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酷特智能(300840):新股询价定价报告

Cool Smart (300840): IPO RFQ Pricing Report

華鑫證券 ·  May 26, 2020 00:00  · Researches

  The company is mainly engaged in the production and sale of personalized clothing, including a full range of men's and women's formal wear categories, and provides overall transformation plans and technical consulting services for digital custom factories to relevant traditional domestic manufacturers. Based on the concept of meeting the individual needs of customers, the company is driven by information technology and big data. After more than 10 years of accumulation of pattern data, measurement data and style data for different consumers in different regions at home and abroad, as well as suit production process data accumulated over many years of production, the company has established six major database systems, mainly pattern databases, measurement databases, and process databases. Through automatic pattern database matching plate preparation, quantitative database optimization plate preparation, and process database optimization production, the company has achieved large-scale customization of personalized products with industrialized efficiency and cost. At the same time, the company created a full-process software control system and supporting intelligent hardware through independent R&D and cooperative development, thus truly realized the intelligent manufacturing model of data-driven production. The company's custom clothing products cover a full range of men's and women's formal wear categories, including suits, trousers, vests, skirts, shirts, coats and windbreakers. The company's products have four major series: business attire, business casual, elegant dresses and fashion mix-and-match. There are also seven types of clothing styles that are very slim, very slim, slim, fit, loose, very loose, and very loose, according to consumers' different levels of fitness.

(1) The company's products can cover the vast majority of human body types and individual needs. The high priority and quick response to customer needs is an important part of the company's competitive advantage. Since the “order-driven large-scale personalized customization” business model adopted by the company uses a method of placing orders first and then producing, raw materials are purchased and production schedules are carried out based on on-hand orders. There is no large number of products in stock, which effectively avoids the risk of inventory backlog caused by factors such as mistakes in judging popular trends. Therefore, the company's inventory turnover rate is higher than that of other enterprises in the garment industry. The length of custom delivery has an important impact on the operating efficiency and customer experience of custom clothing manufacturers. The company relies on massive databases to shorten plate making time, and the technology for large-scale production of custom clothing ensures that the company can respond quickly to customer needs.

(2) The company's business development relies less on offline marketing networks. In recent years, the company's sales revenue mainly comes from ODM business. This type of customer enters the personalized customization requirements of individual consumers collected by them into the company's order system in the form of data, and the company carries out personalized production based on the data. Regarding online sales, in order to ensure the quality of customized services, the company only sells online on self-developed apps and websites, and does not cooperate with other third-party e-commerce platforms. In summary, the company's marketing expenses are lower, which is beneficial to enhancing the company's profitability.

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