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AOKANG International Achieved Revenue Of 3 Billion 455 Million Yuan In 2012.

2013/5/9 11:27:00 33

AOKANG International Direct Camp Men'S Shoes Market Shock Shoes.

Everbright Securities (14.22, -0.18, -1.25%) recently released the Research Report of AOKANG International (17.76,0.25,1.43%) (603001). In 2012, the company realized revenue of 3 billion 455 million yuan, an increase of 16.5% over the same period last year. Its revenue growth was due to the increase of stores, < a href= "//www.sjfzxm.com/ news/index_c.asp" > e-commerce "/a" and group buying business, and the company increased the development and promotion of new leather products.

revenue channels: the revenue of distribution channels was 2 billion 250 million yuan, up 14.52% over the same period last year, and the direct investment channel was 950 million yuan, an increase of 51.25% over the same period (including the rapid growth of online shopping business, the shift from price competition to richer brand shopping experience, 218 million yuan of online shopping business, 275.86% growth of the same rate), and OEM's income of 220 million yuan, down 37.87% over the same period, due to the aggravation of foreign market changes and external competition.

sub brands, AOKANG (2 billion 300 million, increased by 23%), Kanglong (460 million, 33%), red Firebird (180 million, 18%), beautiful beauty / Wanli Wade total revenue growth of 30 million.

net profit of 513 million yuan in 12 years, an increase of 12.22% over the same period, EPS1.37 yuan, lower than expected, and every 10 shares will be sent to 4 yuan.

Net profit growth rate is slightly lower, mainly due to sales / management fee rate rise, asset impairment losses increased by 1005% to 23 million, and extra business income decreased from 71% to 18 million.

12 quarter income 999 million yuan, an increase of 5.56% over the previous year, the growth rate was significantly slower than the 21.62% quarter of the previous three quarter, net profit of 146 million yuan, down 1.42% compared to the same period, the sales cost rate rose 4.72 points to 13.92%, the management fee rate increased 1.58 points to 6.5%.

13 quarter income in the 1 quarter was 836 million yuan, an increase of 4.5% compared with the same period last year, and the growth rate slowed slightly. Net profit was 126 million yuan, up 10.17% yuan, EPS0.31 yuan.

Net profit growth is high, mainly from the gross margin increased 5.2 points to 40.24%.

gross profit margin and sales expense rate continued to increase, receivable and cash flow risk increased, inventory 13Q1 was controlled

benefited from the acceleration of direct sales and the improvement of the proportion, gross profit margin continued to rise, increasing 2.6 points to 37.16% in 12 years, of which 3.04 points increased to 38.75% in the fourth quarter, and 13Q1 continued to rise 5.2 points to 40.24% over the same period.

Sales and management fees continued to increase.

The annual sales expense rate increased by 1.76 percentage points to 11.67% over the same period (the increase in the number of stores and the increase in advertising fees), and 13Q1 continued to rise 4.13 points to 13.77% a year (because the company's terminal network increased, the proportion of direct business increased and the cost of labor / rents increased by 0.53 points to 6.17% (due to the increase in R & D expenses and staff salaries). The 13Q1 management fee rate continued to rise from 1.21 points to 7.02% over the previous year. The financial cost rate in the 12 year dropped from an approximate point to -0.75% (because the interest income and interest on loans generated by the public offering A shares received from the public offering) decreased, and 13Q1 continued to decline to a percentage point from 12 to -0.91% (due to the decrease in short-term loans and increased interest income from the company's short-term loans). 12

12 accounts receivable increased 64.77% to 1 billion 300 million (accounting for 38%), 13Q1 continued to increase 6.56% to 1 billion 385 million; 12 years inventory increased 22.19% to 542 million (accounting for 16% revenue), 13Q1 was controlled, dropped 18.01% to 18.01%; and the operating cash flow in the year of operation dropped to zero.

to cope with the development trend of the industry, the company decided to pform from "brand operator" to "retail service operator" to integrate and perfect the business mode of "fashion line".

extension: 12 sales outlets increased by 803 to 5315 (17.8%), of which 960 were direct stores (483 increased, 18% of all shops, 50%), and 4355 stores (320).

