Adidas Will Increase Customized Choice For Customers.

At the investor conference recently announced that it will make important considerations for suppliers of raw materials and finished products.

It means that from now until 2020, Adidas will pform production capacity and increase custom-made choice for customers.

The production cycle is shortened and innovative in season.

And product manufacturing will increase.

President Herbert Hainer said at the meeting: "speed will become Adidas's.

。

The world is changing rapidly, and Adidas will focus on consumers. "

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The performance in 2014 was slightly lower than expected. In 2014, the company achieved operating income of 801 million yuan, an increase of 2% over the same period, and a net profit of 40 million yuan, an increase of 117% over the previous year, or EPS0.19 yuan, a little lower than expected.

As a result of 13 years of non recurrent interest payments of 12 million yuan, net profit after deducting non profit growth of 11% over the same period.

We plan to send 1 yuan (including tax) for every 10 shares.

Vitamin products revenue fell 3%, gross margin increased 2 percentage points, vitamin B1 since April 14 since the sharp increase in prices, the annual average price growth of 30% over the same period.

Leather chemicals revenue declined by 5%. The main raw material of chrome tanning agent sodium dichromate price dropped by about 15% compared with the same period last year, and the gross profit margin increased by 5 percentage points.

Development trend of vitamin products to raise the price space.

VK3 price from 11 years high 150 thousand yuan / ton all the way down to the bottom 48 thousand yuan / ton, in early March, the company vitamin K3 price 35%, we judged the VK3 industry bottom warmer, production concentration will bring high price expectations.

The proposed price increase is expected to bring about an annual EPS increment of about 0.12 yuan.

Additional projects to broaden vitamin products.

The brothers pharmaceutical company invested in the construction of vitamin B3 and B5 products in Jiangxi strategic base and matched their respective raw materials. The post harvest revenue can reach more than 1 billion 200 million yuan, with net profit of nearly 100 million yuan.

The technology developed by the company is applied to project construction, which helps to make the structure of vitamin products more reasonable and the industrial chain more perfect. At the same time, it has enough scale competitiveness to enhance the market position.

We expect that Jiangxi base will have more advantageous products in the future.

Leather chemicals business is developing steadily. In the future, we will increase investment in leather auxiliaries with higher added value and broader market prospects.

Profit forecast adjustment does not take into account equity dispute interest compensation 72 million yuan, maintain 15 years EPS forecast 0.45 yuan, give 16 years EPS forecast 0.69 yuan (not considering additional issuance dilution).

Valuations and recommendations are currently 39 times /26 times higher than 15/16 P/E.

Optimistic about the potential of the company's vitamin series prices continue to rise, and the synergy effect of the new capacity in the future, raising the target price from 20% to 22.5 yuan, corresponding to 15 times 50 times P/E.

Maintain "recommended" rating.

The progress of risk projects is lower than expected, and the price of products falls.