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The Profit Rate Of The Precious Birds Is Reverse Cyclical Growth, And The Price Of Brand Related Spanactions Is Flickering.

2014/2/28 12:10:00 38

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< < a href= "http://www.91se91.com/" target= "_blank" > shoes < /a > the overall downturn of the service industry, after several twists and turns and efforts, the noble bird finally landed in the domestic A share market in January 24, 2014 and undertook the sponsor as UBS Securities. 
 prospectus shows that in 2013 1-9, the company achieved operating income of 1 billion 691 million yuan, business < a href= "http://www.91se91.com/news/index_cj.asp" > profit < /a > 306 million yuan, net profit 249 million yuan, after deducting non recurring gains and losses attributable to shareholders of the parent company net profit 228 million yuan. Net profit in 2013 is expected to decrease by about 15%-20% compared with 2012. 
 however, the performance of the birds is pretty. From 2010 to 2012, both operating income and gross margin continued to grow. But in the same period, its competitors were defeated. As a matter of fact, there are many questions about the rise of the birds and birds. Some researchers say that the performance of the birds is out of line with the industry. 
 in addition, the spanaction price between the expensive bird and the related party is high, and the price is unfair. If the pricing is fair, the erratic purchasing standards will make the outside world doubt about the quality of its products. 
 related party spanactions are priced at a high level 
 2010, the price of related spanactions between the expensive bird and the Tai Chang shoe material was much higher than that of the non related supplier, while the related price dropped sharply in 2011. The pricing of related party spanactions is erratic. According to the insiders, the price of related birds is not fair, or the quality of products is suspected of being shoddy. 
 Tai Chang shoe material is the related party of the noble bird. The real controller Lin Tianfu's wife and brother Lin Haibin holds 40% and Lin Jianjia shares 60%. The main business is sole manufacturing. In 2010, it was the second largest supplier of shoe materials. The purchase amount of expensive bird to Tai Chang shoe material reached 47 million 750 thousand yuan, accounting for 10.64% of the total purchase amount of shoe material in the current period. 
 2010, the expensive bird to the related party Tai Chang shoe material purchase PU, MD, RB three soles. But the average purchasing price of the three kinds of shoes is higher than the average price of non related purchase. 
The related purchasing unit price PU < a > shoe bottom < /a > is 17.10 yuan, the non related price is 12.84 yuan, the price is higher than 33.18%, the MD sole related unit price is 17.24 yuan, the non related price is 16.10 yuan, the difference rate is 7.08%; the RB shoe sole related purchase price is 9.62 yuan, the non related unit price 9.34 yuan, the difference rate 3%. 
 the prices of related party spanactions are higher than non related prices, and the alleged pricing is unfair. The explanation given by the Krishna bird is that the average price of PU soles is high because its weight is about 28.16 grams heavier than the other related parties, and the MD soles are priced high because the weight is 27.07 grams heavier than that of the non related party suppliers. But there is no explanation for the pricing of RB soles. 
 this seems to mean that the heavier the sole is, the better the quality is, so the higher the price. But the standard of controlling the weight of the sole is not uniform. In 2011, the average purchasing price of the relationship between the expensive bird and the shoe material of Tai Chang was lower than the average price of the non related purchase. The reason is that the sole weight of the purchased shoe is lower than the total shoe sole supplied by the non related party. 
 2011, the PU shoe sole of Tai Chang shoes is 68 grams lighter than the related party, and the average price is 14.96% cheaper. In 2010, the PU sole was only 28 grams more than the related party, and the price was 33.18% higher than that of the related party. The sole weight of RB is 42.90 grams lighter than that of the related party, and the average unit price is lower than that of the related party by 11.22%. Previously, the price of MD soles was only 5.88% higher than that of 7.08% in 2010. 
 the logic of Gui Gui bird seems to be that the sole is heavy and the price is more expensive, which means the quality is better. The prospectus disclosed that the average factory price of footwear products in 2011 was much higher than that of 2010. But the weight of the soles purchased is lighter. If the weight of the sole determines the quality of the products to a certain extent, but the weight of the shoe sole of the Tai Chang shoe purchased by the expensive bird is also flickering. How to guarantee the quality problem? 
 and it has been reported that in the quality inspection of the industrial and commercial bureau of a province in 2012, a number of enterprises, including the "noble bird" and many other brands, were not qualified. Unqualified footwear products are mainly peeling strength, durability, appearance is not up to standard and so on. 
 gross profit rate goes against /strong and > /p >
"P >, when the industry is showing signs of fatigue and falling into" cold winter ", the performance of the birds is not unique. When a href= "http://www.91se91.com/news/index_cj.asp" > gross margin is less than /a, business income goes against the declining trend of the industry, when the competitors shrink fully, the number of retail terminals is greatly expanded. 
 > you see, the production mode, sales mode and average price of brands such as Anta, XTEP, PEAK and other brands are close to those of your company, and are their main competitors.