The company is a full-service provider of outdoor sports sales, training and organization. Benefiting from the high growth of the outdoor industry, the company is expected to rely on loyal membership resources to achieve breakthroughs in outdoor training and event organization.
Investment Highlights:
Investment advice: The company is positioning itself as a full-service provider of outdoor sports, deep-growing outdoor and building professional brands, and is expected to expand into the large-scale sports leisure market at the same time. The company's performance forecast is basically in line with market expectations. We slightly adjusted the company's earnings forecast. EPS for 2015-2017 was 0.46 (-0.01), 0.53 (-0.01), and 0.65 (+0.02) yuan. Considering that the company is in a period of rapid expansion, the store-opening plan will be clear in the future, and the extension strategy will be clear. With reference to the average level of the sports industry, it will give 2016 5XPS valuation, maintain a target price of RMB 90.9, and increase the rating.
In the fourth quarter, online sales of outdoor supplies soared, and revenues and profits increased rapidly. According to the Announcement of Performance Bulletin, operating revenue in 2015 was 328 million yuan, up 12.52% year-on-year; net profit was 31 million yuan, up 11.18% year-on-year; EPS was 0.46 yuan, up 9.5% year-on-year, in line with market expectations. In 2015, the company's IPO raised funds of RMB 160 million. The newly raised funds are mainly used for channel expansion. It is expected that the company will open 29 new stores in the next 2 years and enter a rapid expansion period, and revenue is expected to maintain a growth rate of around 20%.
The company is expected to rely on its members to become a full-service provider of outdoor sports sales, training and organization, or it will achieve an efficient extension. The company has developed an integrated service model of online shopping, franchised stores, and clubs. The franchise stores and online shopping continue to flow into the membership. The club operates members' outdoor activities and events. The company currently has 160,000 members with high loyalty, and the proportion of member consumption has reached 64%. The future membership base will continue to expand and the company will continue to dig deeper into the membership value in outdoor sports training. At the same time, the company further established a large outdoor retail channel, expand the category, is expected to cut into the large sports leisure market.
Risk Warning: Stores' overexpanded floor effect declines; outdoor sports organization risks.
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