Pathfinder: 1-9 Month Business Revenue Growth To Maintain More Than 100%

Pathfinder predicted that in 2014 1-9, the revenue would be 1 billion 8 million yuan, an increase of about 21% over the same period, and the net profit attributable to shareholders of listed companies was 178 million yuan, up 26% from the same period last year, corresponding to the 23.84% quarter growth in the three quarter, and the performance is in line with expectations.

The company's e-commerce continues to grow at a high rate. The smart wearable Tesla "goccia Wizard" is listed: this year, the company continues to increase investment in e-commerce business, encourage offline franchisees to join the online business distribution platform, and increase the proportion of sales of customized online sales and special contributions, so as to avoid physical outlets and online channels. commodity We expect the growth of the company's electricity business revenue will remain more than 100% in 1-9. Smart wearable aspect, in September 19th the company and G-wear-ables laboratory jointly launched the world's only optical transmission intelligent sports companion "goccia Wizard". We believe that this cooperation is a milestone for the Pathfinder to enter the smart wearable industry formally. The cross-border cooperation of Future Ltd in the outdoor area will become one of the highlights of transformation.

accelerate outdoors The pace of industrial chain integration: the company announced in September 4th that it would acquire a 56.52% stake in Beijing travel and Travel Agency Co. Ltd. for 39 million yuan. This acquisition promise is "extremely beautiful" business in the next three years (2015-2017 years) after tax net profit compound growth rate of not less than 25%, the purchase price corresponds to the "extremely beautiful" business, in 2014, it is estimated that after tax net profit 2 million 600 thousand yuan of 11.54 times PE.

Company in build Three outdoor brands, and actively create commodity + service O2O business model. The company is an industry based on outdoor areas, the most clear transformation to the Internet company, optimistic about its outdoor industry related resources integration capabilities, follow-up acquisition is worth looking forward to. It is estimated that the annual revenue growth rate of the company is 2014-2016, 21.5%, 21% and 22% respectively. The net profit growth rate is 28%, 19.7% and 25% respectively. EPS is 0.64, 0.77 and 0.96 yuan respectively, and the investment rating of the company's "buy -B" is maintained. The target price is 19.3 yuan.