The Company Will Issue Convertible Bonds, And Agencies Expect Its VIP Customers To Be Close To 190 Thousand.

China's first dress of Limited by Share Ltd (hereinafter referred to as "brevien") issued the announcement on the evening of July 4th, saying that the company is planning a public issue of Switching Company bonds. The major issue is still in the planning stage, and has not been examined and approved by the board of directors, shareholders' general meeting and relevant departments. All these approvals are prerequisites for the implementation of this issue. There is uncertainty as to whether the above approval can be obtained and the time of final approval.


According to public information, it was founded in 2003 and focused on golf casual wear. The product is located in two major characteristics of sports and leisure, focusing on the high net worth population in China. The company's brand adopts light asset management mode. It is committed to the design, R & D, and downstream brand operation and sales channel construction of the business chain with high added value, and the product production business is outsourced to the manufacturer. The company adopts direct sales and franchised sales mode. At present, the company mainly sets up direct stores in the first and second tier cities, and mainly stores in other cities. As of December 31, 2018, the company's marketing network covered 764 core businesses, high-end department stores, airports and famous golf clubs in 31 provinces, autonomous regions and municipalities directly under the central government, including 764 outlets, including 399 outlets.


According to the financial report, in 2016, 2017, 2018 and 2019, the operating income of the company was 842 million yuan, 1 billion 54 million yuan, 1 billion 476 million yuan and 472 million yuan, up 11.73%, 25.23%, 39.96% and 27.37% respectively. The net profit of the company was 133 million yuan, 180 million yuan, 292 million yuan and 292 million yuan, respectively. Gross margins were 62.28%, 65.40%, 63.28% and 64.53% respectively. The period cost rates were 40.35%, 42.88%, 39.63% and 32.01% respectively. Since the first quarter of 2017, the company has achieved high performance for 9 consecutive quarters.


Combined with product price and offline survey, the overall price of the whole product is 3000-5000 yuan. The overall price of the company's products is in the middle and high-end range, of which the price of T-shirts is mostly located at 880 yuan -1680 yuan, short sleeved shirts are 980 yuan -1580 yuan, long sleeved shirts are 1580 yuan -2380 yuan, and the unit price of coats is about 2000 yuan -3000 yuan, the overall price of casual pants is between 1000 yuan and -2000 yuan, and the overall price of down garments is around 5000 yuan.


According to the survey of Zhejiang Merchants Securities, the number of VIP is 190 thousand. The annual disposable income per customer group is over 300 thousand, and the single shopping exceeds 3000 yuan, which is the VIP customer of the company. According to the survey data, VIP visits 2-4 times a year than the company of phonefin, and Zhejiang Merchants Securities estimates that VIP customers spend about 9000 yuan annually in their products, and the total expenditure on clothing consumption is about 15000. According to this hypothesis, the proportion of VIP consumption in 2018 (about 60%) is estimated by Zhejiang Merchants Securities to be about 190 thousand of VIP. According to the Statistics Bureau of 2018, the proportion of per capita clothing consumption expenditure of urban residents accounted for 4.61% of per capita disposable income. The annual per capita disposable income of the group is 325644.36 yuan, which is about 27137.03 yuan per capita disposable income per month. Combined with spouses, Zhejiang Merchants Securities estimated that the annual household income of the customers was 500 thousand yuan or more.


From the age perspective, the older the consumers are, the higher their brand loyalty is, and the older the consumers are. The more than 2/3 consumers will be loyal to the brand they are familiar with. From the perspective of annual income, the brand loyalty of the group whose annual income is greater than 600 thousand yuan will increase significantly. Despite the increasing importance of customer experience, product quality is still the starting point and starting point of brand loyalty. 70% of consumers are loyal to a brand because their products are reliable and durable. Poor product quality is the primary reason for losing loyal customers, while the 38-53 year old group with annual income of 60W yuan or more is particularly concerned about product quality.


Zhejiang Merchants Securities analyst Yu Jian said that from the perspective of stock, under the support of product strength such as "three high and one new", the high fidelity consumer group of bryin can not only consolidate the basis of growth, but also bring new customers. In its view, bryin can fully mobilize consumers' impressions, behaviors and other factors in the pre-sale, sale and after-sale links, and achieve the ultimate goal in terms of product quality and after-sales service, thus further enhancing brand loyalty. According to the research, customers with brand loyalty can not only bring new consumers, but also spend more on this brand. About 60% of these VIP customers will share their favorite brands with friends and family members, and 52.3% of VIP customers will join the brand award scheme. Even if there are cheaper choices elsewhere, 39.4% of loyal customers will spend more on products.


According to Hu Run's "white paper on China's new middle class circle", there are more than 10 million new middle classes in China, which are defined as: "average age is 35 years old" and "average family income is more than 650 thousand yuan". Yu Jian believes that this new middle class has a higher coincidence degree with the group of consumers, and the number of VIP has increased widely. It is estimated that the number of VIP in 2019 will be more than 10% higher than that in the 2019.


Yu Jian introduced that compared with the same industry clothing enterprises, it can be found that ROE is second only to Hai Lan's home. In terms of splitting, the equity multiplier is the lowest. The main products of the company are located in the middle and high end, which is more stringent for franchisees. Therefore, compared with the enterprises that are located in the mass leisure enterprises, the franchisee development efforts are relatively low, and there will be much room for improvement in the future. Asset turnover is in the upper reaches of the industry, second only to Pacific bird and Semir costumes. Taking into account the company's pricing of high product prices, this high asset turnover rate shows that the company's products are in good market condition, and side confirms the competitiveness of the company in product design and R & D. Sales net interest rate is the highest in the industry, reflecting the high profit margins brought by the positioning of high-end products.


In addition, in recent years, it has signed Yang Shuo, Jiang Yiyan and other popular stars, and has implanted popular TV shows and variety shows to expand audiences while vigorously marketing fashion, life and holiday travel apparel. In 2018, Yang Shuo signed the movie star Yang Shuo and Brad as a brand spokesperson. Yang Shuo's image of sunshine, health and self-confidence coincides with the brand. At the same time, he also has a large number of fans in the elite class. Jiang Yiyan is not only an excellent actor, but also a professional photographer and a teacher who has been teaching for eight years. The rich and wonderful life experiences come from her always following her heart, and this trait also corresponds to the idea that she wants to pass on to consumers. The company has also put clothes in many TV dramas. It also co operates with the largest tourism social sharing platform in China, the Hornets' nest and Kaiser tourism, and launches a hot topic such as "travel on the tour of beepleon", so as to enhance the popularity of fashion, life and holiday tourism products.


Analysts here said that by relying on excellent product differentiation positioning and refined terminal management, the company has achieved excellent performance in the same store. With the continuous expansion of the channel and the development of new brands, the high growth in the future is expected to continue.


It is also understood that in July 3rd, the company announced the annual dividend payment plan in 2018: the total share capital of the company was 181 million shares, and the total amount of 7 shares to every shareholder was 10 shares, and the cash dividend was 5 yuan (including tax). The total cash dividend was 90 million 670 thousand yuan. The date of registration is July 8, 2019, and the ex dividend date is July 9, 2019.


The 2018 annual report shows that as of December 31, 2018, the company's operating income was 1 billion 480 million yuan, an increase of 39.96% over the same period last year, with a net profit of 292 million, an increase of 62.16% over the same period, a gain of 1.61 yuan per share, a net asset value of 8.98 yuan per share and a 19.14% return on net assets.