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证券研 究报告 玩具行 业专题报告 2018 H1 IP 2018.09.20 020-88832319 huangguangzgzhs shi.linglingzgzhs A1310517050001 A1310118080004 IP 2018 Euromonitor 2017 110.12 7.4% 1/8 2018H1 12 8 5 2017 -1.5% 2.6% 25% 33% 2018 H1 2018H1 4442 24.39% 2018 13 61.03% 2018 2018H1 22 2018 H1 14 9300.82 6365.06 4.49% 422.76 15.94% IP STEAM 2018 H1 15 IP 6 2600 STEAM / 3 630 6626 2018 H1 IP 1. 2017 -20180625 2. VI -20180403 3 IP 8 15 -20171217 4 82 -20171212 5 -20170916 6 IP IP -20170909 7 -20170831 8. IP -20170827 9. 1700 -20170820 2 19 玩 具行 业 专题 报告 1 2018 . 4 1.1 . 4 1.2 . 6 1.3 . 7 1.4 IP STEAM . 10 2 . 13 2.1IP . 13 2.2 STEAM . 15 3 . 16 3 19 玩 具行 业 专题 报告 1 . 4 2 2018H1 . 5 3 2018 . 6 4 . 6 5 2018 H1 . 7 6 . 8 7 2018 H1 500 . 8 8 2018 H1 TOP5 . 8 9 2018 H1 TOP5 2017 2500 . 9 10 2018 H1 TOP5 . 9 11 2018 H1 TOP5 2017 250 . 9 12 2018 H1 TOP5 . 10 13 2018 H1 TOP5 . 10 14 2018 2018 8 30 .11 15 2018 2018 8 30 . 12 16 IP . 14 17 IP . 14 18 2009-2017 . 15 19 2009-2017 . 15 20 2018 Hamleys . 16 4 19 玩 具行 业 专题 报告 0% 2% 4% 6% 8% 10% 12% 0 20,000 40,000 60,000 80,000 100,000 120,000 2012 2013 2014 2015 2016 2017 2018E 2019E 2020E World China World YOY) China YOY) 1 2018 2018 IP Euromonitor 7 19 2016 41.5% 2017 39% 2018 1-6 97.7% 0.1% 388.0 1.1% 2018 1-6 880.3 2.5% 25.7 26.4% 2018 Euromonitor 2017 851.46 3.5% 2017 110.12 7.4% 2017 45.3 306 1/8 3 6-8% 1 Euromonitor 2017 1.1 2017 9 18 2018 3 14 TRU 32.77% TOYS“R“US-DELAW ARE,INC TOYS R US GLOBAL IMPORT 5 19 玩 具行 业 专题 报告 2018 6 30 TOYS“R“US-DEL TOYS“R“US-DELAW ARE,INC 42% 2315110 TOYS R US GLOBAL IMPORT 60% 92% 12 2018 H1 2018 8 31 MATRIX HOLDINGS 2018 -36.53 -3.45 -226.15% -56.32% 2 2018H1 152.52 -5% 319980.00 -10% - - MICHAELS COMPANIES 150.91 -1.00% 37148.72 -49.55% 37.57% 2.46% 11.82 20.86% 7052.53 -32.04% 20.36% 5.60% MATRIX HOLDINGS 5.27 -6.05% 4208.42 8.08% 31.80% 7.33% 0.63 -26.64% 212.50 -70.48% 20.80% 3.39% CMON 0.65 8.30% -54.62 -167.56% 48.00% -0.84% PERFECTECHINTL 0.52 -34.24% -1806.76 -674.49% 5.14% -37.55% 1.15 -58.19% -2575.08 -183.47% 47.18% -22.34% 8.48 10.83% -5414.05 -247.15% 42.79% -6.03% (HASBRO) 107.24 -11.05% -34534.02 -138.29% 63.38% -3.22% JAKKS PACIFIC INC 13.15 -7.14% -36260.95 -56.32% 25.61% -27.56% (MATTEL) 102.50 -9.41% -365358.07 -226.15% 30.47% -35.65% wind 1 =1.0666 2012-2017 50% 70% 56% 40% 28% 25% 2018 Niels B Christiansen 6 19 玩 具行 业 专题 报告 3 2018 2018 9 2018 9 13 36 2018 60 2018 9 2018 7 2018 5 2018 2018 1 4 % 2010 2011 2012 2013 2014 2015 2016 2017 16.2 20.7 16.7 8 13.8 2.2 3 -1.5 27 22.9 50 70 56.4 40 28 25 8.5 7 0.6 0.4 1.7 -5.7 -5.9 -5.1 11.9 14.2 9.6 40.5 29.2 21.2 18.2 9.8 3 6.6 -4.5 3.1 5.2 2.6 12.4 2.6 12.7 16.9 13.5 6.6 15.2 16.5 17.8 33 15.4 13.1 -3.4 -14 14.9 -18.5 -1.1 -10.7 19.3 20 12.6 10.2 6.6 5.4 5 4.8 12.7 20.2 -12.6 -15.4 -6.2 -6.2 18.1 5.9 0.2 5.5 9.6 5.2 -0.9 15.4 14.2 11 Euromonitor 1.2
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