Shanghai Releases XTEP International Latest Rating

< p > recently, the first Shanghai released the latest rating of "a href=" http://www.91se91.com/news/index_x.asp "XTEP international < /a >.

First, in view of the relative success of XTEP's positioning and marketing, Shanghai's performance outperformed its peers during the period. The differential positioning made XTEP less negative, and made it one of the early resumed businesses when the industry recovers. Therefore, the target price of HK $3.13 is equal to 12.3 and 11.3 times earnings level of 13 and 14 years, which is 5.39% higher than the latest market price, maintaining the rating.

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< p style= "text-align: center > > net profit decreased by 16.2% over the same period, and the performance basically met the expectation < /p >

< p > > a href= "http://www.91se91.com/news/index_x.asp" > XTEP < /a > announced earlier 2012 results, net profit in the period decreased 16.2% to 810 million yuan, earnings per share 0.37 yuan, together with the special dividend, the final dividend will be 14.5 cents per share, the annual payout rate is 60.6%.

Performance is basically in line with expectations.

According to the brand, XTEP brand accounted for 98.6% of the group's revenue and 1.9% of its revenue during the period. The growth was mainly due to the promotion of the company's strategic marketing campaign, and the increase in the income of a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > products, of which XTEP recorded a revenue of 2 billion 670 million yuan during the shoe period, an increase of 10.2% over the same period, which was mainly affected by 8.4% increase in sales volume.

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< p > profit margins remained stable and working capital turnover days were lower than those with low /p.

< p > gross profit margin remained stable during the period of the company, a slight decrease of 0.1% compared to the same period last year. Because of the 0.5% increase in the gross price of XTEP footwear and the offset of the decline in gross margins of other products, Future Ltd will maintain a stable level of discount rate (62% off), and the gross margin is expected to remain above 40%.

At the same time, the turnover time of the company was lower than that of the peers. The days of receivables and inventory turnover increased by 7-10 days to 70 and 74 days compared with the same period, but it was better than the 100 Yu Tian receivable and 80 days inventory turnover period.

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< p > material will maintain higher marketing input to consolidate the positioning of brand fashion movement < /p >

< p > the company accounted for 13.3% of the marketing expenditure in 2012, while the strategic sponsorship and promotional activities related to all kinds of running events led to the overall sales increase of the company's footwear products in the same sales volume. The company is expected to maintain its differentiated positioning of the fashion movement and continue to promote its targeted promotion. It is estimated that Future Ltd's marketing expenditure will maintain its current level, and the proportion will increase to 14.0-15.0%, so as to clear the brand positioning and consolidate the market in the changing period of the industry.

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