The largest zipper manufacturer in China has a strong R & D accumulation to create a fashion trend in the industry. The company is the largest zipper manufacturer in China, with a full range of products with the advantage of industrial chain integration. Sales target for clothing, bags, sporting goods manufacturers. Product positioning in the high-end market, a variety of media three-dimensional to create SBS brand advantages. Relying on the five major production bases of Fujian, Shanghai, Dongguan, Chengdu and Tianjin, we have formed a sales network all over the country, expanded overseas markets and exported to more than 70 countries / regions. With Adidas, Nike Inc, Taiping Bird and other high-quality brands to establish cooperative relations, production, sales and export volume firmly ranked first in China, is the domestic R & D accumulation of the most abundant zipper enterprises. The company has created a new era of zipper transformation from "practical" to "decoration", setting off a fashion trend in the zipper world.
The chain of acquisition price is the icing on the cake for Nuggets cross-border e-commerce blue ocean market. In the face of a relatively mature and fully competitive market environment in the zipper market, as an industry leader, the company will maintain steady growth in its main business by virtue of its own brand and scale advantages. in order to further improve its incremental performance, it is now proposed to buy 65% of the shares in the chain with a cash purchase price of 1.014 billion yuan. Officially enter the cross-border e-commerce blue sea market, the target of acquisition is promised in 2017-19, and the net profit after deducting is not less than 10.6 trillion.
Price chain: long-term focus on B2C cross-border exports, the trinity business model of "brand e-commerce + e-commerce software + e-commerce community" is unique in the industry, and is a rare comprehensive cross-border e-commerce enterprise covering brand operation and software services in the industry. ① brand e-commerce. To foreign trade B2C e-commerce operation as the core, through Amazon, eBay and other platforms to focus on Europe, the United States and Japan market. Products focus on 3C electronics, in 2015 to develop Bluetooth wireless, car electronics, mobile peripheral protection and other series, gradually enrich the product level, adhere to the "popular style" strategy. With its own brands and patents, it has established a relatively perfect supply chain system around the world, seamlessly linked international communication and advantageous logistics channels to ensure the company's performance growth. ② e-commerce software. Expand e-commerce marketing software, a comprehensive layout of e-commerce services. Price chain is the first SAP launch company in China that is directly based on in-memory database. M & A has obtained software such as "Global transaction Assistant", "Amztracker", "MerchantMetrics.io" and "Amazooka", constantly strengthening its marketing and process optimization capabilities in third-party platforms such as Amazon.Com Inc. ③ e-commerce community, relying on software advantages, uses vipon.com, blhpro.com and offline communities to integrate and share industry resources, help effect marketing, and provide services to realize the realization of resources. The company will continue to expand the field of e-commerce services and build an integrated cross-border export e-commerce service platform that provides cross-border e-commerce services such as marketing software, payment agents, logistics, industry forums, exchange salons and so on.
Zipper faucet hand in hand with the price chain, open the dual-main business model to achieve high performance growth. In the future, the company will continue to enrich profit growth points on the basis of the two-way coordinated development of "zipper + cross-border e-commerce". On the one hand, through the addition of cross-border e-commerce in the period of rapid development, we can optimize the business structure and enhance performance increment; on the other hand, we can complement each other with the price chain and give full play to synergy in business, category, brand, capital and management. enhance the value of the company in an all-round way.
Cover for the first time, giving a "buy" rating. Considering the acquisition of asset 4Q2017 consolidation, as the main profit of the price chain for the full year is generated in the fourth quarter, we expect the company's net profit for 2017-19 to be 1.8 million, respectively, and the EPS is 0.51, 0.72 and 0.93 yuan per share, respectively, and the share price before the suspension corresponds to 28/19/15*PE.
Risk hint: the textile and clothing industry remains in the doldrums, and the promised performance of asset acquisition falls short of expectations.