Expert Analysis: The Value Of Big Family Stocks In The Home Textile Industry

Company introduction

Roley home textiles was established in 1999, and it was the first time to set foot in China.

Industry, and form its own unique style of home textile enterprises.

Since 2004, Luo Lai began to carry out multi brand operation, successfully launched in September 10, 2009, and successfully ranked among the most valuable brands in China in 2013, and striving to achieve the strategic goal of sales of 10 billion yuan by 2016.

Main points of investment:

Event: the company announced that it invested 29 million 120 thousand yuan in Madiga, holding 21.17% of its shares, becoming the largest shareholder and appointing a director; Jingdong subsidiary, Jia Sheng invested 14 million 740 thousand yuan and held 10.77% of its shares.

Our view:

The two sides complement each other to create a "sleep +" strategic open platform.

The company was founded in 2011, focusing on the research and development of sleep health monitoring products. It has the leading research strength in the field of smart sleep monitoring and sleep improvement. It proposes a sleep + strategy, and establishes a deep cooperation relationship with the leading bodies in the 8 major fields, such as mattress home textiles, smart home and medical health.

The main products include Sleepace small Z (the first brand of intelligent sleep, the world's first portable non wearable intelligent sleep monitor, the 2015 world's largest consumer electronics exhibition CES ten science and Technology Innovation Award), the S.Mat Pro- in the elderly sleep health instrument, and the corresponding Android and iOS APP.

As a leader in home textile industry, Luo Lai not only owns the influence of home textile market, but also has the online and offline full channel sales system of NO.1 in the industry, which will promote the products of Sleepace Shu and other products to open the mass consumer market.

Luo Lai intends to promote smart home pformation and create a "home ecosystem" strategy in the smart sleep health field.

At present, the smart home industry is in the ascendant. Trillions of large capacity market, including household appliances, furniture and other traditional enterprises and Internet companies are also actively layout, the pattern is uncertain.

This year, Mr. Luo has been actively seeking strategic pformation, and has entered the smart home field with the "product distributor and the value-added service provider based on big data".

This investment,

As the target company B round financing leader, we hope to win the "smart bedroom ecosystem" by leveraging its Sleepace products. By accurately acquiring the physiological data, behavioral data and environmental data of the whole body in the sleeping environment of the whole bedroom, we can realize the connection with other kinds of smart consumer electrical products, and develop the smart home industry chain.

Jingdong's approval of the strength of the company's benchmarking companies will also effectively open up the online and offline sales system.

As a Madiga financing partner, Jingdong will assist Sleepace in selling products such as joint brand products, open online and offline smart hardware experience stores, and will not rule out cooperation with O2O in the future.

We keep optimistic about the growth potential of the company's "Internet + home ecosystem" and suggest buying actively.

Under the trend of Internet +, home intelligence and sleep health demand, the company is one of the most clear leading domestic textile industry pformation home.

Relying on industry mergers and acquisitions + Internet, "multi brand + multi-channel + multi category" layout is clear, follow-up strategy implementation landing can be expected.

We expect that in the 15-17 year, EPS will be 0.68/0.81/1.0 yuan, corresponding to PE is 30/25/20 times, there is room for valuation premium, target price is 30-32 yuan, and continue to recommend active allocation.

Risk warning:

Consumption rebound has not improved for a long time, and the pformation effect is not as good as expected.

Expert evaluation:

Leading smart sleep faucet, actively promoting