Last Year'S Annual Report Is Expected To Continue To Line Down The Whole Line Development Strategy.

　　 Wedding bird 2014 annual report commented: line continues to adjust, online embrace the Internet

Recently, Limited by Share Ltd reported its annual report in 2014. The annual report shows that the company achieved operating income of 2 billion 275 million yuan in 2014, an increase of 12.72% over the same period last year, and realized a net profit of 134 million yuan attributable to shareholders of listed companies, representing a decrease of 16.6% compared to the same period last year, achieving EPS0.23 yuan. Despite the increase and fall, last year's performance was in line with expectations. The company intends to spanfer 10 shares to every shareholder and 0.5 yuan (including tax) for every 10 shares.

The fourth quarter achieved substantial growth. Fourth quarter income and attribution to parent company Net profit They increased by 45.7% and 67.98% respectively. The growth rate of 2014Q1, Q2 and Q3 revenue was 12.97%, -22.81% and 16.04% respectively, and the net profit attributable to parent company was 5.58%, -57.55% and -20.02% respectively. The fourth quarter growth was mainly due to a low base in the fourth quarter of last year. In terms of brand names, the main brands reported good growth, and the agency brand HAZZYS achieved rapid growth. The consolidated gross profit margin for the whole year was 57.86%, down 5.32 percentage points from the same period last year, and the net interest rate was 5.9%, down 2 percentage points compared with that of the previous year. The period cost rate was 47.4%, which was 1 percentage points lower than that of the previous year.

Continue to adjust below the line. Offline to close inefficient stores, improve store operation efficiency. At the end of the reporting period, the total number of stores under the line reached 1404, a decrease of 28 over the same period, and the business area of 241 thousand square meters, a decrease of 3% compared with that of the previous year. The number of outlets and business areas of the main brands were 871 and 192 thousand and 500 square meters, respectively, representing a decrease of 31 and 6 thousand and 500 square meters respectively. HAZZYS outlets and business area were 204 and 21 thousand and 300 square meters, respectively, an increase of 28 and 4 thousand and 300 square meters respectively; the number of seats and business area of San Jay net were 161 and 15 thousand and 100 square meters, respectively, 15 and 1 thousand and 900 square meters respectively, and the number of outlets and business areas of flangston were 108 and 6 thousand and 800 square meters respectively, which decreased by 24 and 24 square meters respectively.

Online embrace the Internet. Actively develop online business. company Personal Tailor The official website has been launched, opening up an official flagship store with other electronic business platforms. In the future, we will promote C2B through self built official website, APP, and Tmall, Jingdong and other platforms. We will accelerate the spanformation of private customized area under the Internet and realize the linkage between online and offline businesses. From custom suits, shirts and other traditional items to customize the whole category, finally, we turn the association from "Western-style clothes" to "whole category private customization". First we develop the main brand and then gradually extend it to all the brands. In February 10, 2015, the company invested 45 million yuan in investing in Shanghai ghost network, with a shareholding ratio of 25%, so as to share the online big data through the company's 9 9 packet business. In March 23rd, it invested 25 million yuan in Renren technology and its shareholding ratio was 17.86%. The company mainly promotes Renren stages, characterized by electronic business platform + part-time platform + credit data, belonging to the mobile Internet O2O and Big data marketing Field.

Investment advice: maintain neutral rating. It is estimated that the company's EPS in the 2015-2016 year is 0.32 yuan and 0.39 yuan respectively, and the current stock price corresponds to PE 29 and 24 times respectively. The company is expected to have a performance inflection point in 2015. Recently, the company's share price has been greatly increased by investment ghost network and Ren Jen technology, and there is a risk of callback in the near future. Maintain a neutral rating.

To sum up, from the annual financial statements of the company last year, the company's main business and agency business have been developing steadily. And then achieved year-on-year rise in earnings. This year, the company is committed to the simultaneous adjustment of online and offline businesses. Line continues to coerce according to the brand situation appropriate adjustment quantity. Online accelerate the pace of embracing the Internet and actively carry out Online business 。 We will open a private custom website, invest in the Internet and Renren technology, and expect to share big data through online platforms to boost the upgrading of the part time platform and credit data. Experts analyzed that the recent rise in the share price of the company was due to the stimulation of the investment ghost network and Renren technology. The risk is terminal consumption is relatively low.