AOKANG'S Custom Business Added To The Icing On The Cake

International company's virgin shoes production base in Wenzhou, the industry supporting advantages.

Large specialty stores build nests for Phoenix.

Business is icing on the cake.

At present, its own capacity can ensure the quality of the company's products, while the product advantages are prominent, the company uses funds raised to counter the trend to build a large professional shop.

We believe that the company's investment in large specialized shops is in line with the future development trend. As a platform mode, the International Pavilion will provide a strong guarantee for the company's steady growth in the future.

We are optimistic about the company's accumulation in multi brand operation and store efficiency promotion.

If we continue to push ahead with the continuous filling of new brands and new products, the main business is expected to reverse significantly.

At the same time, business exploration related to customization is expected to significantly enhance the company's valuation level.

It is estimated that the net profit attributable to the parent company in the 2015-17 years is 3.50, 4.29 and 507 million yuan respectively, increasing 35.36%, 22.74% and 18.25% respectively, corresponding to EPS of 0.87 yuan, 1.07 yuan and 1.27 yuan respectively, taking into account the PE interval of the comparable company in the 30x-58 x interval, giving the company 2015 40xPE, corresponding to the target price of 15 yuan, buying rating.

The main uncertainties are: terminal demand continues to deteriorate, new brand construction fails to reach expectations, and big store construction fails to achieve expectations.

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The rise of shoppingmall has led retailers to sell goods to sell lifestyles.

For example, there is only one shoe brand shop in the Wanda Plaza of Guangzhou Airport Road, and more space is used to open restaurants, cafes and other life service shops.

Under such circumstances, the space for commodity sales is compressed, and products with low frequency consumption and low added value will be eliminated.

Therefore, he believes that the online sales of footwear industry in the future will be bigger and bigger. The industry that can be used as reference is thermal underwear. At present, about 80% of the sales volume comes from online.

"Shoes will only happen in a few years, but they will happen."

But he also stressed that offline sales will always exist, but will exist in the clothing brand shops.

"There are already many clothing brands selling shoes, Zara and UNIQLO are doing, and the future independent shoe brands will disappear.

At present, BELLE, which has a market share of more than 50% in the high-end shoe brand, will eventually die if it does not switch quickly.

And what has brought about the rise of the middle class? It is the emergence of a circle economy.

More people with the same personality and magnetic field will be gathered together, and the flow distribution will be more accurate, rather than assembling like Taobao.

In addition, after the rise of the economy, more and more chain stores will not be limited to selling clothes or selling shoes only.

Guangzhou Fang Fang (editor's note: Fang is a private bookstore in Guangzhou, where bookstores not only sell books, but also the rise of clothing, book, cafe and recommended commodity areas).

The guests concluded that from the bill system after the reform and opening up to the later wholesale, to the street store, to the department store, to shoppingmall, every change in the business format was caused by changes in the crowd.

The population economy will divide China's first big categories into numerous groups.

Under the "circle economy", there will be a lot of pressure on brands such as BELLE. In the future, it should be the brand of Han Du Yi she, a group that plays multiple brands, and the quantity of each brand will not be large.

The guest said that the BELLE model would die, "just die today or die tomorrow."

He believes that the future Amoy brand will be Golden Triangle model, the bottom is the lowest price, cost-effective brand; the middle tier is the multi brand strategy of the group form. Under this mode, the system and finance are shared, the cost will be very low; the top is the brand with tonal and high profit.