Sanfu Outdoor announced recently that it plans to issue no more than 20 million shares in non-public offerings, and the total amount of funds raised will not exceed 600 million yuan. The actual controller of the company, Zhang Heng, promised that the subscription amount should not be less than 30 million yuan and not exceed 60 million yuan.
Of the 600 million yuan of this fund-raising, 398 million yuan was invested in the “Sanfu Outdoor Event, Camp+Training, Retail+Experience Integrated Operation Center Construction Projectâ€. This project focused on the all-round needs of outdoor sports enthusiasts and built outdoor sports. Service integration industry chain, the company plans to build outdoor sports comprehensive operation centers in seven cities of Suzhou, Beijing, Shanghai, Shenzhen, Hangzhou, Guangzhou and Changsha, covering “outdoor event organization, outdoor camp operations + outdoor skills training, and direct flagship store + Experience Center, etc. After the project is completed, the average annual operating income for the operation period is 414 million yuan, and the average annual net profit is 66.7094 million yuan; the construction project of the “Sanfu headquarter office and research and development center†intends to use the raised funds of 202 million yuan.
Sanfu Outdoor stated that after the implementation of the project, it will help improve the company's image, increase the efficiency of collaborative work among the various departments of the company's headquarters, and help attract outstanding talents; enhance the company's ability to research and develop its own branded products and enhance the operational organization of outdoor events; On the basis of the company's existing information system, we will complete the construction of membership, e-commerce ERP, omni-channel operation platform, smart logistics, and warehouse management systems to meet the requirements of the company's future development of information systems.
Sun Hao, a research fellow at China Merchants Securities, said that Sanfu Outdoor has relied on the multi-channel direct operation model of "entity direct + e-commerce + major customers" and club-style service system, and has developed into a leader in outdoor retail professional market. Under the background of the slack in retail sales of the terminal, the company’s sales of outdoor products were affected. However, San Fu Outdoor’s performance in its refined operation was strong. At the same time, stock incentives for core teams and middle and senior managers and directors were launched at the beginning of the year. The plan helps boost the company's future development.
According to Sun Hao, the two major projects funded by Sanfu's outdoor fundraising of 600 million yuan will provide them with certain income contributions. Although short-term corporate events and travel cannot quickly contribute revenue, the expansion of the two new businesses will give new meaning to offline channels, help gather outdoor enthusiasts and provide customers with a retail store. The company's current market capitalization is 5.268 billion yuan, which corresponds to 16 years of PE 160X. The short-term secondary stock valuation is undigested, but taking into account the company's active transition to outdoor service and competition operations, and tying the outdoor product consumption of members, the future high gross margin service The proportion of business will increase rapidly.
Sun Hao believes that there is also some resistance to Sanfu outdoor growth, and the biggest risk comes from the lower than expected terminal retail sales, long incubation period for new stores, lower-than-expected cost control, and lower-than-expected outdoor service promotion. Aspects.
During the interview, the reporter also learned that the characteristics of the era of the sports goods industry in the past ten years have been the enhancement of functionality and professionalism, the increasingly subdivided demand, and the weakening of brands. For brand owners, as the number of brands has increased year by year, the competition in the domestic market has become increasingly fierce, and the barriers to competition have become increasingly difficult to establish. However, for channel distributors, the increase in the number of brands means that the available brands are more abundant and the channel trader's bargaining power becomes stronger. One-stop shopping for outdoor products channels will usher in development opportunities, especially for Sanfu Outdoors, a retailer with specialized stores as its main channel.
Sanfu Outdoor stated frankly that the company is currently committed to building a one-stop eco-industrial chain for outdoor sports services. In the future, the company plans to build a one-stop outdoor sports service eco-industrial chain through outdoor sports services such as event events, camp+training, and retail+experience. . Taking outdoor events and outdoor activities as one of the windows of brand promotion, gathering members, and accumulating customers; through professional outdoor camps, undertaking various types of outdoor sports programs, providing outdoor camp education venues, and satisfying the growing outdoor camp market demand; Through young people's outdoor skills training, the outdoor sports knowledge will be popularized and a new generation of outdoor sports groups will be cultivated, and this will be taken into the outdoor sports skill training market. While gaining considerable economic benefits through active events, camps, and training outdoor sports service projects, it can also stimulate sales of the company’s outdoor product retail business. In turn, it can also provide a range of outdoor sports services to retail customers to satisfy their outdoor sports activities. With regard to the needs of services, each project forms a pattern of mutual diversion and coordinated development.
Reproduced from: Chinese clothing
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