Hui Jie Shares IPO Value Analysis Report Released

The "multi brand" lingerie leading enterprise, the leading brand of multi brand women's underwear enterprises, has been nationally distributed, and has completed the nationwide balanced layout. The vertically integrated supply chain mode with self production as well as the main channel mode based on direct counters has been implemented. In recent years, the channel has been slightly adjusted and optimized, and the proportion of electricity suppliers has increased rapidly. It has become the second largest channel after the line.

The company's comprehensive size is slightly behind that of an Li Fang holdings, but the main brand Manifen is more ahead of the market. Yves has already cultivated and has a certain scale. If the sub brand can mature rapidly in the future, the growth space of the company will be further opened.

Performance continues to grow steadily, and growth quality indicators are relatively benign.

Despite 14 years of terminal retail recession, but women's underwear industry demand elasticity is relatively small, and benefited from a relatively solid direct channel base, the company's direct line +5% (+104%) to boost the income side to achieve double-digit growth (+12%), while the gross margin rate further enhance the net profit growth rate (+22%), and the performance is significantly better than Ann Li Fang holdings.

The company's 15Q1 revenue / net profit increased by +9%/+15% respectively. It is expected that the direct operation under the line is still relatively stable, while the electricity supplier continues to grow at a high speed, and the cost of control will further boost profits.

In addition, the quality indicators of company inventory, accounts receivable and operating cash flow are relatively benign.

Recruitment projects to make up for short production capacity and strengthen

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The company intends to issue no more than 54 million new shares, raising funds for the construction of Jiangxi production base (514 million / construction period 2 years / production capacity 15 million).

(48 million) supplementary liquidity (100 million).

By the end of 2014, the completion date of the production base project was about 70%.

After the project has been put into operation, it can add 15 million units per year, which can make up for the short board of the current capacity, and the company expects to achieve an annual income of 540 million / net profit of 100 million.

Earnings forecasts and investment recommendations: the company's diluted EPS for 2015-2017 years is 0.70/0.82/0.96 yuan (+14%/+17%/+17%) respectively; A shares are relatively comparable to the women's clothing enterprises, with the exception of Vigna S's suspension, the higher valuation of 15PE and the 15PE is 120X/80X. Under the current market atmosphere, the valuation space of the new shares has improved significantly, and the comprehensive quality of the company is also excellent. The two tier market price can be given 15 times 35 times.

The price center is 24.5 yuan / share.