Benefit Consumption Escalation Of Men'S Overall Price Band

In October, it was affected by hot weather and high base in September.

October

Benefiting from the upgrading of consumption in low tier cities, the overall price band of men's clothing products is rising.

In recent years, the new middle class in the 234 tier cities is growing and consuming power is rising. Therefore, in addition to the promotion of labor cost and rental cost, the future product structure adjustment will become the main driving force for the price increase of men's clothing products.

Men's listed companies will push the price slightly higher in the process of channel sinking.

By leveraging capital, there is still room for channel expansion.

According to AC Nielsen data, there are more than 60% shops in three line to five line cities, and channel sinking is the direction of brand development in the future.

Through the capital market platform, men's leading listed companies will have more advantages in expansion: (1) the birds offering additional public funds will be 1 billion 500 million; (2) the seven wolves will be targeted to raise additional funds 1 billion 800 million; (3) nine Mu Wang 2011 Listing 2 billion 640 million financing.

The sales channels are coming into light, and next year is expected to accelerate growth.

Unlike domestic sports brands, men's clothing enterprises have little pressure on inventory at present. The latest 3 orders will show an accelerated growth. The first half of next year's performance growth can be expected: the 2011 spring and summer orders in September 2010 will increase by about 15-20%; the 2011 autumn and winter orders will increase by about 20-25 in March 2011, and the 2012 spring and summer orders in August 2011 will increase by 30%.

Orders will be about six months ahead of schedule, and revenue growth is expected to accelerate in the first half of next year.

Men's business reports are consolidated and the provision for impairment is adequate. Even if the economy is down, the possibility of performance reduction is less likely.

(1) in 2010, the good news bird has made 120 million projected liabilities, and has accumulated 240 million projected liabilities in the three quarter of 2011. In the first three quarters of 2011, nearly 50 million asset impairment losses were reported, accounting treatment was very robust.

(2) in 2010, seven wolves had already made 82 million 120 thousand impairment losses, and 66 million 660 thousand assets impairment losses had been mentioned in the first three quarters of 2011.

The valuation is reasonable and there is little room for downlink.

From the valuation point of view, men's clothing PE and PS are closely related to Hong Kong stocks in various sub sectors of clothing. The valuation of Hong Kong stock in other sub sectors is significantly lower than that in A shares, and the risk of men's clothing valuation downside is not large.

On the whole, we will continue to look at the men's clothing industry. Next year, the boom will be raised. The channel will be light. The performance is expected to accelerate growth. We recommend the wedding birds, the seven wolves, the nine herd kings, the YOUNGOR, and the city.