Why Is It Higher Than 11 Consecutive Quarters?

All roads lead to Rome. The most exciting part of China's spinning and weaving Market is not riding on the so-called "rising tide" of the national tide, but the original accumulation of brands along different track tracks.

Whether it is the Shenzhou International, Bosideng and Anta sports, or the pure brand idea originated from the fashionable fashion and the Jiangnan cloth, whether it is the light asset mode Hai Lan's home and Taiping bird, or the store's "shop king" La Natsu Bell, the listed companies of the board are getting more attention and instant feedback in the capital market.

Biemlfdlkk, known as "the first share of China's golf apparel", is perhaps one of the most low-key companies, but has recently been attracted by capital markets. On the other hand, more and more consumers are also interested in the "mysterious" brand that can be seen everywhere in the main airports and high-speed rail stations in China. In view of its slightly awkward Chinese and English names, many consumers do not even know that this is actually a local golf apparel brand from Guangzhou, China.

Yesterday, the company announced that its net profit in 2019 increased by 30% to 50% to 3.8 to 438 million yuan, that is, the net profit in the fourth quarter will be between 68 million 660 thousand and 127 million yuan. This means that the company has maintained high profit growth for 11 consecutive quarters.

Mr Bi said that the positive growth of the fourth quarter's performance was mainly due to the continuous expansion of quality channels, including the expansion of the shop area, the adjustment of location, and so on. In the whole year, the number of brand stores of bryin's brand will increase by 80 to 100 on the basis of last year's 730 or so, and the brand of holiday resorts in Venice will increase by 30 to 40.

In the first three quarters of this year, the rate of income rose by 24.95% to 1 billion 323 million yuan, while net profit rose 51% to 311 million yuan. The three quarter growth rate reached 27%, 22% and 25% respectively, and the net profit growth rate of the parent company reached 53%, 17% and 64% respectively.

In 2018, the total revenue of the company increased by 39.96% to 1 billion 476 million yuan, and the net profit attributable to the parent company rose by 62.16% to 292 million 300 thousand yuan. In 2017, the company's first revenue exceeded 1 billion, reaching 1 billion 54 million.

There is no doubt that it has become a dark horse running out of the domestic spinning and weaving section in the past two years. Since its listing on the Shenzhen stock exchange in December 2016, the price of the company has risen 27.7% to 25.65 yuan per share, with a total market value of about 7 billion 900 million. In contrast, the Taiping bird market listed on the A share is 7 billion, the market value of Di Su is 9 billion 900 million, and the market value of the GXG parent company Mogao group listed in Hong Kong is HK $7 billion 300 million, and that of Hong Kong listed in Hong Kong is HK $5 billion 400 million.

In the Shenzhen Stock Exchange, the Chinese brand day was invited to show on the New York NASDAQ screen.

Some analysts call the brand the invisible champion of the subdivision. Its success is due to the brand's adherence to and deep excavation of the golf apparel market. Golf, as a traditional aristocratic movement that symbolizes elite status, determines that golf apparel is aimed at positioning high-end high-end niche market, which also defines the location of BL.

In 2003, Xie Bingzheng, a businessman in Wenzhou, founded the company in Guangzhou. It was the outbreak of golf in China at that time. Although in 1984, in order to meet the needs of foreign businessmen, the first golf course in the country appeared in Zhongshan, Guangdong, but until twenty-first Century, the movement really entered the development track. In 2001, China's Golf population grew to 500 thousand because tiger Woods first came to China to participate in the challenge. In 2003, China's Golf population grew to 1 million, and in 2009 it has surged to 3 million.

Golf originated in Britain in the fifteenth Century, but it took less than twenty years to enter the Chinese public life. According to the steering report on golf industry issued by the golf industry oriented group, there are nearly 700 golf courses in China during the peak period, and now it has dropped to about 400.

