Industry Reshuffle Promotes The Concentration Of Men's Shoes Industry, Leading Brands Give Priority To Opportunities

< p > the growth rate of revenue in the fourth quarter of last year decreased significantly. In 2012, EPS was 1.28 yuan, slightly lower than expected. (1) in 2012, the company achieved operating income of 3 billion 455 million yuan, an increase of 16.50% over the same period last year, of which the business revenue in the fourth quarter increased by 5.56% compared with the previous quarter, which is more obvious than that in the previous three quarters. According to the classification, the revenue of the distribution channel was 2 billion 246 million yuan, up 14.52% over the same period, and the channel revenue was 952 million yuan, an increase of 51.25% over the same period last year. (2) net profit attributable to shareholders of listed companies was 513 million yuan, an increase of 12.22% over the same period last year. The net profit of deducting non recurring gains and losses attributable to shareholders of listed companies was 501 million yuan, an increase of 23.45% over the previous year, EPS was 1.28 yuan, slightly lower than our previous expectations. (3) in the first quarter, the company's operating income was 836 million, an increase of 4.50% over the same period; net profit attributable to shareholders of listed companies was 126 million, an increase of 10.17% over the previous year, and EPS was 0.31 yuan. < /p >
< p > gross margin and cost rate rose, receivables, prepaid accounts and inventories grew rapidly, and cash flow declined significantly. The proportion of sales increased significantly to gross profit margin; (2) the sales cost rates in 2012 and 2013 were 11.67% and 13.77%, respectively, which increased by 1.76 and 4.13 percentage points respectively, mainly due to the increase in the cost of new direct stores and the increase of advertising fees. (3) at the end of the year of the end of 2013, the company's accounts receivable increased to a larger level than that at the beginning of the year, mainly due to the expansion of the company's business norm and the adjustment of the credit policy of dealers. The receivables in the first quarter continued to rise to slightly. (1) the gross profit margins of the company in the first quarter of 2012 and 2013 were 37.16% and 40.24%, respectively, representing an increase of 2.6 and 5.2 percentage points respectively. (4) in 2012, the cash flow of the company was 3 million 440 thousand, down 99% from the same period last year. < /p >
< p > industry reshuffle pushes men up to a target= "_blank" href= "http://www.91se91.com/" > shoes < /a > industry concentration, leading brands get priority development opportunities. In the field of Chinese brand leather shoes, domestic brands mainly occupy the middle end market, and high-end brands are mainly European and American brands. In the most widely used mid-range shoes market, women's shoes market is more concentrated, and men's shoes market is relatively dispersed. With the entry of famous brands abroad and the rise of new brands, the competition of domestic footwear industry is becoming more and more intense. The adjustment of the current consumption cycle will also promote the industry reshuffle. The development of enterprises with less R & D investment, less brand building and weaker channel capacity will increase the development of male shoe industry concentration. Under such circumstances, listed brand enterprises will get better development opportunities by virtue of their capital, brand and management advantages. According to the information released by China industry and enterprise information center, the market share of leather shoes is 6.79%, ranking first in the market share of men's shoes, and 2.35% in women's shoes market, ranking eleventh in AOKANG's domestic market share. As the leading domestic men's shoes and the first men's shoes listed company, the company is expected to play a leading edge in the future and continue to promote industry integration. < /p >
< p > 803 new stores opened in 2012, and the extension space is still vast. (1) in 2012, there were 483 new stores and 320 franchised stores. By the end of 2012, the company had 5315 retail outlets, of which 960 were direct stores, accounting for 18.06%. The company has established a diversified marketing network system which basically covers the whole country, and has formed a good support for the improvement of brand and performance. In particular, the launch and construction of AOKANG International (16.26, -0.28, -1.69%) Pavilion, AOKANG brand store and AOKANG image store have effectively promoted the brand image. Compared with the medium location enterprises in the industry, the company's terminal retail scale is in the leading position. (2) in the strong regions such as East China, in 2013, the company continued to optimize its original marketing network, speed up the upgrading and upgrading of quality stores, and vigorously promote the resource integration strategy of small stores for large stores and distributors, consolidating and strengthening the market position. At the same time, vigorously implement the "network expansion project", according to the new