AOKANG International: Direct Drive And Big Store Dual Wheel Drive Mode

< p > < strong > the demand side of men's shoes industry is in the doldrums, and the supply side share is gradually concentrating on leading enterprises < /strong > /p >

< p > 13 years, the growth of the same store grew from 0-5% to more than 10%, indicating that the terminal sales were sluggish. It is expected that the industry will decline steadily in the first half of 14 years, and demand will steadily increase in the second half of the year.

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< p > shoe factories continue to reduce, Wenzhou shoe enterprises have reduced from 8000 to more than 2000 now.

Small and medium-sized enterprises continue to withdraw from the market, and industry leaders are constantly gaining market share.

Analysts believe that AOKANG will fully benefit from the upgrading of industry concentration, and the market share is growing.

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< p > < strong > 14H1 will purchase the last batch of franchisees, and 14Q3 season will enter the turning point of performance > /strong > /p >

< p > the process of direct operation began in the 12Q4 quarter, and acquired more than 360 in 12 years. It is estimated that 550-600 will be acquired in 13 years, and 14H1 is expected to be the last batch of 100-200.

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< p > it is estimated that the 13 year acquisition will bring back 1.5~1.6 billion and reduce the profit of 0.5~0.6 billion.

14H1 acquisition is expected to bring back 1~1.5 billion and reduce profits by 0.4~0.5 billion.

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< p > since the 14Q3 season, no return has been plagued by no acquisitions, and direct revenue has accounted for more than 50%.

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< p > the strategy of the big store has achieved remarkable results. Some stores have increased 100% in the same store, becoming a unique advantage beyond their peers. < /p >

< p > the growth rate of big shops after redecorating is obvious: in January of 14, the growth of several stores in Wenzhou was over 100%, and the total number of 90 stores in 13 years was very good.

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< p > reasons for success: modification on the basis of profitable shops; simultaneous entry of multiple brands; significant improvement in decoration standards; promotion of display style and shopping guide service (introduction of aviation etiquette training). < /p >

< p > future target: we expect to add 100-200 by the end of 14, with the goal of opening 350 at the end of 15, of which 50 sales exceed 10 million, and the rest exceed 5 million.

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< p > big shop has become a tool to surpass peers: other brands do not have the brand of large shops, and the funds are less than /p.

< p > < strong > profit forecast and valuation < /strong > /p >

P > analysts are optimistic about the company's medium - and long-term development, and 14H1 is expected to be a low performance, and its performance is reversed since the Q3 season.

It is estimated that EPS will be 1.06 yuan in the 14 year and 13.8 times the current value, so as to maintain the "overweight" rating.

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