AOKANG'S International Electricity Supplier'S Handy Performance Has Rebounded.

The direct channel improvement effect is remarkable.

Prior to the company's push to join the direct pfer battalion and International Pavilion mode, the channel optimization effect has been presented.

During the reporting period, the company achieved a direct revenue of 1 billion 80 million yuan, an increase of 18.42% over the same period last year, of which the revenue of the direct store was 748 million yuan, an increase of 17.08%, and the revenue of the shopping mall was 1 billion 96 million yuan, an increase of 13.69%.

The company's use of e-commerce channels is also increasingly handy. In the first half of the year, corporate group buying and online shopping revenue reached 222 million, an increase of 25.85% over the same period last year.

The company achieved 474 million yuan in distribution revenue, which was flat compared with the same period last year, and realized OEM income of 58 million yuan, a slight increase over the same period last year.

From the point of view of channel structure, the proportion of direct battalion, electricity supplier, distribution and OEM income is 53.2%, 13.8%, 29.43% and 3.58% respectively.

The income structure was further improved, with a slight decrease in gross profit.

During the reporting period, the income of men's shoes, women's shoes and leather goods was 970 million yuan, 490 million yuan and 150 million yuan respectively, accounting for 60.32%, 30.27% and 9.41% respectively.

The three brands of AOKANG, Kanglong and Flamingo earned 1 billion 70 million yuan, 220 million yuan and 56 million yuan respectively, representing an increase of 10.38%, 25.78% and 40.72% over the same period last year.

The company is ensuring its owner.

While developing steadily, it has also actively promoted the development of other brands.

During the reporting period, the gross profit margin of the company was 35.88% (down 1.66 percentage points), and the net interest rate was 13.38% (2.48 percentage point increase), mainly for the company.

Strength and sales increase.

The management is becoming more steady and the cost of the period has been reduced.

During the reporting period, the company's sales expenses rate was 13.73%, the management fee rate was 7.33%, the financial cost rate was -0.39%, and the company's period cost rate was 20.67%, which was 0.92 percentage points lower than that of the same period last year.

By the end of June 2015, the company's receivables amounted to 948 million yuan, down 7.43% from the same period last year, and accounts receivable increased significantly. The company's inventory size was 846 million yuan, an increase of 0.72% over the same period last year.

The management and operation of the company are becoming steady.

Maintain "recommended" rating

The company is a leading enterprise in the footwear industry. In the past few years, it has worked hard to improve the layout of the channel. With the recovery of the industry, the company has entered a stage of performance recovery.

In addition, the company acquired the cross-border business "Lan Ting preface" equity, to further infuse itself.

Genes are expected to gain more room for growth in the future.

We are optimistic about the future development of the company and maintain the "recommended" rating.

It is estimated that the EPS of -2016 in 2015 is 0.81 yuan and 0.96 yuan respectively, corresponding to the current stock price being 43 times and 37 times.