[Table_MainInfo][Table_Title] [Table_Invest] 002832 / 2019-05-31 /
[Table_Market] 2019/5/27 6 68.7 [Table_Summary] 2003 43.54 2017 2018 12 25.51 76.20 7,896 181 A 181 2018 B /H 0/0 1
2011 3.04 2018 [Table_PicQuote] 14.76 CAGR 25.3% 2011 0.44 2018 2.92 CAGR 31%
19%
764 1500 2000 8% 2019 5 18 -3% -14%
-25% -36% 2018/5 2018/8 2018/11 2019/2
[Table_Trend]% 1M 3M 12M -8% 16% 4% -1% 17% 9%
[Table_Report] Tommy Hilfiger 002832 Tommy Hilfiger & --20190423 002832 2019 2020 29 42 23 79 --20180903 42 07 31 09 2019 21 01
[Table_Author] [Table_Finance] 2017A 2018A 2019E 2020E 2021E
1,054 1,476 1,910 2,364 2,839 S0550515060001 (+/-)% 25.23% 39.96% 29.42% 23.79% 20.10%
180 292 415 544 690 (+/-)% 35.92% 62.16% 42.07% 31.09% 26.86% 0.99 1.61 2.29 3.00 3.81 S0550118080038 60.56 20.72 21.01 16.03 12.63 (021)20363236 [email protected] 7.57 3.72 4.27 3.37 2.66 (%) 12.49% 17.95% 20.32% 21.03% 21.06% (%) 0.00% 0.00% 0.00% 0.00% 0.00%
( ) 107 181 181 181 181
[Table_PageTop]
1...... 5 1.1...... 5 1.2...... 6 1.3...... 7 1.4...... 7
2...... 9
2.1...... 9 2.2...... 11 2.3...... 12 2.4...... 14
3...... 15
3.1...... 15 3.2...... 16 3.2.1...... 16 3.2.2...... 17 3.2.3. Ralph Lauren ...... 18 3.2.4. Tommy Hilfiger ...... 20 3.3. FILA ...... 21
4...... 23
5...... 25
6...... 27
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1 ...... 5 2 ...... 7 3 ...... 8 4 1% ...... 8 5 ...... 9 6 ...... 9 7 ...... 10 8 ...... 11 9 ...... 11 10 ...... 12 11 ...... 13 12 ...... 17 13 ...... 21 14 ...... 25 15 ...... 26
1 ...... 5 2 ...... 6 3 ...... 6 4 ...... 6 5 ...... 6 6 ...... 6 7 ...... 6 8 ...... 8 9 ...... 9 10 ...... 9 11 ...... 10 12 ...... 10 13 VIP ...... 11 14 ...... 11 15 ...... 11 16 ...... 11 17 ...... 13 18 ...... 14 19 2018 ...... 14 20 ...... 15 21 ...... 15 22 ...... 15 23 ...... 15 24 ...... 16 25 ...... 16 26 ...... 17 27 ...... 18
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28 Ralph Lauren ...... 18 29 Ralph Lauren ...... 19 30 POLO ...... 19 31 Ralph Lauren ...... 19 32 Ralph Lauren ...... 19 33 Ralph Lauren ...... 20 34 2017-2019 Ralph Lauren ...... 20 35 ...... 21 36 Tommy Hilfiger ...... 21 37 Tommy Hilfiger ...... 21 38 ...... 22 39 ...... 22 40 FILA ...... 22 41 ...... 23 42 ...... 23 43 ...... 23 44 ...... 23 45 ...... 24 46 ...... 24 47 ...... 24 48 ROE ...... 24 49 ...... 24 50 ...... 25
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1. 1.1. 2003 16 2017 2018
1
2018 1953
1
1000 2000 2000 5000 1000 2000 400 1000
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Wind
2 3
4 5
1.2. 2011 3.04 2018 14.76 CAGR 25.3% 2011 0.44 2018 2.92 CAGR 31% 2016 12 2019 Q1, 27.37% 52.91%
6 7
6 / 30 [Table_PageTop]
Wind Wind
1.3.
