扬州金泉是中国知名的户外装备制造商，主要以OEM和ODM生产方式经营多个国际著名户外品牌。公司主要从事户外用品的研发、设计、生产和销售，主要产品为帐篷、睡袋、户外服装、背包等户外用品。公司产品90%以上出口至欧洲、北美等地，与国际知名户外用品企业建立长期稳定的合作关系，积累优质的全球客户资源。

Jinquan: initiating coverage of well-known Chinese outdoor goods OEM/ODM

Yangzhou Jinquan, a Chinese outdoor equipment manufacturer, is well-known in its home country and around the world for its OEM and ODM brands. Business covers R&D, design, production and sales of outdoor products, which are mainly tents, sleeping bags, outdoor apparel and backpacks. Over 90% of its products are exported to Europe, North America and other places. It has amassed quality global customer resources over time and has stable and long-term ties with internationally renowned companies.

户外市场东风直上，营收规模稳步提升。2022 9M公司营收8.61亿,同增54.44%。分品类看，帐篷收入占比稳步提升。2022H1帐篷销售额为3.07亿元，同增110.3%，2018-2022H1占比由29.1%逐步增长至53.5%；睡袋销售额为1.65亿元，同增21.3%；服装销售额为0.68亿元，同增7.9%；背包销售额为0.16亿元，同增16%。

A granular breakdown of Jinquan’s major business drivers

Products: Jinquan generated RMB861m revenue in 9M22, up 54.44% yoy. A product category breakdown shows:

•Tents made sales of RMB307m, up 110.3% yoy, growing steadily in proportion from 29.1% in 2018 to 53.5% in 22H1;

•Sleeping bags generated sales of RMB165m, up 21.3% yoy;

•Apparel sales amounted to RMB68m, up 7.9% yoy; and

•Backpacks generated RMB16m in sales, a yoy increase of 16%.

分业务看，附加值及毛利率更高的ODM收入占比呈上升态势。2022H1 ODM收入为2.47亿元，同增60.69%，2018-2022H1占比由38.4%增长至43.3%。2022H1OEM收入为3.24亿元，同增52.26%。

Business type

•ODM: business is rising in the ODM category, with higher value-added services bringing higher gross margins. ODM revenue came to RMB247m in 22H1, a yoy increase of 60.69%, rising in proportion from 38.4% in 2018 to 43.3% in 22H1. 

•OEM: revenue amounted to RMB324m in 22H1, a yoy increase of 52.26%.

分地区看，北美地区收入占比逐年提升。2022H1公司收入占比98%以上来自北美、欧洲等地区，其中北美地区占比56.74%，欧洲地区占比22.52%。2022H1北美地区销售额3.24亿元，同增69.8%，2018-2022H1占比由43.24%增长至56.74%。

Regions: North America, Europe and other areas accounted for over 98% of Jinquan’s revenue in 22H1; with N America accounting for 56.74% and Europe accounting for 22.52%. The proportion of N American business keeps rising every year. It generated RMB324m sales in 22H1, up 69.8% yoy, with the proportion rising from 43.24% in 2018 to 56.74% in 22H1.

主要客户集中度高且逐年提升。22H1前六大客户占比82%，较18年增长6.8pct，其中前六大客户分别占比36.5%/18.8%/12.7%/5.5%/4.8%/3.7%。

Customers: Jinquan’s business is concentrated among its major customers, whose share of the business has been growing every year. Its top six customers accounted for 82% of total business in 22H1, up 6.8ppt from 2018; with each individually accounting for 36.5/18.8/12.7/ 5.5/4.8/3.7%, from the top customer to the top sixth.

2022 9M公司归母净利润2.10亿元，同增192.1%，毛利率、归母净利率稳步提升。22 9M公司毛利率为24.4%，较21年全年+11.4pct；归母净利率为27.1%，较21年全年+5.9pct。

Margins: 9M22 net profit amounted to RMB210m, up 192.1% yoy. Margins have grown steadily: gross margin was 24.4% in 9M22, up 11.4ppt vs full-year 2021, and net margin was 27.1%, up 5.9ppt vs full-year 2021.

全球户外用品行业稳定增长，国内市场高速成长。全球户外运动用品电商市场2024年预期达1098亿美元，欧美市场占据重要地位。中国户外运动用品市场近年来高速发展，2011年-2019年国内户外用品零售CAGR为11.12%。目前国内户外运动用品行业低端品牌逐步退出市场，资源向头部品牌集中，市场集中度稳中有升。

China’s outdoor goods market outpaces global growth

Price band shift: China’s outdoor products market is growing fast amid the global industry’s steady growth. We expect the global outdoor and sporting goods ecommerce market to reach USD109.8bn in 2024E. Europe and North American are key markets, while China has risen quickly in recent years. China’s outdoor and sporting goods industry drove a retail sales CAGR of 11.12% over 2011-19. It is seeing a structural shift, with low-end brands gradually exiting the market, and a rising market concentration with resources concentrated in the top brands.

优质供应管理能力满足客户多品类快速生产需求。客户会根据消费者偏好不断丰富产品线，创新产品，公司具备丰富的行业经验以及良好的供应管理能力以满足客户多品类产品快速生产的需求。同时公司与供应链上游原材料供应商保持着稳定可持续的合作关系，针对客户需求做出快速的反应和调整，实现生产效益和生产规模的优化。

Good supply management enables multi-category production fulfillment

Customers continue to refine product lines with innovative products that meet consumer preferences. Jinquan’s deep industry experience and supply management capabilities enable it to fulfill its customers’ needs for rapid production of multi-category products. It maintains stable and sustainable relationships with upstream raw material suppliers in the supply chain, which helps the company to respond and adjust quickly to customer needs and optimize production efficiency and production scale.