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Outdoor Shoe Brand Pathfinder Actively Implements Expansion Strategy

2011/3/19 11:47:00 82

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In 2010,

outdoors

brand

Pathfinder

The company realized revenue of 434 million yuan, an increase of 48% over the same period last year, and realized net profit of 53 million 900 thousand yuan, an increase of 22.40% over the same period last year, achieving EPS 0.40 yuan, which is in line with expectations.

The allocation plan is 10 to 10 and 1 yuan.

Scale effect and
品牌溢價提升綜合毛利率1.07點至49%

With the rapid expansion of the company scale and the continuous increase of R & D investment, the company's brand influence has enhanced the pricing power of the company's products.

In 2010, the company invested 14 million 480 thousand yuan in R & D expenses, and the intensity of R & D input continued to increase, and 5 utility model patents and 2 designs patents were obtained. At the end of the year, there were 17 patents.

In addition to the fact that the gross profit margin of clothing is basically flat, the gross margin of footwear and equipment of the company has risen to a certain extent.

Considering the company's continuous brand investment and industry leading strategy, the company's leading product gross margin will continue to rise steadily in the future.

Rapid promotion of channel expansion and market share will continue to improve.

In the past 2006-2010 years, China's outdoor sportswear and equipment market increased by 44.2% over the same period. The company's active product R & D and channel expansion promoted the continuous improvement of the company's market share. We calculated that the domestic market share of the company in 2010 was 11%, an increase of 0.1 points, and the sales volume continued to remain the first in China.

The company's spring and summer and autumn and winter orders in 2011 increased by 52% and 72% respectively, basically locking the pattern of high growth in 2011.

In 2010, 185 new and 300 planned stores in 2011 will increase the company's high performance in 2012.

The company's reasonable value is 42.05 yuan to 46.48 yuan / share, maintaining the "prudent recommendation" rating.

The company's channel development is positive and the expenses are fully released. We have raised the pace of the company's channel expansion. It is estimated that the EPS will be 0.72 yuan, 1.10 yuan and 1.58 yuan in the 2011-13 years, and the relative value and absolute value of the comprehensive PEG will be calculated. We estimate the reasonable value of the company 42.05 yuan to 46.48 yuan per share and maintain the "prudent recommendation" rating.