Consumer Growth Is No Longer Improving. Business Development Is Lower Than Expected.

< p > outdoors is Chaoyang subdivision in the < a href= "http://sjfzxm.com/news/index_p.asp" > market < /a > expansion stage. We recognize the pioneer strength and enterprising attitude of the Pathfinder at this stage of the industry, and the industry share is expected to increase, which is a fast and clear target for the industry's performance growth.

Under the background of industry downturn, it is expected that there will still be more than 20% growth in outdoors this year.

The extension of the company still maintains a certain growth rate. The next line business positioning is to enhance the consumption experience and interaction, and the function of the store is adjusted to the social experience, with emphasis on strengthening flagship stores, specialty stores and experiential shops.

There are 201 new businesses in 1-9, and around 300 are expected in the whole year.

The 1-9 month revenue was 833 million, an increase of 33%. The growth rate of terminal retail in 1-9 months was higher than that of the company's revenue. It was 37%, and this trend continued in October.

We expect the company's annual revenue to be around 35%, higher than the industry as a whole.

< /p >

The anticipated possibility of P online business is constantly being confirmed.

In the face of the trend of < a href= "http://sjfzxm.com/news/index_p.asp > electricity supplier < /a >, we think that the train of thought of the company in promoting the online and offline integration O2O mode is becoming clearer, and the product development, brand promotion, channel, supply chain and so on have been adjusted accordingly.

The future online business will be positioned in the interactive platform for goods and services. The development mode will be based on GSI (third party e-commerce outsourcing enterprises in the US), and focus on "network front-end marketing + back-end IT information processing +CRM+ supply chain".

The future online sales system will be: B2C platform sales (official flagship + online distribution) + authorized stores (offline sales channel electronization) + vertical e-commerce + self service travel platform interaction.

The future sales structure of all channel targets: online 30%, offline 40%, group buying special sale 30%.

< /p >

< p > this year, we have breakthroughs in dealing with conflicts of interest under the short-term online and offline industries. We adopt product differentiation strategy, and self distributors and professional online distributors (more than 300) sell special products.

In the future, we will continue to enhance the professionalism of products and strengthen our own professional a target= "_blank" href= "//www.sjfzxm.com/" > shoes > /a + clothing + intelligent equipment. By the end of this year, we will split different categories to carry out operation of the Department, focus on target consumers, join franchisees into online sales system (more than 20), digest short-term inventory and cognitive online operation, build E-toread vertical platform as traffic entry, launch official micro-blog, WeChat public account, APP and community-based operation, and now cooperate with road cattle and green fields to pform traffic into value, and try to popularize and distributor mode.

The company's total sales of "double eleven" this year exceeded 100 million yuan, 77 million 490 thousand yuan (23 million last year) and about 20000000 dealers.

We expect annual electricity providers to be around 250 million (110 million last year), accounting for about 16%.

< /p >

In the medium to long term, we think that the breakthrough of online business is the key step for the company to explore the strategic pformation from outdoor brand business to "commodity + service" outdoor platform operator in P.

Because the particularity of outdoor industry (product and service specialization) gives the company the opportunity to choose the path of pformation.

We believe that this is simply not a simple definition of the traditional brand of the company, and the company as an absolute leading brand in the domestic outdoor industry, has the lead in leading the industry.

< /p >

Investment recommendations: therefore, we firmly believe in the sustainability of the growth of the company and the outdoor industry as well as the strength and development potential of the company's integrated resources, and continue to serve as the key target for the industry to adapt itself to the new market changes and smoothly pform the business mode of P.

EPS is expected to be 0.56, 0.73 and 0.93 yuan in 13-15 years. The target price for the next 6 months is 18-20 yuan (originally 15-17 yuan), corresponding to EPS 25-27X in 14 years, and the "buy" rating is maintained.

< /p >

< p > < /p >.