Collis (603808): The company’s shareholding in IROSAS has further increased and its territory has been steadily expanded

Core point of view: company announcement 2.

42 trillion intends to acquire the remaining 35% stake in Qianhai Forest. After the acquisition is completed, the company will obtain 100% equity in Qianhai Forest. Considering that Qianhai Forest currently holds 57% equity in ADON WORLD, and ADON WORLD holds 100% equity in IRO SASIRO SAS and the company hold 20% and 80% of the equity of Enuo Fashion (Shenzhen) Clothing Co., Ltd., respectively.

Therefore, after the completion of the acquisition, the company will further increase its shareholding in IRO SAS to 57%, further strengthening the global control of the IRO brand.

The company’s control over IRO is further strengthened, and IRO is optimistic about the future development of IRO. IRO is a young and fashionable 北京夜网 designer brand in French cities.

Based on the design concept of “street girls and fashionable women”, the French minimalist style pursues street feelings. The categories include men’s and women’s clothing, and the main fashionable women’s products.

As of now, IRO has grown into an international brand and has entered 50 countries through various channels.

In 2018, IRO SAS achieved global operating revenue5.

7.5 billion, operating profit 0.

9.2 billion yuan.

In April 2017, IRO’s first mainland China store opened in Shanghai Ganghui Plaza.

So far, IRO has opened 18 terminal stores in mainland China.

We are optimistic about the future development of IRO at home and abroad, especially after the increase of control of Greesi.

The expected earnings for 2019-2021 are 1.

32 yuan / share, 1.

59 yuan / share, 1.

90 yuan / share We are optimistic that the company’s 2019 performance will accelerate quarter by quarter. The main brand will gradually become the first comprehensive market share of the domestic high-end women’s clothing market. The second half of the year will enter the peak season of opening stores.E-commerce continues to grow rapidly.

The current price corresponds to 11 times the PE in 2019, which is 14 times lower than the comparable company’s estimate, maintaining a reasonable value of 21.

12 yuan / share, maintain “Buy” rating.

Risk warnings of goodwill impairment risk; terminal retail downturn risk; multi-brand management risk;