达芙妮国际：销售增长以及核心品牌同店销售增长均低于预期

20130717 (210 HK) 5.26 5.3 () 8,674 3 () 43.85 52/ () 11.3/4.8 () 1,649.1 Lucky Earn Intl Ltd24.47% : 1 -17.7% -19.0% 3 -39.7% -39.0% 6 -48.0% -43.0% : 210 HK, HK$5.26, HK$5.3 -  20132013-2.5% -13.7%16.7%2013-9.2% 1 2 3  2012366201321220132635120127672013411201320133%4.5%5%2%  20137.5% -19.5%201357%20139.9% 6.8%2013184 2013201419.5 7.6915.28.87201410.56.65.3201410.7 (1231) FY11 FY12 FY13E FY14E FY15E () 8,577 10,529 11,319 12,224 13,263 ) 933 956 769 887 997 () 0.570 0.581 0.467 0.498 0.520 (%) 56.6 1.94 (19.58) 6.56 4.53 (x) 9.24 9.06 11.27 10.57 10.11 (x) 2.14 1.79 1.62 1.46 1.42 (%) 3.2 3.4 2.9 3.1 3.1 (%) 23.1 19.8 14.4 13.8 14.0 (%) : 2 FY11FY12FY13EFY14EFY15E8,576.810,529.111,318.812,224.313,263.37,597.19,508.510,368.011,307.512,242.0529.6690.9713.1806.8901.9450.2329.7237.7110.0119.4(3,333.0)(4,300.3)(4,865.6)(5,225.6)(5,650.9)5,243.86,228.86,453.26,998.77,612.447.290.3100.680.085.1(3,366.3)(4,410.3)(4,850.9)(5,200.9)(5,655.9)(556.0)(544.0)(578.6)(600.5)(620.3)1,368.61,364.81,124.31,277.31,421.30.00.00.00.00.0(46.9)(49.4)(55.3)(45.0)(30.0)0.4(8.2)(4.6)(5.5)(7.1)1,322.11,307.21,064.41,226.81,384.2(377.4)(332.6)(270.5)(309.6)(350.6)944.7974.6793.9917.21,033.6(11.7)(19.1)(24.5)(30.5)(36.9)933.0955.5769.4886.7996.7FY 11FY 12FY 13 EFY 14 EFY 15 E1,795.71,494.81,347.11,453.01,800.50.00.00.00.00.0274.3346.7430.0485.6515.9926.11,278.31,420.91,500.41,580.92,058.52,368.92,530.92,760.62,950.85,054.75,488.75,728.96,199.66,848.1899.71,183.61,410.61,459.51,568.551.249.754.550.649.5129.9115.5120.597.696.93.411.110.59.012.516.60.61.31.70.5175.6195.0215.9220.0235.063.938.840.142.845.6106.5111.5118.5125.6136.91,446.71,705.81,971.92,006.82,145.4总资产6,501.47,194.47,700.88,206.38,993.57.07.38.111.013.0250.6151.2130.0190.0220.0819.1866.0960.91,000.01,050.0563.5477.6370.5299.8315.90.00.00.00.00.01,640.21,502.01,469.51,500.81,598.90.00.00.03.03.5605.9639.7650.90.00.04.10.00.00.00.019.416.013.515.516.80.10.10.10.50.4629.6655.9664.519.020.7195.8211.3230.5255.6270.94,035.94,825.35,336.36,430.97,103.04,035.94,825.35,336.36,430.97,103.0 3 FY11FY12FY13EFY14EFY15E1,368.61,364.81,124.31,277.31,421.3185.9260.7390.5440.6495.6(1,002.8)(771.7)(431.9)(364.0)(291.5)(928.2)(287.7)(193.9)(150.0)(161.0)(470.3)(426.2)(225.9)(279.0)(210.5)395.7(57.8)(12.1)65.080.0(367.3)(441.9)(490.0)(511.6)(520.0)58.319.45.08.210.5242.6431.3597.9850.51,115.9(393.7)(521.0)(480.0)(470.0)(465.3)71.046.43.09.06.0(322.7)(474.6)(477.0)(461.0)(459.3)(4.0)0.00.84.91.9(234.8)(301.0)(290.0)(310.5)(339.6)0.00.00.00.00.0(3.2)23.75.07.06.0(242.0)(277.3)(284.2)(298.6)(331.7)(322.0)(320.6)(163.3)90.9324.92,024.21,795.71,494.81,347.11,453.093.519.715.615.022.61,795.71,494.81,347.11,453.01,800.5FY11FY12FY13EFY14EFY15E88.6%90.3%91.6%92.5%92.3%6.2%6.6%6.3%6.6%6.8%5.2%3.1%2.1%0.9%0.9%100%100%100%100%100%61.1%59.2%57.0%57.3%57.4%16.0%13.0%9.9%10.4%10.7%15.4%12.4%9.4%10.0%10.4%10.9%9.1%6.8%7.3%7.5%26.7%25.4%25.4%25.2%25.3%29.5%22.8%7.5%8.0%8.5%38.0%18.8%3.6%8.5%8.8%40.8%-0.3%-17.6%13.6%11.3%56.7%2.4%-19.5%15.2%12.4%3.1 3.7 3.9 4.1 4.3 速动比率 (x)1.9 2.4 1.8 2.1 2.2 172.1 187.9 183.8 184.8 184.5 10.3 10.8 12.5 13.7 13.8 76.5 71.5 68.5 68.5 66.2 15.2%13.4%12.3%0.2%0.2%-29.3%-17.6%-12.9%-22.4%-25.1%23.1%19.8%14.4%13.8%14.0%14.4%13.3%10.0%10.8%11.1%0.570 0.581 0.467 0.498 0.520 0.170 0.180 0.152 0.163 0.162 2.5 2.9 3.2 3.6 3.7 4 12 1302334 : 1215% : 12-15%+15% : 1215% : : 12181803-04 : (852) 3900 0888 : (852) 3900 0800 () () // / (I)20002005()()19(5) (II) 49(2) (a) (d) () 193415a-6