Langer'S Deep Adjustment To Embrace The Internet And Create A Three-Dimensional Fashion Ecosystem

　　 Lancy The main industry is still adjusting to create a platform for big fashion industry.

The 2014 earnings report recently revealed that the company's revenue in the past 14 years showed a double downward trend, and Q4's net profit increased sharply in the single quarter. In 2014, the company achieved operating income of 1 billion 235 million yuan, down 10.4% from the same period last year, and realized net profit of 121 million yuan, down 48.14% from the same period last year, EPS0.61 yuan. Net profit fell more than income, mainly due to the decline in gross margin and the increase in cost. Net non profits fell by 74.54% compared with the same period last year (the net profit growth rate was mainly due to an increase of 39 million 120 thousand yuan in the investment income of the company's financial products).

In 2014, Q4 income decreased by 7%, net profit increased by 50%, Q1-Q3 income in 14 years decreased by 9.75%, 9.72%, and 16.14% respectively, and net profit decreased 28%, 44%, 115% respectively. Q4 net profit growth is mainly due to the low base number.

Most of the brand revenue has declined, and the drop in franchise is higher than that in the direct camp.

From the point of view of income splitting, the company's performance in 2014 was as follows:

(1) in 2014, the company's net sales increased by 13 and the total number of stores increased by 586, with an extension of 2% and a decline in the same store. In the 14 year, there were more Marie stores.

(2) from the point of view of the channels, the decline of the franchise is higher than that of the direct ones: the revenue from direct and affiliate shipments decreased by 6% and 20% respectively; the electricity supplier's income was about 40000000 (vip.com 27 million 100 thousand), the growth rate was 30%; the sales in the fifth quarter were flat and about 150 million last year.

(3) in terms of brand names, only 14 years alone, the growth rate of only 595% of them was low, while those of long, Rhine, and Marie decreased by 10%, 11%, 20% and 7% respectively.

(4) from the volume and price point of view, the sales volume in the 14 years has dropped by 19.01%, thus pushing up the price by 10%. This is mainly due to the decrease in the proportion of goods sold over the past season.

(5) from a regional perspective, the southwest region decreased by at least (-0.96%), and the north, northeast, East, central and South China decreased by 7%, 14%, 8%, 16% and 27% respectively.

Gross profit margin declined, cost rate increased, inventory pressure was still huge, and over season goods accounted for 40%.

Gross profit margin: 14 years gross profit margin fell 1.06PCT to 60.66%, mainly due to increased discount. 14Q1-14Q4 single quarter gross profit rates were 58.28% (-2.64PCT), 66.53% (+3.06PCT), 60.92% (-1.16PCT) and 60.01% (-0.91PCT) respectively.

Cost rate: the 14 year sales rate increased by 3.65PCT to 32%, of which employees' salaries and advertising expenses increased by 14% and 45% respectively, and the management fee rate increased by 2.12, PCT to 15.55%. 14Q4 sales cost increased by 0.58, PCT to 28.88%, management fee rate increased by 1.35, PCT to 14.78%, and financial cost rate increased by 4.16, PCT to 2.04%.

Other financial indicators: 1) inventories decreased by 4% to 558 million at the beginning of the period, although inventories decreased from the beginning of the year, but inventories / incomes were 45% (3PCT higher than the 13 years), and the proportion of goods in the over season was still 40%.

2) accounts receivable decreased by 6% to 108 million compared with the beginning of the year, mainly due to strengthening the strength of shopping malls.

3) asset impairment losses increased by 65% to 52 million 570 thousand compared to the same period (inventory loss and bad debt losses increased by 21 million 420 thousand and -68 respectively).

4) operating income increased by 10% to 18 million 170 thousand compared with the same period last year, mainly from government subsidies.

5) operating cash flow increased by 175% to 35 million 510 thousand yuan, mainly due to reduced sales volume resulting from reduced sales.

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　　 Build big Fashion industry Platform, actively embrace the Internet.

Based on women's clothing, the company actively develops green baby and cultural fashion industry through online and offline.

There are two modes of company women's clothing: "self creation" and "agency operation". There are 4 brands: LANCY FROM 25, LIME FLARE, Marien Mary, liaalancy, 3 proxy brands: MOJO S.PHINE, JIGOTT and FABIANA; if, according to women's fashion industry, they can be classified as: first tier luxury brands (brand), elegant and mature brands (Langer, FROM, Mozuo, Rhine, etc.), popular Xiao Shu brand, and fashion personality brand.

