Fuanna: Differentiated Products And Meticulous Management Contribute To Healthy Growth.

　　 Home textiles One of the leading companies in the industry has experienced a steady growth in the economic cycle. The company and Roland home textiles and Meng Jie home textiles constitute the first tier domestic textile companies. With the distinctive design of differentiated products, the advantages of high-end products in the middle and high-end market are the most prominent. Since 2006, the only continuous increase in income has been achieved since 2006, and the annual compound growth rate of income and net profit is 21.3% and 35.2% respectively. In 2014, the net profit increased by 19.2%, and the sales growth of the same store in the same line was about 8%, reflecting a strong ability to resist risks.

The proportion of direct line battalion is higher and the level of meticulous management is rising. The ratio between franchised stores and direct stores in 2013 is about 2.7:1, with gross profit margin of 51.4%, much higher than that of other home textile listed companies. Meticulous operation and deep accumulation, the industry's first information construction, large-scale integration of marketing data, logistics data, sales data, financial data, the future will further promote meticulous retail control and enterprise management, through the electricity supplier and the traditional offline channel management control to get market first-hand information, through the collection and further analysis of these information, to determine the market trend. At the same time, we should strengthen the coordination of production, supply and marketing, and better grasp the procurement time and production rhythm of raw materials, and improve product lifecycle management.

many brand As well as the business operation of e-commerce, IKEA's strategy is orderly and orderly: the main brand of the company has prominent advantages in the high-end market, and the sub brands such as "happy", "happy" and "holy flowers" are in the market segments of mass consumption, electricity and so on.

The electricity business has been growing rapidly since 2011, and online redesign products and flower styles are in line with offline products to protect the interests of the store. Since 2013, the strategic plan for small IKEA has been promoted. The product range is expanded from bedding to home furnishings and customized furniture, and the concept of "bedroom solution" is put forward to create a soft home furnishing plan.

Take part in Shenzhen's hi tech investment increase, open up space for subsequent investment actions and valuation enhancement: invest 202 million yuan in its own capital, indirectly hold 2.85% of Shenzhen high tech investment group, revitalize the company's book capital, increase financial investment income, and open up imagination for follow-up foreign investment.

Investment proposals and valuation

　　 company Business is steady, differentiated products and fine management characteristics are distinct. The market for large home market will have broad development space. In 2015 and 2016, EPS is expected to be 1.09 yuan and 1.38 yuan respectively, giving the company 20 yuan target price in the next 6-12 months.