Semir Has Two Leading Brands Of Leisure And Children'S Clothing.

Semir apparel is the leading multi brand apparel operator in China. The two brands are positioned accurately in the subdivision industry.

The company's brand Semir and

Companies rely on light assets and re join mode to seize the market segments.

The company produces all outsourcing, focusing on high value-added product design and channel management.

Because the product is located in the two or three line city, the company attaches great importance to joining the market, and the proportion of joining is more than 90%.

By the end of 2010, there were 4007 stores in Semir, including 145 outlets and 3862 franchisees. There were 2676 stores in the Barbara brand, of which 125 were direct stores and 2551 were franchised stores.

The company's future will be "

At present, the two or three line cities in China are developing vigorously, while the children's clothing market is also in the blue ocean era.

In the next 2-3 years, the company will go all out to expand channels through four new initiatives: opening new stores, opening branches, expanding stores and upgrading stores.

At the same time, we will cultivate new brands through the successful experience and gradually become the leading multi brand apparel group in China and the world.

This issue of 70 million shares, the actual net proceeds of 4 billion 530 million yuan, for the purchase of 63 stores and information technology, including 51 cooperative stores (Semir 28, Barbara 23) will help the franchisee to fully integrate resources, strengthen the control of the channel and brand influence, improve the company's brand share in the two market segments.

Subdivision industry leader and good growth, incentives in place, management team stability, reasonable value of 70-80 yuan.

We expect that the company's fully diluted EPS will be 2.28/3.21/4.43 yuan in 2011-2013 years, and the net profit growth rate will be 44% in the next 3 years.

The company has strong rapid expansion capabilities and new brand cultivation capabilities, and the incentives for middle and top management personnel are in place. The core management team is stable and has good growth performance. We believe that 11 years' performance can be given 30-35 times PE valuation and a reasonable value of 70-80 yuan.