Seven Wolves: A Mature Business Model, &Nbsp, And E-Commerce.
Events:
Seven wolves released the 2011 Annual Performance bulletin. The company's operating income in 2011 was 2 billion 920 million 847 thousand and 700 yuan, an increase of 32.90% over the same period last year.
Net profit of 410 million 206 thousand and 100 yuan, an increase of 44.87% over the same period, and earnings per share of 1.45 yuan.
(Unaudited).
Main points:
1. seven wolf production in 2011
Management
In good condition, the mature business model is extended, and the main business income of the company is still more than 70% during the reporting period of franchising based on distributors and agents. At the same time, a new network sales platform with inventory sales, new product sales and network products has been formally launched in the second half of 2011. The rapid growth of the network sales platform is expected to make positive contributions to the company's net profit growth in the future.
2. by the end of June 2011, there were 3576 sales terminals in the company, and the number of sales terminals increased to 3880 in September the same year, with a net increase of about 400 in 2012.
Since last year, seven wolf's e-commerce business has maintained an increase of more than 300%.
The proportion of online retail revenue will reach 10% in 2011.
According to the company's revenue scale of 2 billion 100 million yuan in 2010,
Online retailers
The business will exceed 200 million yuan in 2011.
During the reporting period, the company has continuously increased its channel construction, and the growth of orders has boosted sales revenue.
3., on the other hand, the company deepened internal control. The growth of management fees in the first three quarters of 2011 was 62%, 53% and 33%. The growth rate of sales in the first three quarters was 29%, 14%, 20%, and the growth rate was in a downward trend, which reflected that the effective control of operating expenses increased the growth of net profit while operating income increased steadily.
4. from the price of the main raw materials, cotton prices soared in 2011.
Plunge
Since September, cotton prices have been at a low level. We believe that enterprises begin to use low priced cotton after consuming high priced cotton which was hoarded last year. It is expected that the pressure cost of raw materials will be reduced in 2012 and the profit space will be warmer.
5., affected by the Spring Festival and other factors, the clothing industry company's winter clothing sales are facing some pressure. The advantage of the company is that the former two years are actively helping the franchisee to handle the channel inventory. The company level inventory online and offline platform sales are in good condition, and the report is prepared for the preparation of inventory depreciation, so the historical inventory pressure is low, and the ability to resist risks is strong.
Give the company "recommended" rating.
Risk warning:
1, fluctuations in raw material prices and labor costs.
2, the overall economic weakness at home and abroad, the industry sales growth declined.
3, the growth rate of textile and garment exports continued to decline for 4 consecutive months.
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