Good News Bird: Look Forward To Transformation, Fashion, Scale And Efficiency

along with Wedding bird Group Limited expands and expands. Brand reputation The company's leading products continued to raise prices. In 1-6, the gross profit margin of the company's formal garments (jackets, formal garments, shirts and neckties) was 49.99%, an increase of 0.58 points, a slight decrease of 0.44 to 66.22% in the proportion of formal clothing, 66.22% yuan in gross profit, a 20.04% increase in gross profit, and 0.75 percentage points to 68.07% in gross profit. As the company's non formal gross profit margin fell 2 points year-on-year, the company consolidated gross margin fell 0.29 points to 48.99%.

　 Steady growth of formal clothing, fashion series volume to achieve scale profits is the company's main point of view.

Domestic refinement Leisure consumption group The expansion of the brand clothing production and consumption specialization trend is the company fashion series rapidly expand a good market base, raise investment funds and industry prosperity, in the first half of the company's fashion series development is in line with expectations, 1-6 months fashion series net increase of 26, an increase of 49.32% over the same period, fashion series single shop revenue more than 210 thousand yuan. In the first half of the year, the company continued to consolidate the business series, increase the proportion of direct and large stores, and enhance the efficiency of single stores. In the first half of the year, the company's business series increased by 14, and the number of outlets increased by 1.6%. The number of business series stores increased by 6.8%.

Reasonable value 24.12-26.23 yuan / share, maintain "recommended" rating

The company's cost control capability is slightly ahead of our expectation. The fashion series still needs to observe the scale profit. We adjusted 2010-11 years EPS to 0.81 yuan and 1 yuan (original 0.75 yuan and 0.92 yuan), the company's reasonable value 24.12-26.23 yuan / share, based on the company's fine management and sustainable growth potential, to maintain the "recommended" rating.