During this period, China's high net worth population and middle class consumers grew stronger. They had more disposable income and time, and began to upgrade their consumption patterns and lifestyles, so the golf course became a new business and leisure occasion.

The growing population of high net worth supports enough market size for golf apparel brands. According to the "2019 China Private Wealth Report" jointly issued by Bain and China Merchants Bank, the number of high net worth population reached 1 million 970 thousand in late 2018, an increase of about 400 thousand compared with 2016. Among them, the number of people with super high net worth was about 170 thousand, and the investment assets could be more than 50 million.

Although Nike, UnderArmour, Adidas, Puma and other sports brands, as well as PXG, Titleist and other professional golf brands provide golf apparel, but in the domestic market, the subdivision track is relatively blank. In the first 10 years, the company has made a solid foundation in the first half of the year.

In 2004, Nanjing launched the first store in Nanjing. In 2007, the company officially entered the headquarters building in Panyu, Guangzhou. In the same year, the first golf course store "Guanlan Lake Golf Club store in Shenzhen" was officially opened.

In 2009, International Olympic Committee ranked golf as the official event of the 2016 and 2020 Olympic Games. In 2013, he continued to exert himself in professionalism, and became a partner of China's National Golf Team in 2013 to provide professional competitions and training costumes for the national team.

In the subdivision of the sports market, Bill Ewing has cut off the track of the sports market.

In view of the high threshold and professional positioning of golf, it has a lot of efforts in product development. According to public information, the company's product R & D team is made up of famous designers from China, Britain and South Korea, and is a research and development consultant from Burberry golf design director PaulRees.

Long term fabric suppliers include the Japanese Itochu group, Japan Dongli group, Italy Kang Ceccolini, American Gore, American PolartecLLC and so on. In February 2013, he founded the first "Golf costume human engineering research center" in collaboration with Beijing Institute Of Fashion Technology.

However, in view of the restrictions of domestic government policies and the impact of anti-corruption, the domestic golf industry has entered the trough in 2015. In fact, due to the fact that golf takes up more water resources and land resources and the image of the noble movement in the public mind, a number of control policies have been introduced in China, until the clean-up and rectification were basically completed in 2016.

The reason why brin is not obviously affected by the cold spell of golf is that the brand has been adjusted in the changing market environment, not only for golf professional sportswear, but also for lifestyle development, mainly for high-end golf casual wear. The target group is golf enthusiasts and middle class consumers who agree with golf culture and tend to wear golf style.

In response to the doubts about the single product, performance growth or ceiling encounter at the early stage of the listing, biepenfon has diversified its product line, including three series of golf series, life series and fashion series.

In August 2018, the new brand CarnavaldeVenise, Venice, officially opened its dual brand operation and entered the holiday tourism apparel market. According to research data from AI consulting, in 2017, tourism consumption of the middle class in China has exceeded children's education, ranking first.

In 2019, the meeting of the director of the national culture and tourism bureau pointed out that tourism consumption in China continued to grow in 2018. The number of domestic tourists is expected to reach 5 billion 540 million passengers in the whole year, an increase of 10.76% over the same period. The number of outbound tourists from Chinese citizens is expected to reach 148 million. The total tourism revenue is expected to reach 5 trillion and 990 billion yuan, which is expected to grow by more than 12% over the same period. From the 2012 to 2018 tourism industry data, the national tourism revenue maintained two digit steady growth.

Tourism has become an indispensable way of life for the middle class. Some analysts believe that CarnavaldeVenise Venice will enrich the product structure of buplin, expand consumer groups, or bring a new round of strong growth of buplin.

It is noteworthy that, in order to ensure that brand value and high-end positioning are not diluted, it has produced a surprise card in the channel layout. In a long period of time, he kept the solid channel. By the end of 2018, the company had covered almost 31 provinces, autonomous regions and municipalities directly under the central government, and the number of terminal stores was 764, mainly located at airports and high-speed rail, golf courses, shopping centers and outlets.

