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< p > according to the data of Euromonitor, in 2012, the sales amount of Chinese men's wear < a target= "_blank" href= "//m.pmae.cn/" > shoes < /a > amounted to 84 billion 900 million yuan, accounting for 41.6% of adult shoes.

< p > 2006-2011 years, the average annual compound growth rate of footwear consumption for residents is 14.1%. With the continuous growth of disposable income of residents and the further improvement of social security system, domestic demand for men's shoes is expected to grow steadily.

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< p > from the perspective of demand structure, the demand for medium and low grade footwear is lower than that of high-end products. On the other hand, the demand for casual shoes is higher than that of regular shoes.

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< p > < strong > increasing the proportion of direct battalion and carrying out channel innovation < /strong > < /p >

< p > > according to the international business plan of < a href= "//m.pmae.cn/news/index_x.asp" > AOKANG < /a >, AOKANG international has four main parts in the future. The existing businesses, mergers and acquisitions (limited to leather shoes and leather goods), international markets and international brand operations (mainly shopping malls) will further increase the proportion of direct business in existing businesses, innovate the channels, improve the current unfavorable situation of the growth of single brand stores by the multi brand integrated store (International Pavilion) mode, improve the store structure by increasing the single store area, and increase the incentive and improve the product mix through the increase of endogenous growth.

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< p > < strong > investment recommendation: < /strong > /p >

< p > > a href= "//m.pmae.cn/news/index_x.asp" > shoemaking < /a > industry is a relatively mature and fiercely competitive industry, the industry growth is relatively stable, and the industry's opportunities are more from the integration of the industry.

AOKANG international, as a strong competitor of low-end shoes for men and women, has the ability to drive the integration development in this field.

In view of the consumption environment in 2013, the promotion of endogenous growth is more difficult.

On the whole, the company is in pition and is gradually pforming into a retail service operator.

The pformation of the company will greatly improve the company's internal management capabilities and enhance brand control efforts.

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< p > according to the company's current operation and the judgement of next year's situation, the EPS of the company is 1.34, 1.64 and 2.02. yuan / share respectively.

Give "win win" rating.

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< p > risk hint: further decline in domestic demand is a drag on revenue growth, and the failure of collective store mode.

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