Pathfinder Aims To Launch Outdoor Integrated Platform Layout And Deepen Resource Sharing.

Today, the Pathfinder issued a notice saying that the original shareholders' agreement with the original route agreed to increase capital by 150 million yuan (the first increase of 50 million and second increase of 100 million) through two ways of capital increase and share expansion.

The estimated value of the provisional route is 600 million yuan (excluding the investment amount), which is based on the completion of the 2015 --2017 performance goals and the three year operating income of 600 million, 960 million, and 1 billion 440 million (114%, 60%, 50% respectively). The gross profit is 210 million, 336 million, 504 million, net profit is 504 million, and 2016 >02017 reached RMB.

The "offline store + travel service" mode drives profit growth.

Founded in 2007, it is headquartered in Xiamen, Fujian.

In 2013, the income was 154 million, net profit was 910 thousand yuan, and net assets was 15 million 30 thousand yuan.

In 2014, sales revenue is estimated to be around 280 million yuan (up 82% over the same period), with net profit of around 540 thousand yuan (41% lower than last year).

At present, it has more than 200 well-known outdoor brands, and has opened more than 700 stores in more than 30 provinces and cities nationwide, including more than 1000 large scale experiential shops with more than 1000 square meters.

Meanwhile, at the beginning of 2013, a wholly owned subsidiary of Xiamen (travel) Limited was set up, relying on the resources of offline store members to develop travel services, and build a profit model of "offline store + travel service".

We believe that the revenue driven future of the map is mainly due to the large-scale expansion of the large experience stores under 1000 lines or above, and the rapid development of the online travel platform in 2015.

The capital increase is intended to promote "

Layout of integrated service platform

1, deepen the sharing of resources between the two sides online and offline.

Relying on the member resources of large experience shops and Pathfinder brand stores on the road route, the tour routes have been launched for the green field network and the map tour. Currently, two outbound travel routes have been set up in Dali and Inner Mongolia, Yunnan. In 2014, the revenue of the outdoor travel business has reached about 10 million yuan, and the number of trips has been around 2000 persons / times. 70% of the travelling population came from the shop members under the route line (by effectively holding store members' promotion sessions and sharing sessions to pform the store members into travelling customers).

2, those who are good for Pathfinder

And offline experience shop construction.

Map road has strong resource advantages in the management and operation of multi brand, multi category outdoor brand management and large experience shop, which can provide professional service support for the Pathfinder to build vertical e-commerce platform's strategy.

3, is conducive to the complementary resources of offline shops.

Map road is known as outdoor multi store mode, while the Pathfinder channel is dominated by a single brand store. There is a certain difference between the offline resources of the two sides. This investment is conducive to make up for the short board of the existing channel model of the Pathfinder.

Investment recommendations: maintain recommended ratings.

We expect revenue in 2014 and 2015 to increase by 1 billion 734 million, 1 billion 994 million, 20% and 15% compared to the same period last year. Net profit is 304 million, 349 million, up 22% and 15% respectively. The current stock price corresponds to 30 times and 26 times that of PE. Taking into account the leading position of the company in the outdoor segmentation industry, the firm push towards the pformation of "outdoor travel integrated service platform", and the July 2015 Beijing's decision to be the host of the Winter Olympic Games in 2022, we should maintain the recommended rating for ice and snow events in the fields of ice and snow operations, equipment and other fields.