Collis (603808): Multi-directional increase of capital to Baiqiu network, highly anticipated generation operation leader

Collis (603808): Multi-directional increase of capital to Baiqiu network, highly anticipated generation operation leader

Key Investment Events: The company announced that the shareholding structure of Baiqiu Network, a subsidiary of the company, is expected to change as follows: 1) Baiqi’s founding shareholders and parties acting in concert with 16.

279 million subscribe to Baiqiu Network 16.

2.79 million yuan of new registered capital, corresponding to 14% of Baiqiu’s equity; 2) Sequoia Capital is RMB 1.

5 million subscribe to Baiqiu Network 16.

The new registered capital of 610 thousand yuan is equivalent to Baiqiu Network12.

5% equity; 3) A round of investors (including Sequoia) in RMB 3.

44.3 billion acquired the registered capital of Baiqiu.

120,000, corresponding to 28.

69% equity; calculated according to the investment of Sequoia Capital and A round of investors, Baiqiu Network has a valuation of 1.2 billion, and its net profit attributable to its mother reached 5,746 in 2018.

580,000 yuan, estimated to be 21X.

Before the transaction, Collex and 成都桑拿网 the Baiqiu team each owned 75% / 25% equity of Baiqiu. After this transaction, Collix / Baiqiu team / Sequoia Capital / Other A round investors owned Baiqi 27.

75% / 31.

06% / 27.

75% / 13.

44% equity.

As a warrior on behalf of the operating industry, the development prospects of Baiqiu have been highly anticipated, and this change in equity has gradually increased the vitality of management.

Baiqiu, as an omni-channel operation service provider focusing on international fashion brands, currently works with Maje, Sandro, Theory, Footwear, Clarks, New Balance, Onitsuka Tiger, Accessories PANDORA, Tissot, Swatch, Fossil and LuxuryLuxury products such as TUMI, BALLY, MCM and more than 50 brands cooperate to provide online and offline omni-channel brand consulting, e-commerce operations, warehousing, IT solutions and new retail services. Its online operation platform includes Tmall, CharmHui, Jingdong, Vipshop, Xiaohongshu, Netease Koala, the official website of the brand, offline includes shopping malls, department stores, self-employed and consignment channels. With excellent operating reputation, customers have expanded rapidly in recent years, and their performance has grown rapidly.

Revenue and net profit reached 2 in 2018.

2 billion / 60.14 million yuan, an annual growth of 55% / 21%, more comprehensive acceleration in 2019, the first three quarters of revenue and profit reached 2.

2 billion / 40.26 million yuan, we expect annual growth to exceed 50%.

This equity change, for incentive considerations, agreed that Baiqiu team would increase its value at a budget cost, of which the employee holding platform Baiqiu Patney held 10 shares.

50%, the platform rewards the incentive object for the exercise conditions of Baiqi on the basis of 2019 net profit based on a compound annual growth of 30% (incentive period of 3 years) or Baiqiu’s net profit before the IPO meets the growth rate of 30%.

Considering that the same operation leader, OneNet One, is currently estimated to have reached 50 times in 19 years, we believe that if Baiqiu succeeds in the IPO in the future, it will also further increase the expected level.

Profit forecast and investment advice: This transaction is expected to generate 3 for Greece.

US $ 2.4 billion in asset transfer investment income, temporarily ignoring the financial impact of Baiqiu’s distribution income and no longer being consolidated. The company’s performance growth in 19 years as an adjustment of Ed Hardy is expected to expand slowly, with adjustments in place and IRO in 2020The company ‘s domestic stores have opened up, overseas wholesale business has been working hard, and the future growth rate will promote improvement. We expect the company to increase its net profit by 10% in 19/20/21.

3% / 20.

4% / 19.

7% to 4.



80,000 yuan, PE11 / 9 / 7X, the previous expenditure and then return to underestimated levels, maintaining the “Buy” rating.

Risk warning: terminal sales are cold, and multi-brand collaboration is less than expected.