YOUNGOR, An Undervalued Diversified Development Group, Is Rated As A Buy Rating.

It is understood that Youngor In 2009, "one principal and many deputy" was officially implemented. brand Strategy, the brand family takes YOUNGOR brand as the leading factor, the newly established young brand GY and volume customization brand MAYOR. In 2015, it tried to operate YOUNGOR WOMAN and YOUNGOR KIDS to explore the entry. Women's wear And children's wear market. Recently, according to the news, YOUNGOR was rated as an undervalued diversified development group.

Clothing plate: multi brand strategy and channel adjustment to promote the performance of Growth Company four sub brands in 2015 the overall demand for men's clothing market downturn in the growth of 31%. Since 2016, the company has increased the team building and channel expansion of the four sub brands. We expect that the sub brands will accelerate growth, and the proportion of the revenue from the clothing sector will steadily increase from 10% in 2015. At the same time, the company adjusts the existing channels around the strategy of "opening large stores and establishing a hall", and sets up large-scale self operated outlets. We expect that the effectiveness of the company's channel strategy will gradually emerge from 2017 to boost YOUNGOR's revenue growth.

Real estate sector: to retreat to advance and enhance profitability. Since 2013, the company has reduced the target market of the real estate sector from the Yangtze River Delta Strategy to the home market in Ningbo, reducing the risk of excessive expansion in the overall uncertainty of the real estate industry. At the same time, the land reserve price of the company in Ningbo is relatively low. In the second half of 2015, after the Ningbo property market recovered, we expected the company's net interest rate to rise significantly.

The company's valuation level is not high enough to fully reflect the value of the company. We use the average price earnings ratio of the comparable company, the share price of the listed company and the cost of investment to evaluate the three major business segments of the company. Then the total value of the company can be calculated by the method of classification and total valuation. The company's current market capitalization is 37 billion 900 million yuan, compared with the overall value of the company, the valuation level is relatively low. We believe that as the risk of real estate sector fluctuates, the predictability of the company's performance will be significantly enhanced, and the stock price will reflect the value of the company's business segments. First coverage, give buy rating.