Steady operation, continuous booming outdoor sports worth the look forward to: 2016-04-26 18:43
Event: The company announced that it had realized revenue of 328 million yuan in 2015, an increase of 12.37% year-on-year, with net profit attributable to the mother of 31 million yuan, a year-on-year increase of 10.6%, and an EPS of approximately 0.62 yuan. It is proposed to pay 1 yuan (including tax) for every 10 shares.
Comments:
The company operates steadily, but there are many bright spots. The company currently has 36 directly-operated stores (1 closed in 15 years and 3 new ones) covering 12 cities in the Northeast, North China, East China, South China, and Southwest China, adopting the mature trinity model of physical stores + online sales + clubs , Has established long-lasting and stable cooperation relationship with hundreds of brand owners, covering high-end, mid-end, and low-end full-line products, effectively reducing procurement costs, maintaining gross profit margin at a high level, reaching 43.63%, up 0.03 pct from the same period of last year Due to the increase in employees' salaries and rental costs, the company's expense ratio rose slightly, and the management/sales expense ratio increased by 0.4/0.19 pct.
Relying on the membership resources, we will build an outdoor franchise store + event organization + outdoor camp operation system to expand the rich outdoor sports. The company currently has more than 200,000 members. In 2015, it organized various types of outdoor activities nearly a thousand times across the country. The number of participants exceeded 50,000. In 2014, the membership accounted for 64% of the total consumption, and it was very sticky.
The concept of outdoor life has gradually been accepted by the public, and event organizers have begun to take shape. Outdoor products are recognized by the public, and are fully available in variety and quantity. Outdoor venues with various operating and national investments, the number of participants and per capita consumption will multiply exponentially, and the industry will enter the completion phase of the introduction period, and subsequent growth is worth looking forward to.
Earnings forecast and investment rating: After the company went public, it accelerated the nationwide allocation and raised 160 million yuan to build 29 direct sales stores in 17 cities. It is expected to open 4-5 new stores each year, and the theme store will be opened in the future (running + Outdoors, Skiing + Outdoor), establishing industry leading advantages. At the same time, the company listed less than one month and launched an employee equity incentive plan including 61 employees including management, middle-level, and key employees who have worked for 12 years. The exercise price is 31.48 yuan. , Unlocked in 4 years (25% per year), guaranteed performance in the next 4 years (15%/33%/53%/75%, respectively, compared to 15 years), highlighting the company’s future development and being able to gather company backbone strength To achieve a better development, it is expected that the company's EPS for the 16-18 years will be 0.55/0.64/0.75 yuan, respectively, maintaining the rating of holdings.
Risk Warning: The speed of opening stores was less than expected, Haitao and suppliers directly entered the competition risk brought by the mainland market, and the growth rate of mid-to-high end outdoor products industry was less than expected.
Event: The company announced that it had realized revenue of 328 million yuan in 2015, an increase of 12.37% year-on-year, with net profit attributable to the mother of 31 million yuan, a year-on-year increase of 10.6%, and an EPS of approximately 0.62 yuan. It is proposed to pay 1 yuan (including tax) for every 10 shares.
Comments:
The company operates steadily, but there are many bright spots. The company currently has 36 directly-operated stores (1 closed in 15 years and 3 new ones) covering 12 cities in the Northeast, North China, East China, South China, and Southwest China, adopting the mature trinity model of physical stores + online sales + clubs , Has established long-lasting and stable cooperation relationship with hundreds of brand owners, covering high-end, mid-end, and low-end full-line products, effectively reducing procurement costs, maintaining gross profit margin at a high level, reaching 43.63%, up 0.03 pct from the same period of last year Due to the increase in employees' salaries and rental costs, the company's expense ratio rose slightly, and the management/sales expense ratio increased by 0.4/0.19 pct.
Relying on the membership resources, we will build an outdoor franchise store + event organization + outdoor camp operation system to expand the rich outdoor sports. The company currently has more than 200,000 members. In 2015, it organized various types of outdoor activities nearly a thousand times across the country. The number of participants exceeded 50,000. In 2014, the membership accounted for 64% of the total consumption, and it was very sticky.
The concept of outdoor life has gradually been accepted by the public, and event organizers have begun to take shape. Outdoor products are recognized by the public, and are fully available in variety and quantity. Outdoor venues with various operating and national investments, the number of participants and per capita consumption will multiply exponentially, and the industry will enter the completion phase of the introduction period, and subsequent growth is worth looking forward to.
Earnings forecast and investment rating: After the company went public, it accelerated the nationwide allocation and raised 160 million yuan to build 29 direct sales stores in 17 cities. It is expected to open 4-5 new stores each year, and the theme store will be opened in the future (running + Outdoors, Skiing + Outdoor), establishing industry leading advantages. At the same time, the company listed less than one month and launched an employee equity incentive plan including 61 employees including management, middle-level, and key employees who have worked for 12 years. The exercise price is 31.48 yuan. , Unlocked in 4 years (25% per year), guaranteed performance in the next 4 years (15%/33%/53%/75%, respectively, compared to 15 years), highlighting the company’s future development and being able to gather company backbone strength To achieve a better development, it is expected that the company's EPS for the 16-18 years will be 0.55/0.64/0.75 yuan, respectively, maintaining the rating of holdings.
Risk Warning: The speed of opening stores was less than expected, Haitao and suppliers directly entered the competition risk brought by the mainland market, and the growth rate of mid-to-high end outdoor products industry was less than expected.
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