Biyin Lefen (002832): The second phase of the employee stock plan launched a discount guarantee to grant shared growth dividends
Today, the company announced the second phase of the employee stock ownership plan budget. It plans to raise no more than 1 trillion, giving executives and core personnel a total of 900 shares at the average repurchase price.
The scope of the plan’s incentives has been further expanded compared to the previous period, and the share price is 25% off the current price. In addition, the chairman guarantees that the plan will further increase employee motivation.
We believe that the long-term sustained growth of mid- to high-end brands is the same store growth strength based on strong product strength.
By cooperating with global high-quality fabric suppliers and designers at home and abroad, the company makes full use of strong product power and perfect VIP service capabilities, and the same store’s growth strength gradually integrates its peers in a weak urban environment. It is expected that this year will continue to maintain 15-20% of theSame-store growth; At the same time, combined with optimization of store area and location expansion and incremental contribution from new brands, it is expected that this year’s extension will contribute to double-digit growth, so that revenue and net profit will increase by nearly 30% and 40%, respectively.
The existing company has a market value of 8.7 billion, corresponding to 19PE21X, the launch of employee stock ownership plans and share repurchases, sharing growth dividends with employees, showing development confidence, and maintaining a “strong recommendation-A” level.
The company announced the second phase of the employee stock ownership plan and budget, showing strong development confidence.
The second phase of the employee stock ownership plan is to raise no more than US $ 100 million, with a lock-up period of 12 months and a duration of no more than 24 months.
1) The stock repurchased by the company holding a special account to repurchase the stock price is the average repurchase price of 36.
37 yuan (as of May 10), a 25% discount from the current price.
2) The number of people covered by the plan does not exceed 900, of which 6 are supervisors. The scope of this incentive plan is further expanded than that of the previous period of 600.
3) The chairman promises to guarantee that if the final amount that can be allocated to employees is lower than the amount of the subscription amount instead of the amount after the repeated points, the chairman will make up the difference.
International planning and development capabilities and comprehensive VIP services build a good endogenous growth strength, supplemented by a variety of industry-oriented layouts mainly based on direct sales, which have become the core of the company’s differentiated competition and drive performance performance peers.
1) Endogenous and sustained high growth: The company focuses on R & D and fabric innovation to form product differentiation advantages.
At the 深圳桑拿网 same time, with the use of multi-series layouts, under the support of high-quality products and comprehensive VIP services, and the upgrade of channels such as location adjustment / expanding area / for boutiques and large-scale experience stores, the three major brands of the same series increased in 18-19-191.The speed is stable at about 15% -20%.
It is expected that the same store will maintain double-digit levels this year.
2) Epitaxy expands steadily.
The average net opening in 18 years was 112 to 764, an increase of over 17%, including 80 major brands and 30 new brands.
It is estimated that the main brand’s net opening scale in 19 years will be about 80, with a total of over 800; new brands will increase by 30-40, and the total is expected to reach 80.
Tourism and vacation brands are officially launched and are expected to be launched in 2020.
The company launched a new travel and vacation brand CARNAVAL DE VENISE (Venice) in early 18th. This series meets the core needs of the four major users of functionality, shooting effects, family wear, and fashion.The series is reduced by 40%.
The channel is mainly distributed in shopping malls and high-end department stores. Depending on the advantages of internal channels, it will open stores independently. It is expected that the number of stores will reach 80 by the end of 19th. It is still mainly incubating single-store operations. It is expected that after two years of cultivation, it will enter in 2020.The main expansion period has become a new growth point for the company’s performance.
Profit forecast and investment advice: In the context of consumption upgrade, brand owners have created high-quality differentiated tones to become entry tickets to enter the high-end market.
At present, the company’s commodity-side development capabilities are expanded and the foundation of the high-end market is expanded.
The strength of same store growth is gradually developing in the weak city environment. It is expected that this year will continue to maintain 15-20% same store growth. At the same time, combined with the expansion and optimization of store area and location and the incremental contribution of new brands, it is expected that this year’s extension is expected to contribute to the growth of China Shuangshuang chanceTen years of revenue and net profit will achieve nearly 30% and 40% growth, respectively.
Increase the EPS for 2019-2021 to 2.
85 and 3.
55 yuan forecast.
The current market value is 8.7 billion, corresponding to 21X and 17X for 2019PE / 2020PE, respectively. The estimates are not high. The company merged differentiated brand tonality, refined channel operations, and efficient internal control. High growth is expected to continue.
The launch of the employee stock ownership plan and share repurchases, sharing growth dividends with employees, showing development confidence, and maintaining a “strong recommendation-A” rating.
Risk reminder: Due to the domestic macroeconomic impact, the risk of high-end demand growth rapidly decreasing; the risk of the incubation of tourism and holiday series not meeting expectations.