| In 2020,the new crown pneumonia epidemic has become a tongue of fire that detonates outdoor sports,and the direct impact of the rapid development of the industry is rich economic benefits,and many outdoor products companies have received capital attention and favor.As a leader in the field,China’s outdoor products listed enterprises naturally receive more attention and exposure.In China’s stock market,retail investors account for a very high proportion and irrational investment behavior,which is an important feature of China’s securities market.In this context,based on the perspective of ordinary investors,this thesis uses literature,qualitative analysis,quantitative analysis and case analysis to analyze the investment value of listed companies in outdoor industry.In order to achieve the research goal,this thesis begins with the theory of stock investment value analysis,summarizes and sorts out the research contents of the former scholars.The biggest difference between the two theories is that "value theory and fundamental analysis school" pay attention to the intrinsic value of enterprises,"market theory and technical analysis school" pay attention to stock market price fluctuations.From the practical point of view,"value theory and fundamental analysis" is more suitable for individual investors,so this theory is adopted as the theoretical basis of this thesis.This thesis chooses the listed companies of outdoor industry in China as the research object,applies the basic analysis method,from macro-economic environment analysis to industry analysis to specific enterprise analysis.In addition,the quantitative analysis of the introduction of factor analysis,integration of the outdoor industry listed companies financial indicators,from the financial point of view of the listed companies.The central point of factor analysis is to classify many variables into several classes by reducing dimensions,and classify highly correlated variables into one class according to the relevance degree of classification criteria.Factor analysis method from an objective point of view of the investment value of listed companies,so that investors in a large number of objects to find the best investment.After analysis,the conclusions of this thesis are as follows:(1)From the macroeconomic point of view,the sports industry and sporting goods industry has a broad development prospect;(2)From the industrial level,the outdoor industry currently has a small market scale,low penetration rate,but the future market scale is large.Under the influence of policy blessings,epidemic catalysis,economic growth,lifestyle and change of ideology,the outdoor products industry is booming;according to the analysis results of Porter’s Five Forces Model,the buyers and suppliers of the outdoor products industry have little bargaining power,and there is no threat of substitutes at present,so the industry profits are considerable;the competition in the same industry is fierce,and the threat from potential entrants is great;the main factors affecting the competitiveness of the industry are technology and brand;(3)From the perspective of enterprise analysis: Zhejiang Nature,Mu Gaodi and Biyinleffen have strong fundamentals and significant core advantages(4)the results of factor analysis show that the listed companies of the domestic outdoor products industry are ranked as follows: Bi Yinlefen 10 th,Zhejiang Nature 14 th,Jia Linjie 25 th,Pathfinder 40 th,Mugao 55 th and Sanfu Outdoor 82 nd respectively.For individual investors,we should:(1)make a clear distinction between "investment" and "speculation";(2)investing in stocks is to invest in enterprises.For outdoor goods enterprises:(1)technology-led industrial development,brand building corporate image;(2)clear positioning,strategy,based on the local,market segments have great potential;(3)grasp market trends,focus on consumer experience and feedback.For the outdoors industry: outdoors is to meet the needs of outdoor sports,attention to the potential rise of outdoor sports,nurturing emerging outdoor projects is to expand the outdoors market. |
