Deutsche Bank: BELLE'S International Performance Is Expected To Surprise Pat.
BELLE
In the first half of the fiscal year, sales increased by 10.9% to 18 billion 600 million yuan, while net profits rose 7.5% to 2 billion 80 million yuan.
During the period, the sales of BELLE footwear products increased by 6.6% year-on-year, while the same store sales growth recorded a decline in the number of units per unit, gross margins improved by 0.5 percentage points to 67.7%, branch profits dropped to 21%, and sports products increased by 16.8% in the first half of the fiscal year.
Sale
The growth rate was 15%, gross margin improved 2 percentage point to 41.9%, and branch profit increased 1.4 percentage point to 7.4%.
The bank means
BELLE
Net profit in the first half of the fiscal year accounted for 42% of the bank's annual earnings, close to 41% last year, and 35% higher than the bank's original estimate.
The rating is "buy" and the target price is 12.4 yuan.
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