Clothing Brands Dabble In Capital Theory: Sustained Profitability Is Very Important.

At the end of August every year, the time for the listed companies in the A share market to disclose their reports in a concentrated way is also concentrated in these data. Therefore, this answer is very important to shareholders, investors and shareholders. Although many Chinese textile and apparel enterprises have not yet released the Chinese newspaper, they have taken a look at the development trend of enterprises in the first half of the year. securities company There is still a certain forecast for the newspaper. Prestige . To this end, our reporter interviewed Zhang Bin, chief analyst of the textile and garment industry of the state securities company, asking him to comment on the overall trend in the first half of this year.

Zhang Bin believes that the overall situation of the textile and garment sector in the first half of this year is very good, while the brand clothing enterprises. achievement It is the most eye-catching and profitable continuous high-speed growth, so that the industry is very optimistic. At the same time, the domestic manufacturing oriented manufacturing enterprises are also outstanding. With the booming domestic market and the booming supply and demand, many manufacturing enterprises, which mainly export processing, have gradually shifted to supply for domestic garment enterprises, and strengthened the channel construction of domestic sales, resulting in a significant increase in profits for such manufacturing enterprises this year.

In the light of the fact that clothing enterprises achieve a large amount of financing in the capital market, the support and encouragement of local governments and the comprehensive needs of their own enterprises, listing has become a plan for many garment enterprises. In the first half of this year, three enterprises were listed on small and medium-sized boards, and Semir clothing and nine herdmen were all retail terminals. But in fact, the way of listing is not easy. The other three companies encountered Waterloo on the way to apply for listing. They were Shandong Shu Lang, Zhuhai Wiseman and Shanghai Li Rui. They were not approved by the SFC in the first application, while Wiseman and Li Rui did not pass the IPO audit. Is the road of listing prosperous or thorny? I believe that more enterprises are seeking suitable answers.

　　 Brand business Comprehensive advantage Very important

Reporter: in the first half of the year, there were three new listings of Semir clothing, Lukang science and technology and nine Mu Wang. What do you think of the three newly listed enterprises?

Zhang Bin: this year's overall trend is very good, Lukang science and technology mainly do yarn, and the other two are retail terminals, the performance is very eye-catching at present, especially Semir and nine Mu Wang, is expected to grow rapidly in the future, the growth rate should be more than 30%.

Reporter: Semir costumes and American Apparel are all casual wear brands. There will be similarities between competitive advantages. What is the higher value of the two stocks?

Zhang Bin: Although Semir is very close to the business of Smith Barney, Semir has two brands, Semir and balbala, and its competitiveness is more obvious. As Semir is the only company that has successfully run double brands in the listed textile and garment retail enterprises, I think the valuation may be higher than that of the American state.

Reporter: in addition to brand advantage, what advantages do Semir have to be listed successfully?

Zhang Bin: first, the "Semir" brand has been focused on the 234 line market with strong demand. As of 2010, the number of Semir brand stores was 4007, which has already surpassed Baleno, and has established a strong brand position in the 234 line cities. In the future, relying on a strong sales network and fashionable products, it is expected to continue to maintain rapid and stable growth. Next, Semir's children's brand "balbala" has a smaller base and larger market space. In 2010, the number of shops grew to 2676, far higher than that of competitors. In terms of channels, Semir and Barbara are both in the leading position in the competition in the same field, especially Barbara will benefit from the huge space of children's clothing market and is expected to maintain high growth.

Reporter: what advantages does nine herding King play in the competition of capital market as a brand of men's wear and trousers?

Zhang Bin: quality and channel are the two core strengths of the company.

After more than ten years of development, the nine trousers have built up a strong brand image in the market. When consumers mention the nine shepherd kings, they must associate with quality trousers, which is the core competitiveness of the company. At the same time, the company's terminal channel layout is reasonable, both offensive and defensive. The company's management has set up more than 30 branches throughout the country. After years of operation, it has become familiar with local consumption habits. On the one hand, it is responsible for the construction of Direct stores. On the other hand, it has undertaken the functions of managing local franchisees, thus laying the company's channel advantages. But when we see the advantages, we should also see the weakness of the nine herd kings. The main risk of the company is that sales depend too much on single products and single brands, and at the same time face rising rents. 　　

SFC pays more attention to continuous profitability of enterprises

Reporter: for three spinning and weaving enterprises that have not passed the examination, many financial media reports that three companies have concealed larger problems or sustained profits in the book, so they have not passed the listing audit. What do you think?

Zhang Bin: Shu Lang was not approved by the SFC when he applied for the first time, but Wiseman and Li Di Rui were not in the IPO stage. I did not do any detailed research on the specific reasons.

Reporter: in the textile and garment industry, there are still a lot of enterprises are actively preparing for the listing of the road. In view of these three enterprises have not been approved by the application of the case, do you want to be listed textile and garment enterprises have any suggestions?

Zhang Bin: we should focus our efforts on the main business and strengthen our own profitability. Judging from the reasons and feedback that the SFC issued in 2010, the regulatory authorities emphasized that the enterprises that intend to land on the main board of Shanghai Stock Exchange and the small and medium-sized board of Shenzhen and Shenzhen enterprises emphasize the continuous profitability of enterprises.

Retail profits are the first source of controversy.

Reporter: what impact has the relevant policies recently promulgated by the state on the overall trend of the textile and garment sector?

Zhang Bin: the competition in the clothing industry is very intense, and the influence of the policies adopted by the state on exchange rate and interest rate is very effective. The biggest impact in the near future is rumor countries' reduction in export tax rebates. In fact, I support the reduction of export tax rebates, which will also lead to the survival of the fittest. However, since the operation of many enterprises will continue to decline under the influence of the export tax rebate reduction, the intensity of the reduction is not too great.

Reporter: the China Daily is about to be released. In view of the overall trend of the textile and garment sector in the first half of the year, what do you think is the biggest difference between the stock market and the previous year?

Zhang Bin: the biggest change this year is that the income growth of retail industry comes from price instead of quantity. In previous years, the price growth of retail industry was only a single digit, and the growth rate was two digits. On the contrary this year, the number growth is a single digit, and the price increase is two digits.