Expensive Birds Will Be Listed On The 24 Day, Net Profit Decreased By 15%-20% Last Year

On January 23rd, the company will be listed on the Shanghai stock exchange in January 24, 2014. The company issued 89 million shares of the initial public offering, issuing a price of 10.6 yuan / share, raising the total amount of 943 million 400 thousand yuan, after deducting the issuance cost, the net amount of the raised fund was 881 million 898 thousand and 600 yuan.

The company's total annual order (including tax) in 2013 was 2 billion 856 million yuan, which was 19.76% lower than that of the 2012 annual order (including tax). The company's net profit in 2013 is down by about 15%-20% compared with that in 2012, which is about 19.76% yuan.

　　 [institutional research]

Expensive bird: Leveraging Urbanization Guirenniao Deep plough 345 line Market

Research Institute: Founder Securities date: January 16th

Investment points

The leading brand of sports shoes and clothing in China's three or four tier cities

You are rooted in China's 234 line city market sports shoes and clothing brand enterprise. It is also the first sports shoes and clothing brand enterprise listed on A shares. It is mainly engaged in R & D, design, production and sales of brand sports shoes and sportswear. The company's products are divided into two major series: "professional movement" and "sports leisure", with a focus on sports and leisure.

　　 China Sportswear Industry Warm at first sight

The domestic sports apparel industry developed faster before 2011, and inventory problems began in 2011. Anta and other industry leading enterprises began to clean up inventory in 2011 and gradually adjust the extensive development mode of operation. At present, the industry adjustment has achieved initial success: the growth rate of Anta's 2014 spring and summer order has been changed from negative to positive, and the growth rate of the order in 2014 has changed to a positive growth. At the same time, since the 4 quarter of last year, sports brand terminal discounts have been improved, and some of the better adjusted enterprises have entered the recovery period.

　　 Focus on market demand, the company's development direction is clear.

The company focuses on market demand and formulating the future development strategy: in terms of market positioning, the company is based on differentiated competition strategy, focusing on the layout of domestic two or three and four tier cities. The Future Ltd plans to extend to five lines and below cities without competing frontline brands. In terms of channel construction, the company's channel strategy has changed from extensive development to meticulous management and single store efficiency. In terms of brand building, you are now a bird.

This issue is restricted to new stock issuance, not more than 100 million shares, and not less than 58 million 340 thousand shares, and the net amount of raised funds is not more than 882 million 205 thousand and 400 yuan. The fund-raising funds are mainly used for national strategic store construction projects, shoe production base (Hui Nan) construction projects, design R & D center construction projects and information construction projects.

　 　 Profit forecast Investment rating

The research report predicts that the company's revenue growth in 2013-2015 years will be -16.8%, 0.5% and 2%, and the EPS of equity will be 0.76/0.81/0.85 yuan after dilution. Taking into account the adjustment of industries and the valuation of Hong Kong stocks, the company can give 9-15 times PE 6.84-11.40 in 2014.