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Mei Bang Clothing: Gross Profit Promotion, Sales Cost Control Effective

2011/8/24 15:30:00 61

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First half revenue increased by 49.31%, net profit attributable to shareholders of listed companies increased by 833.06% in the first half of the year

Do business

The total revenue was 3 billion 795 million, an increase of 49.31% over the same period, and the operating profit was 453 million, an increase of 623.72% compared with the same period last year. The profit attributable to the listed company was 376 million, an increase of 833.06% over the same period last year.

Quarterly view, Q2 main business revenue 1 billion 720 million, an increase of 53.16%, operating profit 177 million, an increase of 669.28%, attributable to shareholders of listed companies net profit 173 million, an increase of 593.80% over the same period.

The company expects net profit in the first three quarters to be listed shareholders increased by 120%-140% over the same period last year.

Joined the channel to return to high growth, stable growth in all regions in the first half of 2010, sales revenue outlets growth rate of 53%, the growth rate of 28%.

Direct operation in the first half of this year

channel

Sales revenue was 1 billion 897 million yuan, an increase of 43.64% over the same period, while the sales revenue of franchising channels was 1 billion 873 million yuan, up 54.51% over the same period last year.

Franchisee confidence continues to recover, join the channel to develop effectively.

Regional sales revenue continued to maintain high growth, the east west region grew by 48.94%, and the north south region increased by 33.15%.

Sales cost fell by 5.95%, and gross profit margin of main business increased by 4.1%. This is the main reason for the sharp increase in net profit. In the first half of last year, the gross profit margin and sales cost increased sharply.

In the first half of this year, the sales cost rate was 28.47%, down 5.95% from the same period last year, mainly due to the strategic adjustment of the company, which controls the speed of direct shops.

In the first half of the year, the gross profit margin of the main business was 47.09%, a year-on-year increase of 4.1%, mainly in the same period last year.

Promotion

More and more discount. In the first half of this year, the efficiency of direct terminal management was improved, and the structural sales strategy and gross margin were increased.

Inventory remains to be digested and operating cash flow has not yet improved. As of June 31, 2011, the company's stock remained 2 billion 889 million, with inventories of 2 billion 548 million at the beginning of the year and 3 billion 163 million at the end of the first quarter.

Since the end of last year's inventory is mainly autumn and winter clothing, whether the inventory can be effectively digested depends on the three and fourth quarter of this year.

Owing to high inventory prices, the net cash volume of operating activities is -5.54 billion, which needs to be improved.

Investment proposal is a leading public entertainment company in the United States. After a substantial decline in net profit margin in the first half of 2010, the company continued to improve in the second half of last year and the first half of this year.

We expect 2011-2013 years of operating revenue of 107.0/148.6/204.8 billion respectively, with net profit of 12.1/17.5/23.8 billion, EPS1.21/1.74/2.37 yuan, corresponding to PE 29.5/20.5/15.1 times, and maintaining "recommended" rating.