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Mei Bang Apparel: Inventory And Asset Liability Structure Improved Significantly

2012/3/7 15:41:00 19

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The company issued a performance bulletin, the annual performance is in line with expectations.

(1) total annual revenue was 9 billion 945 million, up 32.59% over the same period.

profit

1 billion 458 million, an increase of 51.40% over the same period, with a total profit of 1 billion 588 million, an increase of 53.63% compared with the same period last year. Net profit was 1 billion 212 million, an increase of 59.89% over the previous year, EPS1.21 yuan, up 61.33% over the same period last year.

(2) according to the data calculation, the company's growth rate has declined in the four quarter, of which total business revenue is 3 billion 152 million, up 19% from the same period last year, operating profit 425 million, down 10.86% compared with the same period last year; net profit 466 million, up 6.62% over the same period last year.

Overall, the annual performance is in line with expectations; the main reason for the slowdown in the fourth quarter income growth is the high base number of last year, while the decline in operating profit is mainly based on the decrease in gross margin resulting from inventory clearance.

Inventory and asset liability structure improved significantly.

The company increased its inventory clearance in the second half of 2011. We estimate that there will be about 300 new discount channels throughout the year.

According to the company's disclosure, inventory clearance is good, with total assets of 8 billion 984 million 568 thousand and 400 yuan, total liabilities of 4 billion 852 million 903 thousand and 600 yuan, and shareholders' equity of 4 billion 131 million 664 thousand and 800 yuan.

At the end of this year, the asset liability ratio was 54%, down 7 percentage points from the end of last year.

We judge accordingly that the total inventory of the company is about 2 billion 500 million -26 billion (including containers, packaging materials, etc.).

As the company's stock is mainly formed in the autumn and winter of 2010 and the spring and summer of 2011, we expect the company to clean up the spring and summer inventory in the first half of 2012, and the pattern of quarterly inventory and cash flow will continue. The overall financial statements of the company will be clearer in 2012.

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Based on the massive investment in the previous two years, the development of American Apparel products and brand marketing have obvious advantages.

American Apparel

A large number of attempts have been made in building big stores and developing new MC brands after listing. In this way, the company's brand marketing and product development really are ahead of competitors. The overall brand image is not only suitable for two or three line cities, but also has great influence and appeal in the first tier cities.

After nearly two years of adjustment and development, the company's brand lines and product lines are very rich, in addition to the main brands MB and MC, under the banner of MB derived from MOMO, TAGLINES and other sub brands, its product line is divided into MTEE, MJeans, M.Polar and other series.

If the company's supply chain management capability, especially the replenishment speed, can be improved, the development space and development potential are enormous.

The market is more concerned about the company's inventory.

cash

We expect this positive signal to be reflected in annual reports and quarterly reports.

In addition, combined with terminal data, we expect that in the first quarter, the company's revenue and profit growth will also remain at a relatively high level, which will also support short-term stock prices.

Investment proposals and ratings

It is estimated that the scale of company income in 2013 and 2013 is 125 and 15 billion 600 million respectively, and the net profit scale is 15.4 and 1 billion 980 million respectively. EPS is 1.54 and 1.98 yuan respectively, and the current stock price corresponds to 16.1 and 12.5 times of the corresponding 2012.

Maintain the "recommended" rating of the company in the annual strategic report.