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&Nbsp, A Leading Sheep In Fur Industry.

2010/10/19 14:53:00 43

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Fur products

Industry leader, the integration effect is remarkable.

Wordsworth

Mainly engaged in fur clothing, fur jewelry, fur fabrics, fur production and sales, fur industry is the largest production of our leading enterprises.

The main business scope includes the complete business process from the initial processing of agricultural products to the sale of fur clothing.

In the years of business practice, the company has established an appropriate management system and framework for different links to achieve effective collaboration of the entire industrial chain.

The company has formed a network of sales, covering more than 20 countries and regions, including Europe, the United States, Russia, Japan and Hongkong, and has become one of the largest suppliers of many international brands in China.

The company adopted a flexible sales strategy, including three modes of OEM, ODM and OBM. In 2009, the proportion of sales revenue in the high margin OBM mode accounted for nearly 40% of the total sales revenue.

High grade leather

Market demand is growing rapidly, and the company's high growth is still sustainable.

From 2005 to 2009, the total export volume of fur clothing and raw materials in the world increased by 6.88%.

China's imports of fur and products increased by 18.09% during the period from 2002 to 2008.

The China Leather Association estimates that the next few years will continue to grow at an average annual rate of 20%.

In the 2007-2009 year, the company's operating income compound growth rate was 17.89%; the net profit attributable to the shareholders of the company reached 192.25%; the gross profit margin increased from 10.95% to 19.33%, and the future will still benefit from the rapid growth of fur demand.

The ability to purchase raw leather is strong, and create its own brand.

Domestic procurement has ensured the stable supply of raw leather by the "company base peasant household" mode, and it has been adjusted and supplemented by the largest fur trading market in the country.

The company has established a widely recognized classification standard for fur raw materials, and has a strong professional procurement team.

The independent brand "Yi Jiaqi" has successfully entered Russia and its surrounding market, and has achieved good sales results, proving the company's brand management ability and good sales ability.

Suggested inquiry interval

It is expected that the growth of the company in the next three years will come mainly from the breakthroughs in capacity bottlenecks and the growth of its own brand.

After 2010-2012 years' diluted EPS, Forecast Ltd was 0.48 yuan, 0.63 yuan and 0.87 yuan respectively. Compared with the valuation level of some similar enterprises in A share, we think that the reasonable market value interval is 37-42 times PE in 2010, that is, the reasonable price of the two market is 17.76 to 20.16 yuan. It is suggested that the first level market price range is 15.98-18.14 yuan.