30
2018
2
2007 10 ( ) 2012 2 ,
1.4. 2018 41.25%
45%
7.5%,
52.75% 3.75% 1.5%
17.37%
7 / 30 [Table_PageTop]
8
Wind 2018 1 31 2018 12 4 5000 -1 42 / 238.10 1.31% 36 2019 4 18
42 / 70 / 2019 5 10 1,862,947 1.0273% 3
2018 1 31 287.8 9997.7 1.59% 59.05 / 2019 1 30 34.74 / Wind 4 1%
2019 5 10 186.3 677.5 1.0273% 59.05 / 30.30 / Wind 2019 5 30
1 900 2294 40% 600 24 12 2019 5 10 0.68 1862947 36.37 /
8 / 30 [Table_PageTop]
2. 2.1.
1:1.2
2018 12 31 31 764 112 1500 2000
9 10
Wind 5
2017
2018 2018 112 764 17 18 40 20 6 2015 2016 2017 2018 753.61 842.01 1,054.43 1,475.75
yoy 16.00% 11.73% 25.23% 39.96%
601 602 652 764
42 1 50 112
9 / 30 [Table_PageTop]
1.25 1.40 1.62 1.93
7.89% 11.54% 15.62% 19.44%
2019 5 18 60% 40%
11 12
7
T POLO T
POLO T
VIP 60%-70% VIP VIP VIP VIP
10 / 30 [Table_PageTop]
13 VIP 14
2.2.
15 16
2015 9% 3.5%
8
2015 147 9.48% 2677.26 3.55% 2016 150 9.15% 3146.07 3.74% 2017 168 9.27% 4087.88 3.88% 2018 173 7.54% 4967.31 3.37% Wind 9
2011 2012 2011 2012
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2012 2011 2012 2012 2013 2013 2013 2018 2018 2020
2018
47
30
10
1997 2000 Burberry Paul Rees 2007 2008 Golfino
1999 1991 NON-NO
2000 Wolsey 2007
2007 SAMSUNG 2008 LG FASHION
2016 E-LAND
2017 GY goldlion
2.3.
12 / 30 [Table_PageTop]
17
11 Logo 2010 500 196 80 152 1858 7 500 3
BURBURRY LANVIN GUCCI
1925
HERMES BOSS CANALI
100 POLARTEC 1906
NORRONA MAMMUT lululemon ARCTERYX GORE-TEX
1981 1959
ARCTERYX Woolrich HAGLOFS visvim MAMMUT
13 / 30 [Table_PageTop]
3500 1500 LEGGIUNO 1908
20
2010 229 1926
- PUMA Mizuno Callaway
2.4. 2018
18 19 2018
2013 2016 2018 8 2 2 11 2013
2020
14 / 30 [Table_PageTop]
20 21
2018 8 T 1 100
22 23
3. 3.1. 2018 600 167 2023 241
15 / 30 [Table_PageTop]
24 25
2019 2019 3.2. 3.2.1.
18 18
100mph 140mph
16 / 30 [Table_PageTop]
26
3.2.2.
2018 T 2019
12
Wolsey
Jack Nicklaus
Ashworth
Munsingwear
Callaway
Taylormade
Polo Ralph Lauren LACOSTE Brooks Brothers
17 / 30 [Table_PageTop]
27
3.2.3. Ralph Lauren 1967 Ralph Lauren "POLO RALPH LAUREN
35 200-400 500-1000 Ralph Lauren Ralph Lauren
50 Ralph Lauren Ralph Lauren Luxury Polo Ralph Lauren Club Monaco
28 Ralph Lauren
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29 Ralph Lauren
30 POLO 31 Ralph Lauren
32 Ralph Lauren
Wind
19 / 30 [Table_PageTop]
33 Ralph Lauren
Wind
34 2017-2019 Ralph Lauren
Wind
3.2.4. Tommy Hilfiger 1985 Tommy Hilfiger Hilfiger Tommy Hilfiger 25 45
1985 Tommy Hilfiger 46 1997 1000
20 / 30 [Table_PageTop]
35
36 Tommy Hilfiger 37 Tommy Hilfiger
13 T POLO 800-5000 1000-5000 1000-3000 600-5000 1000-2500 Ralph Lauren 500-1000 1000-2000 1500-8000 700-3000 1500-3000 TOMMY HILFIGER 500-1000 500-1500 1000-7000 700-3000 300-2500
3.3. FILA 55.39 10.8% 5.13 12.3% 2012-2018
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38 39
FILA + FILA 1911 2009 FILA FILA 25 45 FILA RED FILA WHITE FILA BLUE FILA ORIGINALE 2009 FILA 2010-2018 29.39%
40 FILA
Wind FILA
22 / 30 [Table_PageTop]
4.
