From The Perspective Of Investment, The Financial Analysis Is Conducted.

Sales in the first half of 1.2014 years were close to 2 billion 100 million, only 1 billion 816 million in the second half of the year, an increase of 15% over the same period last year, and a decrease of 14% in the annulus.

(the performance in the second half was worse than that in the first half of the year, but it accords with the practice of 31st degree consistent first half performance over the second half of the year).

2. net profit in the first half of 263 million is almost double that in the second half of 134 million.

(the proportion of profit and sales in the second half of the year does not match).

3. full year

397 million, but 110 million of the second half of the year is a one-off account receivable. If this factor is eliminated, the annual net profit growth should be 290 million.

(according to this figure, the net profit in the second half of this year is only 25 million. Don't forget the sales volume is 1 billion 800 million in the second half of the year).

In November 18th of 4.2014, the announcement of 31st degree said that the net profit will be recorded in the fiscal year December, and will increase substantially compared with the 2013 year, mainly due to the overall improvement in the corresponding receivables during the year, resulting in no further impairment of expenditure. Compared with the previous fiscal year, it recorded a 152 million yuan impairment expenditure.

Besides,

The industry's consumption intention has also been gradually improved. In the first ten months of this year, the group's operating income and profit margin remained stable and the cost was strictly controlled.

5. although the smart children's shoes with Baidu as a selling point, but the actual prospect is not easy to say, the contribution to the future revenue and profits is uncertain (the project dominates in Baidu, domestic budiu and other companies in the shoes to do this, there is still a lot of unknown future).

The above points can be explained.

Although the earnings report looks good, the reason why the share price has dropped is.

However, the real reason may be that the capital market is more complicated than we think.

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PEAK and PEAK have released their own earnings, including Anta, which was first released. Chinese brands have shown their performance in recent years.

And a few days later, Lining will give up his pcript.

Behind the earnings report, we would like to see what the company is doing and how it has changed.

The day before yesterday saw the release of the 31st degree 2014 earnings report, revenue of 3 billion 906 million yuan (the same below) increased by 9.01% compared with the previous year (the same below), gross profit 1 billion 597 million increased by 12.68%, net profit 398 million increased by 88.2%.

It should be said that the figures are still very beautiful. At the same time, there are several good news listed in the 31st degree: industry recovery, government support, better performance, ordering data will be gratifying, accounts receivable improved, children's clothing business outstanding and Baidu's joint launch of children's smart shoes.

However, after the release of the 31st degree earnings report, the share price plummeted, dropping about 10%, closing at HK $2.31, or about 7% a day.

At noon on March 11th, the stock price lingered around HK $2.26, down about 2% compared with the previous day.

Why is the number of revenue figures beautiful in 2014 and the stock price falling? Many people are puzzled.

In fact, this is a very normal situation. The earnings representative represents the past, and the stock price represents the market's expectation for the future of the enterprise.

Performance is related to stock price, but there is no direct correlation.