"500 Top Chinese Private Enterprises" AOKANG Golden Monkey Liu Bridge 3 Entries

A few days ago, "2014 China's top 500 private enterprises" list was released, AOKANG Group Co., Ltd., Golden Monkey Group Co., Ltd., Liuqiao Group Co., Ltd. 3.

Industrial enterprises are listed.

"The top 500 private enterprises in China" came into being on the basis of the survey conducted by the National Federation of industry and commerce above the scale of private enterprises. So far, it has been developing for 16 years.

The release of the list played a positive role in understanding and analyzing the development trend of China's private economy, grasping the law of development, studying the development characteristics of large and medium-sized private enterprises, and displaying the achievements of the development of private economy.

List shows Zhejiang Province

The group ranks 238th in total business income of 16 billion 688 million yuan, and is also the first in the leather industry.

The other two enterprises, Shandong golden monkey group and Zhejiang Liu Qiao group, rank 375TH and 459th in total business income of 116.23 and 9 billion 940 million yuan respectively.

In addition, in addition to the list of top 500 private enterprises, "2014 China's private enterprises manufacturing 500 strong" also released at the same time, leather industry in addition to AOKANG,

And Liu Qiao, Xiang Xing (Fujian) luggage and bags Co., Ltd., Jiangsu new sun Shoes Co., Ltd., duck duck joint stock company, Inner Mongolia Dongda Mongolia Wang Group Co., Ltd., a total of 7 enterprises.

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AOKANG International: end of the company's strategic adjustment, waiting for double earnings performance

AOKANG international is one of the largest leather shoes manufacturers and retailers in China.

In the first half of 2014, the company achieved 1 billion 451 million yuan, a year-on-year decline of 2.75%, a year-on-year decline of 2.75%, operating profit of 193 million yuan, a year-on-year decline of 29.39%, and a net profit of 158 million yuan for the owner of the parent company, 25.67% and 0.394 yuan per share.

14Q2 revenue has returned to growth, but net profit is still declining.

1) industry downturn continued to affect revenue (14H1 100 apparel retail sales fell by 1.8% over the same period last year), 14H1 revenue declined 2.75%, but 14Q2 revenue grew; 2) vigorously promoted gross profit margin decreased 3.68 percentage points to 37.54% (industry competition intensified, inventory processing), making 14Q2 net profit continued to decline; 3) the company's internal control capability was improved, and the period cost rate control was better, down 0.91 percentage points to 21.59%.

The strategic adjustment of the company ended and pformed into "retail service operators".

1) the strategic adjustment of the company is coming to an end. Joining the 14Q1, 14Q2 has basically closed. 2) in May 14, the company started to increase, and raised 400 million yuan to major shareholders, executives, distributors and external investors, and invested 150 international pavilions to help upgrade the "physical examination" new terminal. 3) the company put forward the pformation of Internet service providers based on Internet thinking, so that the International Pavilion became the carrier to enhance the consumer experience function of supporting O2O O2O and advanced customization, which is in line with the development trend of the industry.

Earnings forecasts and investment proposals.

On the whole, we recognize the development strategy of the company's strategic pformation. It is expected that with the end of the process of joining the direct pfer battalion and the continuous progress of the international pavilion construction, and the cardinal effect of the second half of last year, the income of the second half of the year will continue to achieve positive growth.

At the same time, the company is planning a fixed increase project, which is currently being revised according to the SFC guidance. Once approved, it will be implemented as soon as possible. The successful increase will effectively motivate the internal and external businesses, further strengthen the core competitiveness of the company and reduce financial pressure.

We are optimistic about the future development of the company in the long run. Forecast Ltd's 2014-2016 year EPS is 0.69, 0.85 and 1 yuan. At present, the corresponding PE of the stock price is 22, 18, and 15 times. Taking into account the company's approved increase or the market concept of O2O, the company may have a staged opportunity in the second half of the year, so it gives "overweight" rating.

Risk warning.

Terminal demand continues to slump; International Pavilion construction fails to meet expectations.