Over The Past 6 Years, The Gross Profit Margin Exceeded 60%, And The Net Profit Increased By 4 To 409 Million In 2019.

The "first share of China's golf apparel" - the Limited by Share Ltd's (2019) annual performance bulletin, which was released on the evening of February 25th, was released by the Limited by Share Ltd in the evening of February 25th. During the reporting period, the company achieved a total revenue of 1 billion 825 million yuan, an increase of 23.70% over the same period last year, and realized a net profit of 409 million yuan belonging to the shareholders of the listed company, an increase of 40.04% over the same period, and a basic earnings of 1.33 yuan per share. 。

The main reasons for the steady growth of company performance are:

1. In the current reporting period, we should optimize the marketing network construction and supply chain management, establish e-commerce sales channels, promote WeChat marketing, increase the VIP community marketing, and develop the new retail business on the "offline".

2, brand publicity has been intensified. Marketing integration has been carried out from entertainment marketing, event marketing, event promotion, cross border joint name, celebrity endorsement, etc., to effectively enhance brand influence.

3, product research and development investment continues to increase, and constantly achieve customer value innovation through fabric innovation, version optimization, design breakthroughs, cultural empowerment, and create highly competitive products.

4, continue to introduce the ESOP incentive plan to enhance the cohesion of the team, so as to maintain the growth of sales performance.

Wang Liping, an analyst with Shenyang Wanguo Securities, believes that the expansion of channels and the promotion of store efficiency will be promoted simultaneously, and the extension and endogenous help will rapidly improve the performance of the company.

First, the rapid expansion of the channel network, there will still be more room for the future. By the end of 2019 11, the number of terminal stores of BL has reached 875 (816 brands of brink and 59 of Venice Carnival brands), a net increase of 111 over the end of 2018, and it is expected that more than 100 stores will continue to grow in 20 years. At the same time, the company dug a second tier urban high-end community as a potential market, and further sinks to the three or four line cities that are developing rapidly. The market capacity of branded brand stores in the long run is expected to reach 1500-2000, and there will be at least 1 times more exhibition space in the future.

The two is the healthy growth of store efficiency to promote continuous upward performance. Buir Le fin implemented the "location adjustment and expansion" of the shop renovation plan, the existing store gradually intelligent and information upgrading, promote a single shop sales steady increase, strong endogenous growth in the forefront of the industry, it is expected that 20 years store efficiency is expected to continue to maintain two digit growth.

The three is to optimize channels and enhance the profitability of terminal outlets. By comparing 200 brands of bryin, the company has upgraded the brand shop's basic decoration and display layout, and introduced intelligent equipment including RFID to improve the brand store image and enhance the terminal image and service capability.

The four is to step up efforts on line and test the water network red economy. The company also actively opened up online channels. In the first half of 2019, the flagship store of Tmall was officially opened, and efforts are being made to layout the net red economy, speed up the construction of new retail channels, and increase brand publicity.

Five is the continuous improvement of product influence, combined with the Imperial Palace IP to create explosive funds. In December 2019, a new series of palace culture of the new the Imperial Palace of the city of bryin, which cut into the national tide culture, enhanced product popularity and brand influence.

According to public information, it was founded in 2003 and focused on golf casual wear. The product is located in two major characteristics of sports and leisure, focusing on the high net worth population in China. The company's brand adopts light asset management mode. It is committed to the design, R & D, and downstream brand operation and sales channel construction of the business chain with high added value, and the product production business is outsourced to the manufacturer. The company adopts direct sales and franchised sales mode. At present, the company mainly sets up direct stores in the first and second tier cities, and mainly stores in other cities. As of December 31, 2018, the company's marketing network covered 764 core businesses, high-end department stores, airports and famous golf clubs in 31 provinces, autonomous regions and municipalities directly under the central government, including 764 outlets, including 399 outlets.

Yu Jian, a researcher at Zhejiang Merchants Securities, believes that the high-end positioning of the product has kept the gross profit margin at a relatively high level, and the cost rate is relatively stable, resulting in a rise in net interest rates. The company's product positioning in the high-end, the use of light asset operation mode, so the gross profit margin has been above 60% since 2013. The cost rate remained stable throughout the year. The sales expense rate in 2018 was reduced by 2.91pct, which is mainly due to the scale effect of the company's control of store operation and the rapid growth of revenue. On the other hand, as the company was recognized as a high-tech enterprise in November 28, 2018, the corporate income tax decreased from 25% to 15%, resulting in a significant increase in net interest rate.

Yu Jian introduced that compared with the clothing industry of the same industry, it was found that ROE (ROE) was second only to Hai Lan's home. In terms of splitting, the equity multiplier is the lowest. The main products of the company are located in the middle and high end, which is more stringent for franchisees. Therefore, compared with the enterprises that are located in the mass leisure enterprises, the franchisee development efforts are relatively low, and there will be much room for improvement in the future. Asset turnover is at the upstream level of the industry, second only to the Pacific bird and Semir costumes. Considering the pricing of high product prices in the company's company, the high asset turnover rate shows that the product of marketable products is good and the side confirms the competitiveness of product design and R & D. Sales net interest rate is the highest in the industry, reflecting the high profit margins brought by the positioning of high-end products.

In the past three years, the ROE of ROE was split. It was found that the slight decline of ROE in 2017 was mainly due to the decrease in asset turnover. With the development of the fast response supply chain system in 2018, the design and research and development of products were further enhanced, and the marketability of products was improved, and the turnover rate of assets increased. Yu Jian predicts that with the completion of the "intelligent storage center", the market response capacity, storage and distribution efficiency and loading speed will be greatly improved, and asset turnover will be further enhanced in the future.