business mode to increase investment, and promote the overall upgrading of marketing. Increase the development of "Kanglong" brand and "Wanli Wei" shopping mall. (3) the proportion of Companies in North China, Northeast China and Southern China is relatively low. The market has not yet been fully developed and has huge room for improvement. It plans to set up flagship stores in key cities in the region, set up image stores in general cities, enhance the brand image and popularity of the brand in the region, enhance the radiation capability of the brand, increase the support for dealer development, enhance the market development and management capabilities of franchisees, and achieve the same development of distribution channels and direct channels. On the whole, the network of company stores, especially in the two or three line market, is vast, and it is expected that there will be double expansion space. < /p >
< p > leading industries should promote strategic upgrading and operational transformation, and deal with the new economic consumption environment to consolidate the leading position of competition. (1) the development of brand shoe industry relying solely on extension and expansion has not been able to adapt to the future market environment. The industry has been transforming to "retailers", trying to take the initiative to control the terminal to achieve a new round of rapid development. At the strategic level, the company will adhere to the strategic mission of "integration and creation of fashion", and take the retail service operators as a strategic position. Through the integration of the production and marketing supply chain system, we will establish and improve the business mode of "fashion line", and create an effective, service-oriented and growth enterprise development mode, and become a leading enterprise in China's footwear retail service operators. (2) optimize supply chain and improve operational efficiency. According to the company's strategic planning, we will create a "fashion line" featuring "fast". We will create a fast response, fast design, fast transportation, fast charging and quick return operation system through a highly integrated supply chain. Therefore, the company will continue to introduce world-class shoe making equipment, improve production technology, promote the construction of the national logistics system, focus on the construction of Shanghai East China logistics and distribution base in 2013, vigorously implement the consultative sales service and fine management level, enhance the profitability and service level of single stores, strengthen terminal management, and assess the terminal development ability by "360 levels of human efficiency, efficiency and efficiency". By continuously optimizing the supply chain system and shortening the order cycle, we achieve the goal of "small batch and zero inventory". (3) according to the requirements of the "fast fashion pipeline" construction, the value creation link is moved forward by value chain integration, and the value is defined by R & D. In 2013, the company will increase R & D and new product development, constantly innovate in the design process, material selection and cultural connotation of the product, increase the added value of the product, and push the "24 hours R & D" products to be put on the market quickly, so that the style will lead the mainstream of consumption. (4) further promoting channel transformation. The footwear sales model has gradually evolved from traditional "department stores + street shops" to diversified sales channels such as "department stores, street shops, electricity suppliers, shopping centers" and so on. "AOKANG", "Kanglong" and other major brands accelerate the layout of shopping centers. After the "wanwade" product development and upgrading, we will vigorously expand high-end shopping malls, shopping centers, airports and other high-end channels. In 2012, the company's e-commerce is developing rapidly. In 2013, it will continue to increase investment in e-commerce platform, enrich the style of shoes, create differentiated brand e-commerce brand system, enhance logistics speed and customer experience, and create the core competence of e-commerce. < /p >
< p > expected net profit growth of 23% in the next three years, steady growth can be expected, and valuation has the advantage to maintain the "recommended" rating. We expect that in the 2013-2015 years, the company's operating income is 4 billion 89 million, 5 billion 322 million and 6 billion 307 million, respectively, up 18.34%, 27.71%, 22.70%, respectively. The net profit is 590 million, 748 million, 957 million, respectively, increasing 15.01%, 15.01%, and 15.01% respectively. EPS is 1.47/1.86/2.39 yuan, PE is 11/9/7 times respectively, and the valuation advantage is obvious. Continue to optimistic about the background of continuous concentration of industry concentration, the company relies on the competitive advantage of men's shoes to achieve steady growth prospects and maintain "recommended" rating. < /p >
< p > risk warning: consumption downturn continues to exceed expectations; terminal expansion is less than expected; internal management is less than expected. < /p >