Great Bird: Rooted In The Mass Market For The Three Or Four Line Market

< p style= "padding-bottom: 0px"; widows: 2; text-pform: none; background-color: RGB (253252250); text-indent:; 0px; "Hou"; "Yu"; "Wei"; "Wei"; "Wei"; "Wei"; "Wei"; "Wei"; "Microsoft"; "XTEP"; "XTEP"; "2"; "253252250"; "ghosts" positioning of the domestic three or four line sports and leisure market, income scale eighth, single shop income is lower than XTEP, but higher than the previous, although the base is low, but the rapid expansion of the backdoor store size is not small, the future shop space is limited, the overall qualification is not very prominent.

The company's 13 year performance decline is more intense, although the recent sports brand order will have some signs of recovery, but the strength and sustainability of the recovery is still uncertain. The performance in the 14 years is still flat.

Combined with the company's aptitude and performance, we think that the secondary market will have a reasonable valuation of 10-15 times.

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The company mainly operates the "noble bird" brand movement "a href=" //www.sjfzxm.com/news/index_x.asp "shoes" /a "clothing and accessories business, positioning the popular sports and leisure market, unlike Anta, Lining, PEAK and other professional sports market, and similar to XTEP, Kappa and other sports fashion brands. The channel adopts the provincial mainstream (two level agent) mode of the mainstream industry, and the regional layout is heavier than the three or four line city.

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The sports industry in China is relatively centralized, and the top ten brands share more than 60%. < a href= "//www.sjfzxm.com/news/index_c.asp" > "noble bird > /a > the top ten income, the single store income is lower than XTEP but higher than Kappa, the overall qualification is not very prominent.

It is a little late to expand the strength of the channel, but after 2010-2011 years of rapid expansion, the gap between the store size and the main competition is rapidly narrowing. At present, the shop level is not small, and the future opening space is relatively limited.

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Factors such as low base, significant extension and increase of gross profit margin promote the company's 2009-2011 year high performance growth; however, in 2012, the performance growth rate slowed down significantly, and in 2013, it faced greater downward pressure, and the company shifted its focus to internal management reform.

Looking ahead to 2014, some similar brands will show signs of recovery, but the improvement will largely depend on low base and channel replenishment, subject to the development of the industry and the pressure on the environment. The strength and sustainability of the industry recovery need to be further observed.

The channel size of the company is not small, the opening space is relatively limited, and the same store performance is also constrained by the industry environment. The company's performance in 2014 is expected to be rather dull, and its order data also illustrate this point.

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< p style= "padding-bottom: 0px"; widows: 2; text-pform: none; background-color: RGB (253252250); text-indent: 0px; "RGB"; "Yu"; "Yu"; "Yu"; "Wei"; "Wei"; "Wei"; "style="; "Microsoft", "black and white"; "253252250"; "padding-bottom:"; "Yu"; "forecast" and "valuation": assuming that the IPO 100 million shares, our Forecast Ltd diluted earnings per share were 0.67, 0.70, 0.73 yuan, up by 4%, 5% and 5% respectively.

Referring to the valuation level of H-shares and Brand Company and A shares, we think that the reasonable valuation interval of the secondary market is 10-15 times (14PE), corresponding to the price range of 6.98-10.47 yuan.

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< p style= "padding-bottom: 0px"; widows: 2; text-pform: none; background-color: RGB (253252250); text-indent: 0px; "RGB"; "Hou"; "Yu"; "Wei"; "Wei"; "Yu"; "Microsoft"; "Wei", "Microsoft", "padding-bottom:"; "padding-bottom:"; "risk"; risk warning: 1. moving shoes and clothing industry is still in the adjustment period, there is a risk of closing stores; 2., the proportion of major distributors of the company is too concentrated; 3. accounts receivable accounts for a relatively high;

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