Pathfinder: Terminal Sales Are Good, Quarterly Expectations Exceed Expectations.

< p > < < a href= > http://www.91se91.com/news/index_h.asp > > green products superior > /a > is expected to be launched soon, and the synergy effect is gradually emerging.

The company acquired green field outdoor network in January 12, 2014, and the latter is China's largest outdoor travel activity website. Currently, there are 3 million registered members and 4156 leaders. It is estimated that the scale of pactions in 2013 is about 150 million yuan.

At that time, we put forward the following report: green field will build a C2C platform to provide leader's characteristic route and value-added service with the help of Pathfinder's capital and resource platform.

Follow up: in April, green field is expected to launch a new "green field superior product" featuring a new overseas feature outdoor route, including the Southeast Asian route resources of Asiatravel.com, a company that has announced the increase of Asiatravel.com shareholding ratio from 14.15% to 21.22%, and the route of "watch the earth" that many Pathfinder has participated in for many years, which fully reflects the synergy between the two sides.

In the later stage, we will promote the IT system reconfiguration and internal structure adjustment of the green field platform, as well as the search and collection of some suppliers, which will lay a solid foundation for product display, member communication, guarantee payment, comprehensive evaluation and other functions.

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< p > continue to < a href= "http://www.91se91.com/news/index_q.asp >" explore /a > smart wear, and build an outdoor ecosystem in all directions.

The company's long-term strategy is to build an outdoor ecosystem.

We propose that outdoor areas have special attributes of professionalism and sociality. Apart from commodities, outdoor BBS, professional training and activity sharing are the core nodes of ecological circles, and PC, mobile Internet and smart wearable can be effective entries for the above scenes.

The company has laid out the green field forum at the PC side, the Pathfinder APP of the mobile terminal, and the six feet of the green field (providing outdoor track, that is, GPS track, and sharing more than 30 thousand outdoor lines). The smart wear terminal company is actively exploring.

In October 2013, a Bluetooth 4 smart bracelet has been launched. Now, the company has officially established the intelligent wearable business department, and it is the six largest core door with the Pathfinder hiking department, the Pathfinder travel division, the Pathfinder mountaineering department, the arkenno business department and the discovery business department.

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< p > < strong > risk factors: industry slowdown, excessive competition leading to the risk of gross margin fall, high cost during the company.

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< p > a href= "http://www.91se91.com/news/index_s.asp" > profit forecast < /a > valuation and investment rating.

The company's 2014 autumn and winter products futures order amount of 1 billion 315 million yuan, compared with 2013 autumn and winter actual implementation of futures orders increased by about 25%, combined with the spring and summer ordering data and the current terminal sales situation, we judged that the company's annual performance was stable, the net profit growth rate exceeded 30% high certainty.

The company's future goal is to become an alligator of China's outdoor industrial ecosystem. The acquisition of green field is an important symbol of strategic substantive progress.

At present, the company is steadily advancing the strategy implementation. This year, the green field will complete the internal reconstruction work to consolidate the functions of product display, member communication, guarantee payment, comprehensive evaluation and so on.

Future Ltd is expected to have more important initiatives in promoting green field platform and exploring smart wear. We are very optimistic about the future development and strategic landing of the company, and continue to maintain the company's performance forecast. The EPS forecast in 2014/15 is 0.76/1.05 yuan, and the target price is raised to 25 yuan, corresponding to PE33 times in 2014.

The current stock price is 19.03 yuan, corresponding to 25 times PE in 2014, maintaining the "buy" rating.

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