[Office Partner Information Channel] Compared with overseas, the domestic stationery market has a large room for improvement and will grow steadily, and the trend of industry integration is conducive to the development of leading enterprises; Chenguang brand's reputation and channel control ability is better than its main competitors. The company's financial indicators are among the best in the industry; with reference to the business model of overseas rising companies, we believe that the company's research and development strength and business structure make it more competitive; the company explores new business models, seeks profit growth points, and the company has sufficient funds. M&A expectations are strong. Overall, the company's valuation advantage is obvious.
The wide-coverage offline terminal is the driving force for the company's profitability: The company has built 60,000 retail terminals through the “Morning Pyramid†marketing model, with a penetration rate of 80% around the country. The company is currently considering the integration and upgrade of the offline platform. At the same time, the huge distribution network also provides investors with imagination.
The ability of product research and development is escort for Chenguang brand: The company has 470 patents. At present, the company has mastered the various technologies in the manufacturing process of writing tools and applied them to production and manufacturing in a large scale. After the fundraising project is completed and put into production, the company's capacity bottleneck is expected to be released. In the future, companies can consider gradually reducing the proportion of imports of key components, further reducing costs and enhancing competitiveness.
The company's development has an international vision: drawing on the experience of the transformation and upgrading of stationery companies in the United States, Japan and France, we believe that the transition from single product manufacturing to integrated service provision is a trend, and brands that value cultural creativity and consumer experience are more likely to be recognized by the market. . Chenguang Stationery has established a dedicated electronic product team, and the new headset/headset sales have reached more than 40 million. In addition, the company's products designed for the Internet platform and its direct flagship store are an effective interpretation of the idea. The future morning light is expected to win more consumers' loyalty to the brand.
Business model innovation, looking for profit growth point: At present, the company is higher in profitability and efficiency than competitors, and the company's main consumers are not the target group of e-commerce, and do not face urgent transformation pressure. The company is also exploring new business (such as office direct sales). Although the business volume has not yet grown at this stage, we believe that its business philosophy is in line with the industry development trend, and the future will be positively contributing to the company's profitability.
Earnings Forecast and Investment Proposal: It is expected that the company will develop rapidly in the next three years with the integration and upgrading of terminal stores, the breakthrough of capacity bottlenecks and the development of new businesses. Based on the current secondary market situation, the total market capitalization of the company in 2015 will be 25 billion yuan, corresponding to the target price of 54.4 yuan, giving a "buy" rating.
Source of information: Internet
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