Biyin Lefen 002832, the stock
In 2017, the full-year performance growth was steady, with a high proportion of dividends, and the growth rate in the first quarter was higher than expected. 1) The company achieved a revenue of 1.05 billion yuan in the whole year of 17 years, a year-on-year increase of 25.2%; the net profit of the mother returned 180 million yuan, a year-on-year increase of 35.9%. It is proposed to transfer 10 shares for every 10 shares, with a dividend ratio of 59.2% and a dividend yield of 1.7%. 2) In 18 years, Q1 realized revenue of RMB 370 million, a year-on-year increase of 30.3%; net profit of returning to mother was RMB 84.94 million, a year-on-year increase of 41.6%. The results of the first quarter report exceeded expectations, mainly because the company continued to increase product research and development efforts, optimize sales channels, strengthen employee training and brand promotion, and achieve steady growth in sales.
Positioning high-end guaranteed profitability, the advance receipts increased significantly and the order status was good. 1) According to the income statement, the company's 17-year gross profit margin increased by 3.1pct to 65.4%, the sales expense ratio increased by 1.5pct to 32.6%, the administrative expense ratio increased by 1.6pct to 11.2%, and the net profit margin increased by 1.3pct to 17.1%; The gross profit margin for the first quarter of the year was 63.8%, and the net profit margin increased by 1.8pct to 22.9%. 2) According to the balance sheet, the advance receipts in the first quarter of the year increased by 48.8% compared with the same period of last year, indicating that the company's autumn and winter trade fairs were in good condition and the franchisees were actively booking. Inventories increased by RMB 90 million to RMB 440 million at the end of 17 years, increasing the stocking to cope with sales growth. 3) According to the cash flow statement, the net operating cash flow in 17 years increased by 21.1% year-on-year to 130 million yuan. The net operating cash flow in the first quarter of 18 years decreased by 35.42 million yuan, mainly due to the increase in product stocking. The purchase amount in the single quarter increased by 77% year-on-year. We believe that the company's current ordering and procurement situation is positive, and future sales are expected to continue to grow.
Expanding the marketing network in parallel with the upgrading of the store image, R&D investment continues to increase. 1) The number of stores has expanded steadily. In 2017, the company's stores increased by 50 to 652, covering the main consumption areas of the country. The ratio of direct stores and franchise stores is about 1:1.22. The “direct + franchise†model guarantees the company's control over the terminal stores, and relies on franchisees to expand the coverage. 2) The image of the store has been upgraded and upgraded, and the store effect has been steadily improved. The company implements a store remodeling plan of “adjusting the location and expanding the areaâ€, focusing on the creation of boutiques and large-scale experience stores, and is committed to providing consumers with a quality shopping experience. The 17-year single store revenue estimated by the report is about 20% year-on-year. Located in the forefront of the industry. 3) Increased investment in research and development. The company insists on pursuing high-quality products. In 2017, R&D investment increased by 29.9% year-on-year to RMB 40.88 million. Emphasis was placed on the use of new technologies, new processes and high-tech fabrics, and the use of cross-border design concepts to achieve the unification of functionality and aesthetics.
Enter the holiday travel apparel market, increase integrated marketing and increase brand exposure. 1) Launched a holiday tourism series to seize the market. The company's high-end and segmented market is focused on the “sports + leisure†segment. In August 17th, the company launched the world's first vacation travel series. The 10 billion holiday travel apparel market will become the new engine for the company's continued growth. 2) The intensity of integrated marketing has increased and brand awareness has increased. The company renewed the national golf team and successfully implanted the hit drama "Mr. Love", signed the movie star Yang Shuo as the spokesperson and Jiang Yiyan as the brand friend, and comprehensively enhanced the company's reputation.
The company adheres to the development philosophy of “three highs and one newâ€. It is expected to maintain steady growth for a long time through differentiated positioning and brand communication, and upgrade the rating to “buyâ€. We maintain our original earnings forecasts and expect EPS to be 2.3/3.1/4.2 in 18-20 years, which is 26/19/14 times for 18-20 years. We believe that the company is a leader in high-end sports and leisure apparel in China. The store opening and store efficiency growth is good. The performance of the company's long-term expansion exceeds the expected growth in the first quarter. The company's long-term expansion and sustainability is given to 35 times PE in 18 years, corresponding to a target price of 80.2 yuan. The current price has 33.6% space and the rating is upgraded to “Buyâ€.
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Wenzhou Gangxin textiles co.,Ltd , https://www.gxblanket.com