This report is read as follows:
Women's fashion shoes target, the introduction of North Peak Capital, the construction of intelligent manufacturing projects, to help the integration process of the industrial chain, the first coverage to increase the rating.
Main points of investment:
For the first time, coverage gives an increase rating: informationization promotes the intelligent process of footwear, and the data-driven industry chain improves efficiency. It is estimated that the EPS for 2019-2021 will be RMB 0.53, 0.47, 0.58 yuan, with a year-on-year growth rate of-6%, 11% and 24%, with a target price of 12.96 yuan, corresponding to about 27 times PE in 2020.
From the traditional women's shoes to the new retail benchmark, Beifeng helps to integrate the intelligent transformation of the front, middle and back ends. The company focuses on the middle and high-end women's shoes market, forming a multi-brand matrix. Acquire kid technology in 2017 to build a fashion + Internet industry platform. When the women's shoe industry enters the stock competition, the company takes the lead in new retail reform, offline optimization of store channel structure, online multi-dimensional layout of e-commerce platform, with a certain first-mover advantage. In March 2020, Beifeng Capital, owned by BABA, the former chief scientist, was introduced to solve multiple pain points and promote the integrated digital transformation and intelligent upgrading of the industrial chain through cloud intelligence technology injection and capital blessing. Front-end high-quality automation production capacity, middle-end flexible supply chain and strong R & D system, back-end high direct proportion stores and digital precision marketing. Before, in and after the integration, open up the industrial chain, supplemented by intelligent data upgrading, casting the core competitiveness.
Different understanding: boost their own efficiency, empower the whole industry chain. The market believes that the accession of the North Peak Fund will accelerate the process of digital intelligence and empower the company's long-term development. We believe that the company's digital and intelligent reform is not only a boost to the overall efficiency of its own supply chain, but also an innovation to the entire shoe and clothing industry chain. Relying on the digital cloud warehouse system, through the organic combination of front, middle and backstage, the company is expected to accelerate the optimization and adjustment of the footwear industry, empower small and medium-sized enterprises to enhance product competitiveness and enhance their own industrial voice.
Catalyst: North peak technology and capital investment accelerate the integrated intelligent transformation of the industrial chain.
Risk tips: the recovery of the epidemic, the digital reform of terminal stores is not as expected, and the risk of goodwill impairment.