In terms of brand names, there are 3849 AOKANG, 869 Kanglong, 592 red Firebird, 5 beautiful beauties and wanwade.

13 years is expected to slow down shop speed.

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channel planning: the company promotes the pformation of sales channels, and the footwear sales mode gradually evolved from the traditional "department store + street shop" to a diversified sales channel such as "department stores, street shops, electricity suppliers, shopping centers" and so on.

Among them, "AOKANG", "Kanglong" and other major brands accelerate the layout of shopping centers, and have launched AOKANG International Pavilion, AOKANG brand shop and AOKANG image store to enhance brand image.

With the rapid development of e-commerce in 2012, the 13 year will continue to increase investment in e-commerce platform, enrich the style of shoes, create differentiated brand e-commerce brand system, enhance logistics speed and customer experience, and create the core competence of e-commerce.

regional layout: East China and other strong areas continue to optimize the original marketing network, speed up the upgrading and upgrading of quality stores, and vigorously promote the resource integration strategy of small stores and large distributors.

Vigorously implement the "network expansion project", according to the new business mode to increase investment.

Increase the development of "Kanglong" brand and "Wanli Wei" shopping mall.

Regions such as North China, Northeast China and Southern China account for a relatively low proportion. They set up flagship stores in key cities in the region, set up image stores in general cities, enhance their brand radiation capabilities, increase their support for dealers, enhance the market development and management capabilities of franchisees, and achieve the same development of distribution channels and direct channel.

multi brand layout: the company implements a multi brand management strategy mainly based on AOKANG, Kanglong, red Firebird, Mansour poem and Wanli Wei.

In the 12 year, the company also won the Spanish Martinelli brand differentiation right in China (5 years), and expects to open 50-70 stores in 13 years.

According to the information released by China industry and enterprise information center, the AOKANG brand achieves 6.79% of men's shoes market share, ranking first, and women's shoes market share of 2.35%, ranking eleventh.

research and development: in 2012, the company set up the AOKANG shoe technology research institute and the first-class digital R & D center, and successively developed a series of functional products such as GPS positioning shoes, step shoes, nano health shoes, full palm a href= "//www.sjfzxm.com/news/index_x.asp", breathable shoes < /a, shock absorbing shoes and so on.

In 2012, the company invested huge sums of money to introduce advanced production equipment from Italy and other countries to carry out technological pformation. In September, Wenzhou's first international shoe factory "world scale production line" was put into operation, and the annual R & D expenses accounted for 0.91% of the total revenue.

In the future, we will push the "24 hours R & D products" into the market quickly.

Logistics: the company will create a fast fashion "fashion line", introduce world class shoemaking equipment, promote the construction of the national logistics system (13 years focus on the construction of Shanghai East China logistics and distribution base), and strengthen terminal management (with "human efficiency, leveling effect, money efficiency" 360 degree assessment terminal, and carry out consultative sales service to enhance single store profit, start "1000 people business plan" and "gold medal store club").

Shorten the order period, so as to achieve the goal of "small batch and zero inventory".

13 in April 26th, the company announced to increase its capital to AOKANG East (Shanghai) Footwear Co., Ltd., a wholly owned subsidiary, with a self financing amount of 56 million 660 thousand yuan, so as to build a logistics center in East China.

At the same time, it announced the contents of the implementation of the change of the marketing project of the company's marketing network, and put the original "12 direct battalion flagship stores, 36 direct camp image stores, 120 direct run standard stores and 180 shopping malls" stores in the original stock market according to the current market realities to adjust the location and mode of implementation. The original marketing network construction project involves the purchase of 68 shops instead of the implementation, and the new cities with important market potential in the whole country have developed 586 networks with rent, cooperation and joint venture, and the business area is 55680 square meters.

The completion date was extended to 14 June 30th.

In June 12, the company announced that it would invest more than 9000 million wholly owned subsidiaries in the super raised capital to invest in e-commerce operation projects.

spring shoe orders will be different from the same period last year due to the different statistics. Roughly about 3000000 pairs of sales were considered. The sales of the terminals were still weak and the EPS forecast for 13-15 years after the dilution was 1.40 yuan, 1.64 yuan and 1.85 yuan respectively (vs yuan 1.74 yuan, 2.17 yuan).