Butterfly, top only for control of the value chain. In the context of steady growth in the company's traditional export business, the most popular market brand retail business in the country is gradually through the green "training period", is currently in rapid profit growth inflection point, Terminal store operations continued to improve the company from manufacturing enterprises to fashion retail business transformation through green paths more clear brand "development period" into the fast lane. From 2012, the good performance of the company's domestic retail business will become an important aspect, we judge the annual company open 50 80, christian louboutin outlet 20% per cent same-store growth, integrated Terminal effect of more than 40,000, brand fast-growing trend of sales profit is higher than 60% will in the next three years to keep the export trend for the better, smooth flow of Qi Sheng, gross profit margin, the logic continues to expand. Which, African market will became future sales growth of gravity, Europe market is to advance products upgrade turn upgrade price for direction, overall export gross margin will is steadily rose trend export provides security marginal: consider to North America market recovery momentum good, African market remains development gravity, European market steadily growth, we think current export business valuations more reasonable, security marginal high brand provides elastic space: Terminal data displayed company is to domestic female fashion consumption high-end brand of direction trot forward, Vast domestic fashion leader in the consumer space and company second to none for the retail business for future growth provides ample imagination profit forecasts and investment recommendation: we expect the 2012-2014 0.40 EPS of the company respectively, 0.55, 0.76 Yuan, considering current valuations and future growth prospects, have given the company a "buy" rating.