Main points of investment
Event: the company announced that its revenue in 2016 was 353 million yuan, an increase of 7.84% over the same period last year, and the net profit was 35.37 million yuan, an increase of 14.84% over the same period last year. It is proposed to distribute a cash dividend of 0.60 yuan (including tax) for every 10 shares, and the capital reserve fund will be transferred to all shareholders by 5 shares for every 10 shares. At the same time, the company adjusted its fixed increase plan, reducing the number of additional shares from 2000 million shares to 13 million shares, and the corresponding funds raised from 600 million to 560 million.
Comments:
The company has expanded from traditional retailers to the trinity business model of offline product sales, event organization, camp and youth outdoor experience education. The company takes offline online chain retail multi-brand, multi-category professional outdoor sports goods as its main business, and organizes outdoor activities and outdoor competitions at the same time. In July 2016, the company launched comprehensive outdoor camp design, construction and operation and youth outdoor experience education business. In terms of products: on the basis of the original three categories, we have successively introduced products such as running, children's outdoor, skiing, self-driving and bicycles, and developed their own brands (with an income of 14.4168 million yuan in 16 years, accounting for 4% of revenue). In terms of channels: both offline and offline are expanded by the combination of large-area full-category flagship stores, medium-sized standard stores and small-area boutiques.
The construction of events and camp training is getting better and better. The company organized nearly 1000 outdoor activities nationwide in 2016, with self-developed events accounting for more than 30% of the total, with nearly 100000 participants in the whole year, and created independent IP events such as Alshan 100International Mountain Cross-country Race, China Suqian fluorescent half Marathon, Xiangshan Super Energy and Qishan Hero Series. At the same time, actively develop camp business in Beijing, Nanjing, Suzhou, Xi'an, Qiandao Lake and other places, and carry out in-depth cooperation with professional institutions at home and abroad, in the future, comprehensive outdoor camp design and operation construction and youth outdoor experience education system construction will become one of the company's important development strategies, and the market space in this field is expected to be about 100 billion.
We will build an integrated industry chain of outdoor sports services and lay a solid foundation for remote expansion. The company plans to build integrated outdoor sports operation centers in Suzhou, Beijing, Shanghai, Shenzhen, Hangzhou, Guangzhou and Changsha, covering services such as "outdoor event organization, outdoor camp operation + outdoor skills training, direct flagship store + experience center". The perfect integrated industry chain of outdoor sports services attracts and cultivates loyal customers for the company's remote expansion.
Profit forecast and investment rating: after nearly 20 years of development, the company has become a leading enterprise in the operation of outdoor supplies and events in China, relying on the company's rich event activities and loyal membership system. Actively expand the camp + training, retail + experience integrated operation center and other projects, and has been recognized by the relevant government (has reached strategic cooperation with the governments of Alshan, Daqing, Suqian, Nanjing Laoshan and other places) Since its listing, the company has gradually realized the national layout by relying on the capital market, and established a M & A fund in cooperation with Jinding Investment to give full play to its capital advantages to realize the rapid expansion of the outdoor industry, realize the layout of the outdoor industry chain, and establish the industry leading advantage.