In September 14, the company entered the baby industry by participating in Akaka, Korea. The main brands are: baby. clothing (agabong, dearbaby, Gymitt, NAP), baby products (ETTOI, Putto, 2ya2yao), pregnant women's clothing (destination maternity) and pregnant women's products (Putto).

We should further embrace the Internet and create a three-dimensional fashion retail ecosystem such as online and offline resources to seek new strategic positioning and industrial upgrading. The future plans include: 1, upgrading the industry strategy, from the fashion stage of products to the stage of fashion production, and creating a large fashion industry platform: (1) developing new projects that will increase the existing customers' shoes and hats, cosmetics, beauty services, sports education and other projects, and develop new business growth points; (2) promote the transition from product companies to platform companies through the successful thinking of the multi brand operation strategy of the company; (3) speed up the layout of the global fashion industry under the dual driving of endogenous and extension, and timely absorb high-quality projects with industry influence through the coordination and cooperation of internal and external professional teams. The company is building a big fashion industry platform and promoting the international layout of fashion culture industry.

2, relying on the influence of Korean fashion culture and the platform advantages of Chinese and Korean listed companies, promoting the international layout of the company's fashion culture industry: (1) increasing the company's integration and acquisition efforts to Akabon, adopting the multi-core driving mode of online, offline, self operation and operation, accelerating the promotion of Akabon's mother and infant brand to the Chinese market; (2) using the industrial platform of Korean listed company Akabon with brand history for more than 30 years to integrate and integrate Korea. Clothes & Accessories The fashion industry, such as mother and baby, beauty, cosmetic, culture and so on, can timely absorb the related items in the field of fashion culture; (3) give full play to the fashion sensitivity of the Korean designer team, and reduce the time from the draft design to the shelf time of goods in the Korean design, China made and global promotion business mode, so as to improve the supply chain management level of the company and ensure the fashion of the products.

3, deep embrace the Internet, create online and offline resource linkage three-dimensional fashion. Retail ecosystem (1) in 15 years, the company will actively embrace the Internet, promote the development of online business by using the Internet thinking (user experience, membership data, interaction), focus on building an e-commerce sales model to upgrade, enhance consumer shopping experience, and achieve coverage for different regions and different consumer groups. (2) 15 years will focus on the layout and sales promotion and marketing of mobile terminals; (3) the company will build or purchase the Internet operation team at its proper time, and use big data collection and analysis to further enhance precise product marketing, online brand building and resource integration, so as to create a coordinated development and resource linkage between online and offline businesses. Three dimensional marketing Pattern.

The company has expanded to the baby industry in 14.9.9 shares in akakon, and in 1.14, the board of directors agreed to amend the business scope of the original articles of Association (newly added "children's clothing, infant products, cosmetics, toys" business) in the business scope, changed the use of funds raised in the 1.22 announcement, and increased 350 million of the wholly owned subsidiary of South Korea. These initiatives have foreshadowed the transformation of the fashion industry.

It is expected that the performance pressure will remain in the first half of 15, focusing on the transformation of the fashion industry.

The company implemented the employee stock ownership plan in the 2014.10.15 announcement, and targeted the 9 million 330 thousand shares held by major shareholders. The ESOP funding comes from employees' self financing (not more than 27 million 990 thousand) and large shareholders' interest free loan support. As of 2014.11.4, the manager of the company's employee stock ownership plan, GF Securities, completed the stock purchase through directional bulk trading, the average price was 21.31 yuan / share, and the number of purchases was 9 million 330 thousand shares, which was locked for 12 months.

We judge: (1) the high-end women's clothing industry is still under the dual pressure of self adjustment and the reduction of the consumption of card consumption, and at the same time, under the background of the terminal downturn, it is expected that the company will continue to shop at the same time as the new store opens in the 15 year, so the company's terminal is still declining. It is still not optimistic in the first half of the year. (2) when the terminal discount is increasing, the gross profit margin is expected to decrease steadily in the first half of the year, and the gross margin is expected to decrease steadily. (3) the expense of the terminal and the terminal staff will remain rigid, and the cost will not drop much. (4) the company will get the qualification of the high-tech enterprise in the 1.30 announcement, and will enjoy a 15% tax rate in 14-16 years.

From 2015 to 2017, EPS will be adjusted to 0.67, 0.77 and 0.89 yuan. Despite the high valuation, under the background of the transformation of the fashion industry strategy, the market will have M & A expectations and maintain "buying". The company is actively investing in the fashion industry, deeply embracing the Internet, and building online and offline funding.