle demand scenarios in the future. We expect EPS to arrive at RMB2.70/3.60 in 2022/23E, with PE at 38.2/28.6x. We maintain our BUY call on the company. 风险提示：疫情反复影响终端需求与物流，户外行业增速放缓，海外需求波动，原材料价格波动风险等 Risks include: pandemic resurgence impacting end-demand and logistics; slowing outdoor market growth; export demand volatility; and raw material price fluctuations. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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