You Bird Tilts 83 Million New Stocks To Sports Clothes.

< p > > a href= "//www.sjfzxm.com/news/index_c.asp" > "noble bird > /a > expects the company's annual net profit of 430 million in 2013. It will give the company 15-17 times the 2013 valuation based on the industry average, and the company's market value is 6 billion 450 million. It is estimated that the new share capital will be 83 million shares, and the Forecast Ltd's 2013-2015 year EPS will be 0.71 yuan, 0.70 yuan and 0.85 yuan respectively.

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< p style= "text-align: center" > < img border= "0" align= "center" alt= "" src= "" /uploadimages/201401/16/20140116062645_sj.JPG "/" < > > "

< p > < strong > investment point: < /strong > /p >

< p > < strong > suggested inquiry interval 9.59-10.86 yuan < /strong > /p >

< p > the company's issue is < a href= "//www.sjfzxm.com/news/index_c.asp" > raise funds 8 < /a >.8 billion, the original share capital is 525 million shares, this IPO will issue no more than 100 million shares.

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< p > the precious birds predict that the company's net profit in 2013 will be 430 million. It will give the company 15-17 times the value of the company in 2013 and the market value of the company by 6 billion 450 million according to the average level of the industry. It is estimated that the new share capital of this issue will be 83 million shares, and the Forecast Ltd's 2013-2015 year EPS will be 0.71 yuan, 0.70 yuan and 0.85 yuan respectively.

The corresponding reasonable price range is 10.65-12.07 yuan, and 10% discount is recommended for the inquiry, corresponding to 9.59-10.86 yuan.

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P > < strong > the main products from sports shoes to sportswear are < /strong > < /p >

< p > 2013, the company's main business income in the first three quarters of the year was 1 billion 690 million, and its net profit was 250 million.

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< p > the proportion of sportswear sales increased gradually from 47% in 2010 to 64% in 2013, and the gross profit margin of sportswear increased from 28.49% in 2010 to 41.16% in 2013 H1, becoming the main source of profit for H1.

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< p > < strong > focus on the layout of the three or four line cities, seize the highland < /strong > /p >

< p > International a href= "//www.sjfzxm.com/news/index_c.asp" > sports brand < /a > is mainly concentrated in first tier cities, while domestic brands are mainly in three or four line cities.

Because the rent and labor cost of the three or four tier cities are low, the rate of return is much higher than that of the first tier cities.

As of 2013, the number of terminals in the three or four tier cities of H1 was 2054 and 2125, accounting for 76% of the total number of channels, significantly higher than that of competitors.

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< p > < strong > raise direction: < /strong > /p >

< p > raise funds for opening 60 strategic stores, expanding shoe production bases, building design and research centers and improving information technology.

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< p > < strong > risk hint: < /strong > < /p >

< p > risk of overall downgrade and rising cost.

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