It has opened a large number of stores in the National Airport, thus gaining popularity under limited marketing input.

In addition to opening a store directly on the golf course, the city's high speed rail and other business people frequent traffic scenes. This is also the reason why the flow of physical department stores has declined in recent years. In the course of the impact of the entity department store, the brand exit of low store efficiency actually eliminated a number of competitors, and made it the champion of market segmentation.

An important reason for the capital market's optimism is that it still has plenty of room for expansion. With the development trend of urban community-based development, the company will dig a high-end community in a second tier city as a potential market, and further sink the market to a faster three or four tier city, with a market capacity of 1500 to 2000.

In the process, the outlets helped the company to digest the inventory with a relatively small discount, especially in the current stock market of the company's main brand expansion channel and new brand Venice. In the first three quarters of 2019, the turnover days of accounts receivable increased by 3 days to 20 days compared with the same period last year. The turnover days of inventories increased by 122 days to 414 days compared with the same period last year.

However, Guosheng Securities believes that the stock structure of the company is healthier. The company adopts a positive exchange policy for franchisees to ensure the turnover health of franchisees. The company is distributing the outlets in the ratio of 10:1, and strictly controls the sales discount of the over season products. The current brand sales rate is 60% to 70%, and the discount level continues to improve.

It was not until this year that the company launched its business channel, and opened Tmall flagship store in the first half of this year. There are various signs that the low profile of braven has also entered a strategic turn, and began marketing in the context of the global luxury brand's unanimous strong marketing strategy.

In 2017, Cole performed a series of Couture tours in the Spanish Spanish Liga arena, La La El Platt stadium in Spain. In 2018, bemin Le fin began to strengthen the star marketing strategy, which is considered a sign of being younger. The brand has signed Yang Shuo and Jiang Yiyan as brand spokesmen, and has been involved in the film and TV drama "love Mr.". In 2019, the brand signed Tian Liang, Lu Yi and other stars. This year, Bryant flew to the New York Nasdaq Stock Exchange on the Chinese brand date.

Recently, compared with the design of young and fashionable, the the Imperial Palace court cooperation series has been launched to try to catch the fashion tide of the "national tide" campaign launched by brands such as Lining and Anta.

According to bill, the business mode of the company is light asset mode, and the form of goods production outsourcing is mainly distributed in South Korea, Vietnam and other countries. This also decides that in future, or even insisting on focusing on product R & D and marketing.

In the latest fourth quarter earnings preview, bey Le fin believes that sales growth has benefited from the company's increasing investment in product development, and the competitiveness of its products has been continuously improved. At the same time, brand promotion, optimization of marketing network construction and supply chain management have been intensified, and incentive plans for employee stock holding plans have been continuously launched.

From the macro perspective, the short term potential of this is still considerable. Chi Yan consulting and analysis believe that although golf is temporarily frozen in China, the rapid development of the Korean golf industry adjacent to China still has a strong reference for China. South Korea's golf tournament became a mainstream national sport in 1998, when the 22 year old South Korean female golfer, Pu Shili, won the women's Open golf tournament in the United States as a new LPGA player in 20 years.

With the improvement of living standards, Chinese consumers begin to pay attention to sports and leisure lifestyles, and the demand for clothing also pays more attention to the quality and taste of products. In terms of supply side, the proportion of domestic high-end casual wear market has increased year by year, and the brand premium capability of clothing leading enterprises has been gradually highlighted.

In fact, although the domestic clothing brand has begun to rise in recent years, the market of high-end domestic brands has been vacant. As Chinese young consumers are more confident in high-end domestic products, the market of high-end casual wear will further increase in the future.

What is worth watching is that as young consumers take the baton of high-end consumption, how can they take the young consumers who are exposed to Star Marketing on the basis of keeping the brand of traditional mature customers between 35 and 50 years old?

China has no minority. Apart from the main competitive clothing market, there are still a lot of opportunities in the market segments. The ultimate goal of every track is a big business.