Sanfu Outdoor: Race Operations Leads to Increase in Retail Sales of Specialty Stores Date:2016-07-25 14:48
Report summary:
Build the overall operation model of competition operations + outdoor retail + tourism development: The company will increase the number of races to be held from 24 in 2015 to 37 in 2016, and will increase to 200 in 2019 and the next three years The number of stores will increase from the existing 34 to 60, covering the major domestic first and second-tier cities. We believe that the company's development of the model of peripheral events operations and tourism ecology based on franchised stores will significantly increase the visibility of the company's competition operations and tourism development as well as retail sales of specialty stores.
In the second half of the year, KIDS’s outdoor and running outdoor equipment was launched aggressively: The company’s main agent is the sale of foreign brands of outdoor products and the current high price. In the second half of the year, the company will introduce its own brand of outdoor and running children. Make the company's product layout more reasonable, lower-priced own products will also have a strong appeal to the long-tail market of outdoor sports, while reducing dependence on foreign distributors, and overall improve the company's product gross margin. The company has also set up a special research and development center for this purpose, and the future goal is to make up 20% of its own brand.
Strengthen the construction of data centers: The company’s self-operated online stores have accumulated more than 300,000 users since its launch in 1999, and clubs have registered 230,000 members. In the future, more offline members will join in with the advancement of the tournament operations. Therefore, the company set up a data center to open all the data on these offline lines, which will make the company more clear on the management and classification of members, and use big data to achieve a rational distribution of franchised stores. The outdoor training business provides talent reserves for the company: The company is preparing to set up an outdoor training school. This is not only an outdoor training business, but also a cradle for the company to provide reserve talents. It will provide for the organization of the company's subsequent events and the expansion of specialty stores. Strong support.
Earnings Forecast and Valuation: The company is still based on online and offline retail outdoor products. Based on the huge space for future development of China's outdoor products, we give the company an EPS of 0.74/0.87/1.04 for 2016 to 2018. The company is A-share. The listed companies that are relatively scarce in outdoor retail and tournament operations, given that similar sports companies currently have higher valuations, we have given PE with 120 times of 16 years, corresponding to a target price of 88.8 yuan, giving an overweight rating.
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