＜p style="padding-bottom: 0px; widows: 2; text-pform: none; background-color: rgb(253,252,250); text-indent: 0px; margin: 20px 0px; padding-left: 0px; letter-spacing: normal; padding-right: 0px; font: 14px/26px 宋體, 微軟雅黑, ‘Microsoft Yahei‘, ‘Arial Narrow‘; white-space: normal; orphans: 2; color: rgb(69,69,69); word-spacing: 0px; padding-top: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"＞貴人鳥定位國內(nèi)三四線運動休閑市場，收入規(guī)模排名第八，單店收入低于特步但高于Kappa;此前基數(shù)雖低但快速擴張后門店規(guī)模已不算小，未來開店空間有限，整體資質不十分突出。

13? ?? ?? ??? ???? ?? ??? ??? ??? ??? ?? ??? ???? ???? ???? ??? ??? ??? 14? ?? ??? ??? ??? ??? ????.

??? ??? ??? ???? ??? 2? ??? ???? ??? 10 -15??? ????.

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＜p style="padding-bottom: 0px; widows: 2; text-pform: none; background-color: rgb(253,252,250); text-indent: 0px; margin: 20px 0px; padding-left: 0px; letter-spacing: normal; padding-right: 0px; font: 14px/26px 宋體, 微軟雅黑, ‘Microsoft Yahei‘, ‘Arial Narrow‘; white-space: normal; orphans: 2; color: rgb(69,69,69); word-spacing: 0px; padding-top: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"＞　　耕耘國內(nèi)三四線市場的運動休閑品牌。

‘??? ’ ??? ??? ?? ????. ‘a(chǎn) http: http:ww.sjfzm.com /news /news /index ?x.aas ’? ?? ‘?? ’? ??? ??? ??? ??? ?? ??? ??????, ?? ?? ? ??????? ??, ??? ? ??? ???? ??? ??? ??? ??? ?? ??? (2? ??) ??, ?? ???? ??? ??? ??? ??.

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＜p style="padding-bottom: 0px; widows: 2; text-pform: none; background-color: rgb(253,252,250); text-indent: 0px; margin: 20px 0px; padding-left: 0px; letter-spacing: normal; padding-right: 0px; font: 14px/26px 宋體, 微軟雅黑, ‘Microsoft Yahei‘, ‘Arial Narrow‘; white-space: normal; orphans: 2; color: rgb(69,69,69); word-spacing: 0px; padding-top: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"＞　　收入排名前十靠后，單店收入低于特步，快速擴張后門店規(guī)模已不算小。

?? ????? ??? ????? ???? ???, 10? ???? ???? 60% ??? ????. < a http: wwww.sjfzm.com /news /index /u c.aastp > ? ??? ? ?? ??? 10??? ??? ?? ??? ??? ??? ?? ??? ????? ??.

??? ?? ?? ??? ??? 2010 -2011? ?? ?? ?, ?? ??? ?? ???? ??? ??? ????, ?? ?? ??? ?? ?? ?? ?? ??? ????? ???? ??.

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＜p style="padding-bottom: 0px; widows: 2; text-pform: none; background-color: rgb(253,252,250); text-indent: 0px; margin: 20px 0px; padding-left: 0px; letter-spacing: normal; padding-right: 0px; font: 14px/26px 宋體, 微軟雅黑, ‘Microsoft Yahei‘, ‘Arial Narrow‘; white-space: normal; orphans: 2; color: rgb(69,69,69); word-spacing: 0px; padding-top: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"＞　　行業(yè)復蘇仍有不確定性，預計公司14年業(yè)績表現(xiàn)較平淡。

??? ?? ??? ?? ??? ??? ?? ? ??? 2009 -2011? ??? ????? 2012? ??? ????, 2013??? ??? ? ????? ??? ??? ?? ????? ???? ??? ???.

2014? ?? ?? ??? ??? ??? ?? ??? ??? ??? ????? ??? ?? ??? ?? ??? ??? ?? ?? ??? ??? ??? ??? ???? ??? ??? ?? ??? ?? ?? ??? ??? ??.

?? ??? ? ?? ?? ??. ?? ??? ????? ???? ??, ? ?? ? ??? ?? ??? ??? ?? 2014? ?? ??? ??? ????, ? ??? ???? ? ?? ??? ??? ???.

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＜p style="padding-bottom: 0px; widows: 2; text-pform: none; background-color: rgb(253,252,250); text-indent: 0px; margin: 20px 0px; padding-left: 0px; letter-spacing: normal; padding-right: 0px; font: 14px/26px 宋體, 微軟雅黑, ‘Microsoft Yahei‘, ‘Arial Narrow‘; white-space: normal; orphans: 2; color: rgb(69,69,69); word-spacing: 0px; padding-top: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"＞　?。糰 href="//www.pmae.cn/news/index_cj.asp"＞盈利＜/a＞預測與估值：假設新股發(fā)行1億股，我們預測公司2013-15年攤薄每股收益分別為0.67、0.70、0.73元，同比分別增長-20%、4%和5%。

H ?? ???? ??? A ? ???? ?? ??? ?? ??? ??? ? ???, 2? ??? ??? ?? ??? 10 -15? (14PE) ? ?? ????? 6.98 -10.47???? ????.

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＜p style="padding-bottom: 0px; widows: 2; text-pform: none; background-color: rgb(253,252,250); text-indent: 0px; margin: 20px 0px; padding-left: 0px; letter-spacing: normal; padding-right: 0px; font: 14px/26px 宋體, 微軟雅黑, ‘Microsoft Yahei‘, ‘Arial Narrow‘; white-space: normal; orphans: 2; color: rgb(69,69,69); word-spacing: 0px; padding-top: 0px; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px"＞　　風險提示:1.運動鞋服行業(yè)仍處于調整期,存在關店風險;2.公司經(jīng)銷商大客戶占比過于集中;3.應收賬款占比較高;2014Q1業(yè)績可能受發(fā)行費影響出現(xiàn)同比下滑。

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