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    Camel Outdoor 2015 Order Exhibition Hall Hot Spot

    2015/1/28 11:14:00 43

    Camel OutdoorOrderingFashion Brand

    A few days ago, CAMEL camel outdoor, autumn and winter new products ordering will be held in Guangzhou.

    More than 500 generations of retailers and retailers from around the country gathered in the order meeting, and the scene was unusually hot.

      

    Order-placing meeting

    There are many new products on camels outdoors in 2015, covering three top products of camels: Himalaya series, high mountain adventure series and jungle cross country series.

    What surprised the agents is that the camel is scheduled for January 29th ISPO.

    Beijing

    The alpine fashion products released at the exhibition also appeared in advance at the order meeting.

    Fashion products are being sought after by ordering merchants, and they have stopped to consult staff.

    Eric, director of outdoor camel business at CAMEL, said:

    camel

    It is very optimistic about the outdoor sports market in 2015. This year's orders will be more enthusiastic and the order volume will increase steadily compared with last year.

    Camels outdoor products are very rich. Last year's Himalaya high-end series and the upcoming fashion series were welcomed by agents. Camel outdoor awards were awarded in the professional selection, and also gave the agents full confidence.

    "

    CAMEL camels outdoor products in recent years, research and upgrading, upgrading very quickly, through the introduction of Germany's top waterproof fabric SympaTex, independently developed CAMEL-TEX fabrics and CAMEL-HEAT technology, and so on, and continuously enhance the performance of camel products in the outdoors.

    Camel outdoors now has both the Himalaya series that meets the ultimate challenge, the alpine expedition series capable of climbing Gao Haiba, and the jungle cross-country series suitable for heavy hiking and cross-country adventures. At the same time, the rich product styles and colors make camel outdoor products very suitable for outdoor activities such as self driving, camping, City shuttling and so on.

    A general from the north of the world said at the order meeting: "camels outdoors have had a lot of brand activities in recent years. The brand has been exposed continuously, and the popularity of the camels has been increasing.

    The design and professionalism of the products are also well balanced. Last year, consumers were confident that the order would increase this year.

    "

    A week's camel outdoor, autumn and winter new products ordering will be successfully concluded. Although these new products still need a certain cycle to enter the market, friends who are concerned about and love camel outdoor products can go to the camel outdoor exhibition hall at the ISPO exhibition of Beijing National Convention Center at 10 a.m. in January 29th.

    Related links:

    Daphne: the sales of 2014 core brands in the same store recorded an annual decline of 3.4%.

    In the 2014 quarter of fourth, the same store sales of core brands decreased by 7.5% and 3.4% respectively.

    The poor performance of the same store is mainly due to the weak atmosphere in the women's shoes market, the fierce competition in the market and the fact that the sales of the physical distribution shops have been shared by the network sales.

    We predict that the revenue of the 2014 core brand business will be basically equal to HK $9 billion 490 million last year.

    In addition, we believe that 2015 and 2016 core brand business revenue will increase by 9% and 9.7%, respectively, to HK $10 billion 400 million and HK $11 billion 400 million respectively.

    Inventory conditions were improved in 2014.

    Due to online and offline promotions, we believe that the inventory situation in 2014 has been greatly improved.

    However, we believe that the company's inventory clearance activities will continue in the first half of 2015.

    Our Forecast Ltd's 2014 to 2016 inventory turnover days are 188 days, 175 days and 169 days respectively.

    We believe that our Forecast Ltd's gross interest rate will drop by 2.9 percentage points to 53% per year in 2014 due to the greater discounts of inventory.

    We also predict that the gross margins of 2015 and 2016 are 55% and 56.5% respectively.

    Core brand businesses focus on the development of Direct stores.

    In 2014, the company opened 257 core brand outlets and closed 174 franchises.

    By the end of 2014, the number of core brand stores in the company was 6402, including 5748 Direct stores and 654 franchised stores.

    We believe that the company will also focus on the development of Direct stores in the future, which will be more conducive to the management of inventory and the improvement of single store efficiency.

    Maintain buy rating.

    We reduced the net profit of Forecast Ltd in 2014, 2015 and 2016 in the fiscal year by 39.5%, 20.8% and 13.2% to HK $150 million, 420 million and 780 million respectively.

    The company's current stock price is equivalent to 12.7 times and 6.9 times earnings per share in fiscal year 2015 and fiscal year 2016.

    We maintain Daphne's "buy" rating.

    The target price is HK $4.2, which is equivalent to 18.9 times earnings in 2015 fiscal year, and is also the average price earnings ratio of the company in the past 3 years.


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