361-degree hand business growth prospects can be

Check out the latest quotes Wanguo overseas department Jia Tingting the Chinese sporting Goods market in 2010 will continue to show good investment opportunities, including strong consumer trends among mainland residents, stable operation of mature brands in the industry and lower valuations of small brands.　　We believe that the mainland's Sporting goods market has enough breadth, so that in the international and domestic brands continue to grow at the same time, small brands also have a common "piece" of prosperity and development space.　　Our research has found that investors are starting to focus on the 361-degree International (01361.HK), mainly because of its continued growth beyond the industry average, enhanced brand awareness and valuation discounts. In our research, we learned that 361-degree international added 1423 retail outlets in its fiscal year 2009, and up to the end of 2009, there was a net increase of about 500 new stores, with a total retail outlets of 6,559, more than we had expected and at a higher level in the industry. Not only that, 361 degrees also successfully won the 2010 Guangzhou Asian Games and 2011 Shenzhen World University Summer Games partnership.　　At present, the retail network quickly spread out and active market operation, for 361 degrees above the industry level of growth laid the foundation, and the company also maintained about 17% of the higher the same store growth, we expect the company will continue to maintain such high-speed in the future. We believe that the 361-degree 2010 autumn and winter Fair continues to record the growth of 23% ideal orders, which seems to have attracted investors ' attention, and share price growth reflects this fact.　　And the future of its share price catalyst is to be announced in February, the annual report of the company, we believe that 361 degrees will continue to maintain good growth momentum. In view of the company's continued sales growth and retail outlets exceed expectations of expansion, we are based on the next three years composite 24% sales growth and 22% net profit growth rate, the increase target price to 6.4 Hong Kong dollars, equivalent to 13.3 times times and 11 times Times 2009, 2010 P/E. According to the target price, there is still a 18.4% rise in the stock price. The main risks of investing in the unit are: systemic risk, domestic consumer demand did not meet expectations in 2010; Companies with "volume" expansion of retail network-led growth will encounter bottlenecks; lower brand value leads to substantial discounts on retail terminals and slower sales.