Core ideas:
The company is a fashionable women's wear company that insists on original design and positioning of middle and high end.
The company has "broadcast: broadcast", "PERSONAL POINT" and "CRZ" three original design brands. The main brand "broadcast: broadcast" has a long history, stable consumer base and outstanding style of the two new brands. By the end of 16th, the company had a total of 886 stores in China, of which 179 were directly operated stores. In addition, the company invests in Co-existence International, actively promotes "Taoray Wang" and other international brands, and opens up the international market. The company adheres to the principle of original design, and the actual controllers Wang Weidong and Qujiangting are designers.
The funds raised will be mainly used for marketing network construction and R & D design centers.
The net amount of shares raised in this issue is 381.2 million yuan, which will be used for three projects: marketing network construction, R & D and design center and information system upgrade. Among them, the marketing network project will build 209 new direct sales stores in the next three years, further increasing the company's proportion of direct sales. According to the prospectus, the company expects the project to bring the company an average annual sales revenue of 839 million and an average annual net profit of 77 million yuan. In addition, the R & D center project will further enhance the company's original design capability.
The company's future performance is expected to achieve steady growth.
In 2014-16, the proportion of direct revenue of the company was 30.1%, 31.1% and 34.5%, which increased steadily. With the promotion of the fund-raising project, the proportion of the company's direct stores will continue to increase, which will strengthen the company's ability to control the sales channel. In addition, the construction of R & D design center will further enhance the company's R & D capability and help to enhance the competitiveness of the company's products.
The results in 17-19 were 0.35 yuan per share, 0.39 yuan per share and 0.44 yuan per share, respectively.
We expect that the company's revenue growth will mainly come from the increase in the number of direct stores. The gradual increase in the proportion of direct revenue will also help to improve the company's gross profit margin and promote performance growth.
Risk hint
Brand risk; inventory management and inventory price decline risk; industry growth decline risk, etc.
