Today, China's golf apparel leading brand announced the latest 2017 annual report. The annual report shows that its revenue is 1.05 billion yuan, an increase of 25.23%, and net profit is 180 million yuan, an increase of 35.92%.
On October 23 last year, Biyinlefen estimated that the net profit attributable to shareholders of listed companies in 2017 was between 1.5 and 160 million yuan. The profit exceeded the expected range. It can be seen that Biyinlefen has a positive growth in net profit. situation.
For the net profit of the business is good, than the music Lefon said that the main benefit from the same store:
1. Implementing a “relocation and expansion area†transformation plan for existing stores to enhance profitability;
2, the brand positioning "three high and one new", with the top fabrics complemented by the design, thousands of SKUs offer a variety of choices, high-quality products to win people's hearts;
3. The store operation management is solid, the VIP system is relatively perfect, and the contribution rate is as high as 70%. The all-round staff training is powerful to maintain long-term customer relationship and the repurchase power is strong. In addition, channel expansion further promotes revenue growth.
Still annoyed by inventory
Although the net profit of the revenue is not bad, the inventory problem still plagues Biyinlefin.
In 2017, the number of accounts receivable turnover days decreased by 2 to 17 days, the inventory turnover days increased by 44 to 294 days, and the absolute amount of inventory increased by 41% to 348 million yuan. The cash flow growth was good and the net cash of operating activities increased. The same increase of 21.05% to 126 million yuan.
Although the sales revenue of Q3 in 2017 increased, it also led to an increase of 47.13% inventories to 247 million yuan, which was higher than that of Infineum, which indicated that it increased sales.
According to the China Garment Network, the amount of stocks in the past few years has been rising. From 2011 to 2013, its inventories were 108.9 million yuan, 122 million yuan and 159 million yuan respectively. The inventories in 2013-2015 were 159 million yuan, 168 million yuan and 193 million yuan respectively.
As for the increase in stocks, there is “something to say†than the music: “Biyinlefin mainly adopts the sales mode combining direct sales and franchise, and needs to maintain the inventory items with sufficient color and size to meet the store display and consumers. The selection, as well as the need for new retail network expansion to consolidate goods, is therefore required and maintains a relatively high level of inventory size.
Biyinlefen is a leading company in the domestic golf apparel industry. It is positioned in the golf apparel and high-end casual apparel market. The target customers are golfers and middle- and high-income people who love golf-style apparel. From 2014 to 2017, the revenue and net profit growth of Beaveren, the first share of golf apparel A shares, remained at around 15%, but its high inventory remains one of its major challenges.
A service executive has said frankly: "At present, clothing companies need to absorb these stocks for at least three years, but they still need profit support behind the sales of stocks. The financial statements are ugly, and the banks will follow the debts. So, more and more Multi-clothing companies are entering the inventory cycle."
Clothing has strong seasonal characteristics, missed the best sales time, and is extremely prone to stocks and warehouses. The larger the clothing companies need to spend more time to digest these stocks, and the product backlog will increase funds. The difficulty of liquidity makes it possible for garment enterprises to face huge losses and lost profits. Inventory is an important reason for the apparel companies that are born in the traditional business model to fall into the cash flow fault and business crisis.
It is not known how Biyin Lefun views its own inventory problems and whether the statements disclosed to the public are true.
2018 or will embark on the road of rapid expansion
As of the end of September 2016, Biyinlefen has 273 direct stores and 328 franchise stores, totaling 601. As of 2017, the number of terminal stores was 652, with 52 new ones. The proportion of direct stores is higher than that of franchise stores. .
It can be seen that Biyinlefin has not increased sales by expanding its stores in a large area like other local apparel companies. However, in 2018, Biyin Lefen will open a store and quickly occupy the consumer market with holiday travel products.
Biyin Lefen said that in the future, it will continue to expand stores in mainstream high-end shopping malls, airports and clubs. At the same time, as the holiday travel series will also be sold through the layout of high-end shopping mall channels, it is expected to continue to open stores, and at the same time benchmarking brands such as Fila. In addition, Biyinlefen will continue to sell in the upside range of single stores, and the expansion of stores and the effective growth of single store sales will drive its revenue to grow rapidly.
It is understood that from 2011 to 2017, the revenue growth rate of Biyinlefen reached 23.02%. In 2017, the net income of returning and returning home increased by 25.23%, 35.92% to 10.54, 180 million yuan, and the income of 2018Q1 was 370 million yuan. The increase was 30.31%, and the net profit increased by 41.55% to RMB 85 million. The same store continued its high level and its performance continued to grow.
According to industry forecasts, in the three years of 2018, 2019, and 2020, Biyinlefen’s revenue will increase by 32%, 31%, 22% to 1.388 billion yuan, 1.821 billion yuan, and 2.229 billion yuan, respectively. The increase was 43%, 40%, 32% to 258 million yuan, 360 million yuan, and 474 million yuan respectively.
Founded in 2003, Biyin Lefen is mainly engaged in the design and promotion of high-end golf apparel. Its employee stock ownership plan was completed at the end of January this year. The average share price is about 59 yuan, which binds the middle and high-level employees and their interests.
For the insistence on the "high-end + segmentation" strategic layout, along with its channel expansion, product line expansion, double-income growth in revenue, and the company's shareholding plan, Biyin Lefen is likely to develop well in the next few years. However, the extent to which the inventory problem is solved still needs time to test.
Editor in charge: Gao Wei
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