60% 6 15%
41 42
Wind Wind 30% 50%
43 44
Wind Wind ; 2017
23 / 30 [Table_PageTop]
45 46
Wind Wind
47
Wind ROE ROE= * /(1- ) ROE
48 ROE 49
Wind Wind
24 / 30 [Table_PageTop]
50
Wind 5.
1 2018 764 120 100 100 2021 1084 2018 1500-2000
2 2014-2018
2016 1 11.54% 2018 2018 112 764 17 18 40 20
14 2013 2014 2015 2016 2017 2018
567.28 649.68 753.61 842.01 1,054.43 1,475.75
yoy 14.53% 16.00% 11.73% 25.23% 39.96%
520 559 601 602 652 764
1.09 1.16 1.25 1.40 1.62 1.93
yoy 6.54% 7.89% 11.54% 15.62% 19.44%
39 42 1 50 112
yoy 7.50% 7.51% 0.17% 8.31% 17.18%
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3 2019-2020 29.42% 23.79% 42.07% 31.09% 2019 PE 18.7X 15
2017A 2018A 2019E 2020E 2021E
1,054 1,476 1,910 2,364 2,839
(+/-)% 25.23% 39.96% 29.42% 23.79% 20.10%
180 292 415 544 690
(+/-)% 35.92% 62.16% 42.07% 31.09% 26.86%
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6.
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[Table_Forcast] 2018A 2019E 2020E 2021E 2018A 2019E 2020E 2021E 543 962 1,424 2,032 292 415 544 690 60 60 60 60 14 19 24 28 104 99 122 148 38 0 0 0 622 603 744 864 0 0 0 0 483 540 574 616 0 0 0 0 1,813 2,263 2,924 3,720 -14 0 0 0 10 10 10 10 -158 -16 -106 -110 0 0 0 0 -2 0 0 0 9 9 9 9 171 418 462 608 112 112 112 112 -216 0 0 0 0 0 0 0 -136 0 0 0 307 307 307 307 381 412 621 760 2,119 2,570 3,230 4,027 0 0 0 0 2018A 2019E 2020E 2021E 158 95 123 146 181 245 307 364 1.61 2.29 3.00 3.81 0 0 0 0 8.98 11.27 14.27 18.08 479 515 631 737 0.94 2.31 2.55 3.36 0 0 0 0 11 11 11 11 39.96% 29.42% 23.79% 20.10% 11 11 11 11 62.16% 42.07% 31.09% 26.86% 490 526 642 748 1,628 2,043 2,588 3,278 63.28% 63.71% 64.19% 65.23% 1 1 1 1 19.80% 21.74% 23.02% 24.32% 2,119 2,570 3,230 4,027 19.55 18.88 18.90 19.00
2018A 2019E 2020E 2021E 327.06 317.45 320.65 319.58 1,476 1,910 2,364 2,839 542 693 847 987 23.13% 20.46% 19.86% 18.57% 15 20 24 29 3.78 4.40 4.63 5.05 14 19 24 28 2.28 2.94 3.18 3.60 438 535 650 781 108 117 137 159 29.67% 28.00% 27.50% 27.50% -7 -19 -30 -43 7.31% 6.10% 5.80% 5.60% 0 0 0 0 -0.49% -0.99% -1.26% -1.52% 14 0 0 0 337 488 640 812 0.00% 0.00% 0.00% 0.00% 6 0 0 0 0.00% 0.00% 0.00% 0.00% 344 488 640 812 51 73 96 122 P/E 20.72 21.01 16.03 12.63 292 415 544 690 P/B 3.72 4.27 3.37 2.66 292 415 544 690 P/S 5.91 4.57 3.69 3.07 0 0 0 0 17.95% 20.32% 21.03% 21.06%
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7
“ ”
R3 A B AA ABS
“ ”
6 15%
6 5% 15%
6 -5% 5%
6 5% 15%
6 15%
6 6
6
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http://www.nesc.cn 400-600-0686
6666 130119 28 D 100033 729 200127 1 2 24D 518000
021-20361121 13564972909 [email protected] 021-20361229 17717370432 [email protected] 021-20361258 18221628116 [email protected] 021-20361267 13956071185 [email protected] 021-20361258 13120758587 [email protected] 021-20361121 18516562656 [email protected] 021-20361112 18801903156 [email protected]
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0755-33975865 18938029743 [email protected] 0755-33975865 15989508876 [email protected] 0755-33975865 13662669201 [email protected] 0755-33975865 18682251183 [email protected] 0755-33975865 18516772531 [email protected]
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