Securities given a neutral rating at 3.25 HK $361-www.111kfc.com

Securities: given a neutral rating at HK $3.25 361 hot column capital flows thousands thousands of stocks the latest Rating Rating diagnosis simulated trading client sina finance App: Live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Over the past quarter orders will be the ideal sales channel layout optimization of sports goods inventory decline, group orders will be ideal – Mainland sports industry experienced in 2013 to 2015 to the inventory activities, industry consolidation and demand growth, sporting goods distributor inventory falling. Due to the reduction in inventory backlog, the group in the four seasons of 2016 and the spring and summer of 2017, the two quarter of the total amount of wholesale orders were recorded year-on-year increase. Authorized retailer sales revenue is expected to continue rising, group – group brand authorized retail same store sales, and the first half of 2014 by low unit in 2013 the number of year-on-year growth in 2015 and the first three quarters of 2016, the high single digit growth; children’s clothing, authorized retail same store sales in the third quarter of 2014 to the third quarter of 2016 period each season, Jielu high number of units year-on-year growth. The right positioning, and product innovation group with multi brand management, mainly including brand sports, children’s clothing, 361 361 degrees international and One Way, the brand positioning and strategic group; continuously strengthen product innovation and enhance research and development capabilities to achieve product differentiation, from 2013 to 2015 has been reasonable the speed increase research and development efforts, launched a number of innovative products. Sales channel layout and improve operational efficiency, the group’s retail – policy focus on a store at the same time the main brand sales and the children’s clothing, enabling cross selling; group actively develop online channels to sell online offerings and designed as a distributor in the retail terminal of the central channel lag inventory clearance. Operations, the ability of the group to control the cost of staff is higher, from 2013 to 2015, the proportion of the cost of the group’s employees accounted for much less than other mainland sporting goods manufacturers. Promotional activities to increase brand awareness, and cost effective control of the group this year to sponsor the Brazil Olympics, can enhance brand awareness, is expected to lay the foundation for long-term sales. In recent years, the group of advertising and promotion expenses control properly, advertising and promotion costs accounted for the proportion of income not high compared with the industry. The valuation – group in the past has been maintained at about 40% payout ratio based on level, we use dividend discount model (Dividend Discount Model, DDM) for valuation. According to the mode theory相关的主题文章: