Expensive Birds Maintain "Recommended" Rating Is Optimistic About The Future Market.

There is no obvious improvement in the terminal sales of expensive birds, but the current inventory pressure is reduced.

Recently,

Publish the annual report 2014.

The main business achievements are as follows: during the reporting period, the company achieves

It was 1 billion 920 million yuan, a year-on-year decrease of 20.21%; net profit attributable to shareholders of listed companies was 312 million yuan, a decrease of 26.27% compared with the same period last year; the basic earnings per share was 0.51 yuan / share, down 36.18% compared to the same period last year, of which fourth quarter earnings per share were 0.20 yuan / share.

In 2014, the company achieved operating income of 1 billion 920 million yuan, down 20.21% compared to the same period last year, of which fourth quarter income was 581 million yuan, down 18.75% from the same period last year, slightly better than the growth rate of -25.60% in the third quarter; the company's gross profit margin in the fourth quarter decreased by 3.36 percentage points.

It is estimated that the revenue will increase significantly in the 15 years.

An increase of 9%.

2014, the cost rate of the company was 20.29%, up 3.52 percentage points from last year.

The gross profit margin of the company increased by 0.38 percentage points from last year, and the net interest rate dropped by 1.33 percentage points.

The number of sales decreased from 272 at the end of 13 to 201 at the end of 14 years, down 26.10%.

The company will focus on sports related industries in the future, mainly through mergers and acquisitions, seeking non regional, popular and mass based sports events, such as running, cycling and basketball.

Cooperation with tiger flare is the strategic upgrade of the noble bird into the sports industry. Tiger servant has 35 million active user data, which is very favorable for the company to make big data analysis.

We are optimistic about the synergy between the company and tiger flop, and the online and offline linkage is estimated to be 0.62 yuan and 0.76 yuan in the 2015-2016 year EPS, corresponding to the current stock price being 56 times and 46 times.

Maintain "recommended" rating.

Last year, the profits and profits of the precious birds fell sharply and will improve this year.

According to our survey results, terminal sales are relatively stable, and sales decline is mainly due to increased discounts.

Supply side, footwear manufacturers from more than 3000 to 2200 or so, the industry concentration increased, stronger phenomenon is obvious.

From the point of view of subdivision industry, the pressure of inventory pressure is decreasing, and the industry is showing signs of warming.

At the end of 2014, the company's inventory was 210 million 938 thousand and 600 yuan, as raw material reserves increased by 97.26% compared with the beginning of the year, accounts receivable was 1 billion 286 million yuan, and the income decreased slightly by 6.05% compared with the beginning of the year.