Expensive Bird: Deep Tillage Three Or Four Line Market Adjustment Will Continue

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< p > < a > href= > http://sjfzxm.com/news/index_f.asp > location > /a > mass consumption. Store concentrates on three or four line cities: companies locate the mass consumption market, take sports leisure as the focus of product development, and have strong network layout advantages in three or four line cities.

By the end of 13, there were 5560 stores and three or four line cities accounted for more than 76%.

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< p > industry adjustment is coming to an end: the sports industry has experienced more than 3 years of adjustment, and the industry is at the bottom of the trend. From the data of the leading company's order meeting, we have regained positive growth according to our own adjustment time. The adjustment of Anta (XTEP 11.73, 0.04, 0.34%) is a little later than that of XTEP, and so on. We expect that the company's income adjustment will last until the end of the 14 year.

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< p > the electricity supplier layout is prudent, mainly based on clear inventory: Jinjiang brand is more prudent in the layout of the electricity supplier, while the online inventory is still dominated by clearing stocks, but it is also exploring ways to integrate online and offline.

Below the line is still the following main channel, because the company is oriented to low-income groups, enter the mall, shoppingmall is difficult, but will consider the sale of the form of settlement, but also in the second tier cities edge business circle shop.

This year, we have adjusted nearly 1000 stores and partly upgraded some of the stores. We expect that this year's stores will be flat or slightly reduced.

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< p > investment > a href= "http://sjfzxm.com/news/index_z.asp" > < /a >: the adjustment of sports industry is coming to an end. This rotation stock market leads to the first adjustment of the company. But we think that the terminal demand is still suppressed. For the mobile brand enterprises such as the size of the company, the current direction is still to clean up the burden of the inventory, adjust the channel structure, and strengthen the terminal retail management, and it still takes a certain time to restore high growth.

We expect the company's -2016 EPS in 2014 to be 0.67 yuan /0.7 yuan /0.8 yuan, the income growth rate is -2%, 1.9%, 7.7% respectively, the net profit growth rate is -2.3%, 4.3%, 13.4% respectively, giving "neutral -A" investment rating, 6 months target price is 12.6 yuan, corresponding to 15 years 18 times PE.

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< p > wind > a href= "http://sjfzxm.com/news/index_z.asp" > risk < /a > hint: 1) demand recovery is lower than expected, and the adjustment period of industry is lengthened.

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