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Pathfinder "Overweight" Rating

2011/3/21 9:43:00 53

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In 2010, EPS was 0.4 yuan, an increase of 22% over the same period, and its performance was in line with expectations.

In 2010, the company achieved operating income of 434 million yuan, an increase of 47.9% over the same period, with a total profit of 64 million 190 thousand yuan, an increase of 24.1% over the same period last year. The net profit attributable to shareholders of listed companies was 53 million 900 thousand yuan, an increase of 22.4% over the same period last year, and the total diluted EPS was 0.4 yuan, and its performance was in line with expectations.

The fourth quarter income was 179 million yuan, an increase of 48% over the same period, while the EPS in the fourth quarter was 0.17 yuan, up 24% over the same period last year.

Each 10 shares were pferred to 10 shares and distributed cash dividends of 1 yuan.

Gross profit margin rose slightly.

Sale

The rate of fees and management fees increased rapidly, resulting in a decline in net profit margin.

The company consolidated gross profit margin increased 1.2 percentage points to 49% in 2010.

Sales charge

The utilization rate increased by 1.9 percentage points to 21.3%, the management fee rate increased by 1.4 percentage points to 12.4%, and the net profit margin dropped 2.6 percentage points to 12.4%.

From the perspective of product structure, outdoor clothing accounts for 67% of income, outdoor shoes account for 22% of income, and outdoor equipment accounts for 11% of income.

From gross profit margins, the gross profit rate of outdoor clothing is 48.8%, the gross margin of outdoor footwear is 47.6%, and the gross profit margin of outdoor equipment is 51.8%.

From the perspective of regional structure, North China accounted for 46.3%, northeast accounted for 12.5%, northwest accounted for 12%, East China accounted for 11.4%, and East, northeast and northwest incomes grew faster.

Speed up the expansion of shops and improve the coverage of information shops.

Order-placing meeting

Income is growing rapidly.

By the end of 2010, the total number of shop owners was 666, of which 98 were direct stores and 568 were franchised stores, compared with 185 new outlets at the end of 2009.

In 2010, the company completed 318 new stores' information construction, totaling an information shop coverage of 74%.

According to the 2010 spring and summer orders will increase by 52% and the autumn and winter orders in 2011 will increase by 93%. It is estimated that the income of 2011 will be no less than 700 million yuan, and there will be no less than 300 new shops. In 2011, 400 stores information system will be completed, and the information shop coverage will reach 85%.

Revenue growth is fast, but considering the option cost of equity incentive, net profit growth in 2011 is slower than revenue growth. At present, the valuation is higher and the increase is maintained.

Because the company's equity incentive cost amortization concentrated in 2011-2012 years, 16 million 130 thousand yuan and 11 million 800 thousand yuan respectively, it will obviously increase the management cost.

We expect the company's 2011-2013 years EPS to be 0.67/1.10/1.56 yuan, equivalent to PE 47/29/20 times, the company's growth is better, the current valuation is also higher, to maintain overweight.