\u3000\u3 China Vanke Co.Ltd(000002) 832 Biem.L.Fdlkk Garment Co.Ltd(002832) )
The demand for high-end consumption has warmed up, and the trend of consumption return continues
In recent years, benefiting from the continuation of the trend of consumption return and the repeated uncertainty of the epidemic outside China, overseas shopping may continue to be blocked in 22 years. Domestic medium and high-end clothing brands may fill some consumer demand and open up growth space by virtue of product quality and local channel advantages. According to Bain consulting, the scale of China's personal luxury market will reach 471 billion yuan in 21 years, nearly doubling compared with 19 years; Among them, the categories of fashion and lifestyle increased by 40%.
The brand accurately positions the sports and leisure track, creates high-end light luxury products, and drives high-quality growth through all channels
The matrix of overseas medium and high-end brands is complete, while China's light luxury market is vacant. The light luxury market segment of Biem.L.Fdlkk Garment Co.Ltd(002832) precision card Golf combined with fashionable leisure life meets the multi scene dress needs of the middle-class elite and exquisite and fashionable consumption taste, which is expected to lead the domestic light luxury lifestyle.
① the company has advanced production technology and equipment and leading product R & D capability. The design department designs more than 1000 products every year, and product R & D continues to innovate to create scarce, differentiated and high-end products.
② the advantages of offline channels are obvious, with the combination of direct marketing and franchise. The first and second tier cities are mainly directly operated, while other cities are mainly franchised. In addition, the company will make use of digital channels to achieve high-speed growth and improve the company's online marketing efficiency, so as to actively improve the company's online marketing and retail operation efficiency.
③ grasp the core resources and continue to sponsor China's national golf team. The company pays attention to golf events and player resources, strengthens its professional gene through event sponsorship, and deepens the moat of brand marketing.
Adhere to the brand positioning of life Golf and create an all-round elite culture. The golf series adopts internationally leading functional fabrics and carries out product design in combination with the characteristics of golf, paying attention to functionality and comfort. The target group is consumers who are keen on golf and pay attention to sports etiquette and dress application.
Maintain profit forecast and buy rating
The company's brand covers golf, light luxury leisure and other scenes, meets the dress needs and fashion taste of the elite, focuses on consolidating brand barriers, and improves management efficiency and cost control efficiency. We expect that the company's EPS from 2021 to 2023 will be 1.09, 1.38 and 1.74 yuan respectively, and the P / E will be 23.57, 18.57 and 14.74x respectively.
Risk tip: the speed of expanding stores is lower than expected, and the growth of store efficiency is lower than expected; Increase in labor costs and storage and logistics deployment costs; The influence of international sports fashion brand competition.
