The Bird Of Thought Opens The Imagination Space Of Valuation.

News birds and big fashion + Internet investment direction open valuation imagination space.

The company invested 50 million yuan to set up a good news bird venture capital.

In the big fashion and Internet industries and health, education and other fields, we have invested in the small ghost network (nine nine pack app Shopping Guide), Renren Technology (focusing on College Students' Renren phased "electricity supplier part-time credit data platform" and small fish gold clothing (Wenzhou loan + pocket money management).

The company announcements will invest more than 200 million yuan in the next 2 years, and the Internet finance will be the second main business of the company.

2014 is the watershed of the P2P industry. We think there are four points in the future: (1) the scale is still smaller (the balance is 103 billion 600 million in 2014), the barbarian growth is slowing down (the number of platforms in 2013 has increased by 300%, and 2014 has slowed to 97%), and the capital influx has accelerated the maturity of the industry (in 2014, 29 in the background of venture capital, 17 in the background of the listed company, 17 in the State Assets Department, 12 in the banking sector), and the benchmark has appeared (the LENDING CLUB of the United States has reached the new York Stock Exchange, and the value of domestic Lu Jin has reached tens of billions of dollars).

(2) the asset side is diversified and differentiated from the creditor's right mortgage loan (real estate mortgage, second-hand vehicle mortgage, etc.), and the investment scenario is changed. From the point to point paction to the online financial paction platform, the P2P industry is expected to merge into the big financial circle.

(3) wind control has become the core competitiveness, and most enterprises have arranged big data wind control, and the importance of traditional wind control still exists.

(4) platform risk is frequent (2014 issue brand 275, 2015 up to now 245 question platform), supervision is strengthened (four red line, ten principles of supervision), relevant laws and regulations are expected to come out.

The main business of the company's clothing industry will stabilize. In the future, it will focus on the C2B customization business. The second main industry, the Internet financial ecosystem, is already in shape. There will still be an extension expectation in the future.

We maintain a forecast of EPS 0.17/0.21/0.25 for 15/16/17, corresponding to PE 74/60/50 times, taking account of the company's holding last week.

The results of the financial strategy meeting are beyond expectations, and the future extension is expected to maintain the buying rating.

The main business of the clothing industry is bottomed out, and the future is to build a fashion brand platform and C2B mass customization business.

(1) build a fashion brand platform: the company has many fashion brands, especially HAZZYS has maintained 30%+ high growth, the company's future resources will focus on the main brands and HAZZYS of the wedding birds. The brand of flangson will turn to the line. Saint Angelo and Kay Mitch will focus on the best single product line and go hand in hand, and create a retail platform to gather fashion brands.

(2) 4 of the industry, create a flexible supply chain, promote the C2B mass customization business: the company will expand its customized business in the future. On the one hand, the company has a wealth of offline resources. On the one hand, the new Hotan Industrial Park will open up a new production line for customized business. C2B has high viscosity, zero inventory and low front-end cost, which will enhance the product's performance price ratio, user experience and turnover rate. Besides, the company's offline customized experience area pformation is effective, and the mass customization business will provide the company with big data and traffic entrance.

Around the "small fish service" including Internet channels, big data, virtual credit platform, including the Internet financial ecosystem.

(1) small fish gold clothing: at present, the ecosystem includes P2P software developers, old P2P platforms, private placement agencies, second-hand car companies, information websites, etc. in the future, it will form a closed loop which integrates Wenzhou loans, pocket money management, public funding services, Internet credit reporting, big data service providers and third party payment. It is expected that the short-term and external extension will focus on the third party payment software.

(2) Wenzhou loan is the top ten P2P platform of the whole country focusing on second-hand car mortgage: 60% of the revenue comes from second-hand car mortgage products. In 2014, the scale of pactions was 10 billion 600 million, and the industry ranked second.

(3) pocket finance is Shanghai's largest mobile terminal APP focusing on public finance blue ocean market: the founding team is from Tencent and Teradata, and has strong capabilities in product development and big data mining and analysis. It was launched in January 2015, and now the paction scale is nearly 800 million. The product is made up of 50% standard +50% non-standard.

(4) future perspective: after joining the stock market, the asset side is expected to be enriched (village banks and asset securitization of listed companies), and the second half of the operation will be promoted.