Pathfinder: Rapid Development Of Online Business

　　 Pathfinder The rate of return this year depends largely on the market's valuation of the online travel service platform. Retail environment is sluggish and policy adjustments continue to affect 2014 autumn and winter orders growth.

Today, the company announced that in 2014, the amount of futures and orders of the company's franchisees, direct battalion areas, group customers, e-commerce and outdoor special canal business units was 1 billion 315 million yuan, representing an increase of 25.24% compared with the actual delivery amount of 1 billion 50 million in 2013 and autumn and winter futures, representing an increase of 11.44% compared with 1 billion 180 million, and a 3.30% increase over 1 billion 273 million of the order.

The response speed of supply chain is increasing, the futures ratio is reduced, and the order is continuing to slow down. However, the rapid increase in online orders makes the overall growth rate faster than the delivery. In the context of the current low retail sales, the company aims to reduce the risk of offline inventory and advocate relying on the supply chain reaction rate to reduce the futures market share.

At the same time, because this year is the year when the company expands the online business of franchisees vigorously, it has no heavy duty on ordering offline. The growth rate of orders is expected to slow down in the autumn and winter of 2014, but Online ordering It is expected to increase rapidly. In the past two years, because the market demand is sluggish and the replenishment speed of the supply chain in the past is not fast enough, the execution rate of the order futures is reduced.

Out of Risk management and control Considering that since the spring and summer ordering in 2014, the company has already made guidance to the franchisees and does not encourage more orders. If the replenishment is followed, the speed of the supply chain will be completed. Therefore, the order quality of product futures in spring, summer, autumn and winter in 2014 will be more assured than in previous years, and the execution rate is expected to increase. The 2 billion 130 million year sales guarantee has been strengthened.

Actively encouraging online development will help improve the scale in the short term, but we need to pay attention to the control of the strategy of "putting first and then re charging". Pathfinder shows initiative in the strategy of electricity supplier, leading to the adjustment of the interests of online and offline businesses and franchisees. To a certain extent, it may also affect the ordering intention of the franchisee and the performance of the order.

The company will certainly affect the offline business within a certain period of time while adjusting the online and offline business. But the rapid development of the online sector in 2014 can play a stimulating role in the company's sustained growth throughout the year. At the present stage, the transformation is stable. We expect the first quarter performance to be good. It still belongs to our key recommendation in 2014. The valuation is 23.5 times. If the stock price is adjusted, we can pay attention to it.