Qiao Feng securities analyst Lok Xue published research report Daphne (00210.HK) as the leading female footwear retailer in the mainland, it has a "Daphne" and "Shoebox" brand for the mass market. The average selling price of branded assets is affordable and keeps Daphne in a leading position. Daphne is pulling out of the loss of sportswear distribution business, in addition to several high-end licensing brands to penetrate the high-end market.

　　 Administration The tier represents satisfaction with the first quarter sales performance, while the "Daphne" brand stores grow 5%, while the "Shoebox" brand has a low double-digit growth.

The bank predicts Daphne 2010 Sale An increase of 22%, a profit growth of 34%, the first "buy" rating, the target price of 12.5 yuan, the current forecast earnings in 2010 15.5 times the transaction, compared with BELLE (01880.HK) discount 38%.

Comment: perfect business mode and mature brand operation are the key to a brand.