Nine Herding King: Based On Men's Trousers &Nbsp; Developing Business Casual Men's Wear

Company main business business men The core product is Men's trousers Enjoy the reputation of "men's pants experts". The company's main products include men's trousers, Jacket And other clothing products, the company has always focused on the development of men's pants as the core of the high-end business casual men's strategic direction, dedicated to men with high cost performance Seiko fashion apparel, to meet the needs of different occasions wear. For a long time, the company has won the trust of consumers by virtue of its high quality products. "Men's pants experts" and "professional quality" have gradually become the symbol of the brand of 24.24 (-0.14, -0.57%). As of 2009, the company's total market share of western trousers ranked first for ten consecutive years, and the overall market share of jacket Market was second for two consecutive years.

By increasing the price of terminal products, the company digested production costs and steadily increased gross margins. The company's products are mainly located in the high-end market. With the expansion of brand effect and the improvement of consumer recognition, the company improves the product grade every year, and at the same time improves the added value of products, so that the selling price of products increases year by year. In the past 10 years, the price of the company's products increased by 16.77% over the 09 years, 8.42% in the 09 years compared to 08 years, and 0.52% in the 10 year compared with 09 in the 09 years. The average annual unit cost in 09 years increased more than that in the 08 year. It can be seen that the rise in prices has digested the rise in costs, and the gross profit margin of the company has increased steadily from 47.45% in 08 years to 55.72% in 10 years.

The company raised funds to focus on the construction of Direct stores, and the proportion of direct outlets was relatively high. In the past 10 years, the number of terminals in the company accounted for about 25% of the total marketing terminals, which was higher than that of the listed companies in the same industry, and the direct sales revenue accounted for about 40% of the total sales revenue. By raising funds, the company will add 162 Direct stores and 176 franchisees to strengthen the development of the two or three tier city market while continuing to consolidate the first tier key cities.

The expansion of urban expansion in the next three or four lines can still bring growth to the company. In terms of sales channel distribution, the first tier city coverage rate is 100% (670), the second tier city coverage rate is 80% (about 1120), and the three line city coverage rate is only 30%. Although the company is basically covered by the first and second tier cities, the coverage rate of the three or four cities is relatively low, and the expansion of the three or four tier urban channels can maintain the rapid development of the company's sales.

The company's increased research and production of upper garment will bring sales growth to the company. In the past 10 years, the company's male trousers accounted for 57% of the total revenue, and the consumption structure of the market top and trousers is basically 7:3. The company will increase the research and production of the upper garment in the future, and constantly increase the income of the upper garment. In 2011, the income structure of the company's upper garment and trousers will be 5:5, and the consumption structure of the market will reach 7:3 in the future. While maintaining the market position of men's trousers, the company will continue to increase its sales strength. This strategy will enable the company to maintain a relatively fast growth rate in the next few years.

Give the company "recommended" investment rating. It is predicted that 11-13 years EPS will be 0.87, 1.28 and 1.72 yuan, corresponding to 11 - 12 dynamic price earnings ratio of 27, 18, 13 times. In view of the fact that the company has been able to maintain a relatively fast growth rate in recent years, we have given the company "recommended" investment rating risk warning: the expansion of the company's sales outlets and the growth of single store income will determine the future growth of the company.