Value Investing Is Biased Towards Sustainability.

Famous for Value Investing Broker The industry researcher, in addition to the warm recommendation of the US state clothing, which is firmly controlled by the internal control, has also been indifferent to some other "Heroes" such as Mei Xin Da and Vico essence. More and more sober markets seem to be more concerned about those with long-term sustained main business. Profitability A company rather than a one-time income. Bubble market 。

In the first half of the year, a number of textile and garment enterprises, including Mei Xin Da, Mei Bang dress, Victor essence, Changshan stock and Xun Xing share, all increased by more than 100%. However, behind the brilliant results, there is no praise. The first three net profit growth, the United States, the United States, the United States and the victor, are respectively cited as the increase in non recurring gains and losses and profits. Stock 。

　 Mei Xinda net profit Skyrocketing Mostly for sale.

Mei Xin Da, a printing and dyeing enterprise, ranked first in the growth rate of textile and clothing category in 4313% of net profit. In the first half of the year, the net profit of the shareholders who belong to the listed companies increased by 67 million 585 thousand and 300 yuan, up 4313.47% from the same period last year, and the share price rose by nearly 80% in the first half of the year, from 4600~5600% to official announcement. Among them, the important profit contribution comes from the transfer of the right to the use of land.

The amount of compensation for the purchase and storage of the right to the use of land in Jingzhou ODA Textile Co., Ltd., a subsidiary of the company, is confirmed during the reporting period. Net gains and losses attributable to the owners of the parent company amounted to 56 million 360 thousand yuan.

Although the company's main business is not as bright as the overall profit, it is also improving. The main business of Mei Xinda has not been very prominent, and it has been losing money in the second half of 2009, and then it turned smoothly into profitability. This year continued to raise profitability. In the first half of the year, the main business of the company achieved a 815.6% operating profit as a result of the increase in gross margin. Increase 。

According to a series of actions taken by Mei Xinda in recent years, interest in industrial land is not a spur of the moment. In September 18, 2009, Mikin Dachiko company, ODA textile and Jingzhou City Textile Co., Ltd., commissioned the Jingzhou land market trading center to sell the 92 thousand and 900 square meters of land use right.

Over the years, Mei Xinda has participated in the reform of state-owned enterprises many times, and has acquired a number of small and medium-sized textile enterprises, and has obtained a lot of industrial land use rights. Land transfer is likely to become an important performance support beyond the main business of the company. {page_break}

　　 America's clothing is high and its growth is not high.

American Apparel ranked second in the growth rate of 833.06% year-on-year in net profit. During the reporting period, the company's operating income increased by 48% over the same period last year. Gross profit margin increased by 4% to 47% over the same period last year. The company achieved a net profit of about 376 million yuan, up 833.06% from the 40 million 340 thousand yuan a year earlier.

In the first half of the year, the United States and the United States successfully raised the price of clothing, and the gross profit margin was high, effectively controlling sales and management costs. During the period, ME&CITY has been upgraded rapidly through the early adjustment, and the Meters/bonwe brand terminal channel has been growing steadily, and the effect of direct store construction has been remarkable. But from the earnings report, the company's stock accumulation significantly exceeded the industry average. This year, the United States apparel inventory amount of 2 billion 889 million yuan, an increase of 222% over the same period last year 903 million yuan, the net assets of the reporting period is only 3 billion 200 million, inventory accounts for almost 90% of the net assets of the same period. Because of inventory, the company's cash flow is also negative.

It is generally believed that the high inventory of Smith Barney apparel is mainly due to the excessive anticipation of market expectations. Zhou Chengjian, chairman of the United States and the state of clothing, is known in the opening session. It is not too much pressure to digest the inventory according to the current number of stores.

Gao Cunhuo did not affect the unanimous optimism of the securities companies. Many brokerages maintained the recommended or highly recommended rating for the US state clothing. Cheng Yuan, a securities and apparel analyst in Dongxing, said that MB will continue to increase its channel strength in the franchise mode, and MC will open up at the end of 2011. The company's direct investment has accumulated to a certain extent, and gradually entered the harvest period. The subsequent investment will be less beneficial. The whole terminal system will benefit from the direct layout.

　　 Vic essence will not be a long-term profit source.

Even if the performance report is ignored, Victor is definitely one of the most active sectors of the textile sector in the first half of this year. In the first half of the year, the stock price of Vico reached nearly 100%. Victor's outstanding performance is also affected by non recurring gains and losses. Victor achieved a net profit of 150 million yuan in the first half of the year, compared with -1920 million yuan in the same period last year. Among them, the main reason for the substantial increase in net profit attributable to the parent company is the profits from the two real estate projects developed by the company's real estate companies, namely "water shore Maple sentiment" and "city Taoyuan". The real estate project has generated a net profit of about 130 million yuan attributable to the listed company after tax.

However, real estate projects will not become one of the long-term development directions of victor. Representatives of the company's securities affairs have made clear to reporters that real estate will not be one of the main businesses of Vic's essence. At present, only two sites in Yinzhou District, Ningbo and Cixi are to be developed. Apart from the surrounding areas, there will be no further expansion.

The core of Vico's essence is obviously still in the main textile industry. In the first half of the year, the company cooperated with the warp knitting industry resources integration and the construction of the "Huaian Vico Industrial Park", and acquired the 51% stake in Huaian Anxin Home Textile Co., Ltd., a subsidiary holding company Ningbo Xing Yang blankets Co., Ltd., and at the same time increased the amount of RMB 50 million yuan. In order to complete the trans regional transfer of knitting industry in Jiujiang's Vico Industrial Park, the company acquired 40% stake in Jiujiang Victor Knitting Co., Ltd., which is owned by Jiujiang knitwear (Group) Co., Ltd. In order to expand domestic sales, the company acquired the other two party shareholders of VIC home textile, namely, the related party Xing Yang Zhedong (Ningbo) blanket Co., Ltd., the company holding subsidiary, Ningbo people Fung Home Textile Co., Ltd., respectively, holding 43.33% stake and 10% stake in VICCO home textile, while increasing the capital 20 million yuan.

It is yet to be verified by the market that Victor Victoria's transformation of business mode and the aftereffect of domestic market expansion.