Birds Of Prey: Expansion Rate Will Accelerate Buying Rating

Textile and clothing: Wedding birds.

002154) Research Briefing - Multi brand, multi series, forging 21 profit growth point

The speed of expansion will speed up, and the profit model will be changed from focusing on endogenous to exogenous.

In 07-09, the company was relatively conservative in the expansion of stores, but the management decided that while stabilizing and improving the efficiency slightly, the strategic emphasis should be re pferred to exogenous growth in the next two years, and the speed of opening shops will be accelerated. It is estimated that the opening speed of the birds will gradually increase from 15% to 40-50, and San Chio has increased to 40-50 from the previous year.

Business series is still the main source of profits, and the 8 series are comprehensive coverage.

The "business series" will continue to be the main source of revenue for the company. Its performance will maintain a high growth in the next 1-2 years. The main source is: opening more stores, encouraging franchisees to open large stores, increasing product types, stabilizing products, increasing product prices and optimizing product mix.

Several other series of planning are as follows: the classic series will help enhance the overall brand image; leather goods / leather shoes series will open more independent stores in 11 years; women's clothing series will increase investment in 11 years, 12 years will speed up product line enrichment and store laying; leisure series will relocate in 11 years; sports / clothing series will be in the planning stage, at the conceptual and design stage.

After 11 years of losses, the birds grow steadily.

After two years of operation, we have achieved breakeven in the past 10 years and began to attract franchisees to enter the expansion period in.11. We expect to open 70-80 stores a year. We predict that the retail revenue of single store is expected to reach 1 million 350 thousand / year. "Treasure birds" continue to make strong group buying, and expect to grow steadily in the next 1-2 years.

Europe, "category venture capital" project reserves 21 days of flowers.

In November 2010, the company announced investment ratio in December.

In January of.11, January, the company announced its financial investment in Shanghai's famous European costumes and tried another leisure brand. In the next few years, the company will continue to take new initiatives on the "multi brand" road. Each brand will invest 1-2 million in incubation to create a comprehensive clothing group.

Brand diversification, serialization of good bird brands, breeding future earnings growth point, buying rating

On the basis of steady expansion in the past few years, the company will accelerate the pace of exogenous growth in the next few years. At the same time, it will continue to promote the serialization and multi brand strategy of the "happy birds" brand, cultivate and invest in new brands, and forge "multi-level brand and profit contribution sequence ladder", that is, launch a series of brands and speed of brand growth every 1-2 years to form a new profit growth point like "time series". We predict that the company's 2010/2011/2012 EPS is 0.83/1.06/1.40 yuan, giving 12 years dynamic PE25X and "buy" rating, 6 months target price 35 yuan, and the stock price adjustment provides a better buying opportunity.