Card NDI Road To Maintain 30% Profit Growth, Maintain "Highly Recommended" Rating

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< p > Forecast Ltd 2013-2015 years EPS is 1.14 yuan, 1.44 yuan and 1.59 yuan respectively, corresponding to PE are 15.2X, 12.1X and 11.0X respectively.

In terms of private brand, the company's new stores in recent 12 years have increased significantly over the past 11 years. This new store will concentrate on its performance in 13 years, and the company's growth rate will be more secure in the next two years. In the new business, the three main lines of business will develop rapidly and contribute to profits this year.

The company has a precise positioning, and this year it has a strong certainty of maintaining 30% profits and high growth, maintaining the "highly recommended" rating.

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< p > Q1 has 48 new stores, and plans to open 100-120 new businesses in the whole year: 48 new stores in the first quarter, including 20 newly opened stores (direct 17 and 3), and the brand store Hengyang accepts 20 and Hangzhou accepts 8.

The company plans to open 100-120 private brand stores this year (including 90 direct outlets) and 20-30 brand agent stores (excluding shops), including 1 hotels in Venice in Macao, 5-7 in Jinsha city in Macao, and 18-20 in Hangzhou.

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< p > group buying business Q2 began to contribute its performance. The annual revenue is expected to be 50 million yuan: the group buying customized business began to contribute in the two quarter, and it is expected that the annual revenue will reach 50 million yuan, which will achieve 100 million yuan next year.

The high-end custom supply chain is different from the original retail supply chain, and the foundries are different. The high-end customization is mainly for spot production, and the direct purchase of the existing fabrics takes about 15 days, the production period is about 30 days, and the delivery time takes about 45 days.

The average price of suits is about 3000-4000 yuan.

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< p > Hengyang high-end boutiques will open next year. Buyer's shop and joint venture mode will be opened 46: the high-end boutique of Hengyang is expected to open in 2014, covering an area of about 20 thousand square meters, which is mainly divided into buyer shop and joint venture mode.

Among them, the proportion of buyer shops is about 40%, buyout operations are mainly international brands, and the share mode is about 60%, similar to the nature of department stores.

Because the partners of the Hengyang subsidiary had "a target=" _blank "href=" http://www.91se91.com/ "> clothing" /a ", the agency business coincided with the company's business. In the first quarter, the company took 20 stock agency stores in Hengyang, Chenzhou, Loudi and other places in Hunan, and added 20 new agent stores.

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< p > profitability increased steadily, and turnover rate declined. As the company advanced the conventional payment to the off-season last year, effectively reduced procurement costs and integrated supply chain, gross margin increased significantly. Now the composite rate is about 7.2-7.3 times, which is higher than the previous 7 times, and the gross profit margin will continue to increase little in the future.

In terms of agency brand, agency business accounted for about 4.5% last year, and has increased to about 10% since 1 and February this year.

Because of the high gross profit margin (about 40%-45%), the gross margin of agency business will still have room for improvement in the future.

The inventory and accounts receivable turnover rate in the 12 years decreased by 4.92 times, 0.36 times to 8.13 times, and 1.02 times respectively.

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< p > risk factors: channel expansion and new store efficiency are not up to expectations; economic fundamentals continue to deteriorate, affecting clothing consumption.

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