Nine Herding King: Three Business Driving Business Men'S Wear Leading Enterprises

1, brand building will focus on the long term.

Recently, the company has launched a brand positioning and brand strategy project with the cooperation of the international famous brand consulting agencies. Considering the continuous change of the target customers, the related consultation mainly focuses on the consumer value level. We believe that it can help the company to inject the brand into the contemporary spirit, better meet the needs of the target consumers, and promote the sustainable growth of the company's business.

2, the gross margin of Jomoo king will remain stable in the future.

Considering the continuous optimization of the production process, the effective implementation of lean production, the further improvement of production efficiency and product quality, there is a certain cost intensive space for the company. Meanwhile, the proportion of higher gross margin is increasing. We expect that the comprehensive gross profit margin of the company will remain stable in the future.

3, endogenous growth will mainly come from three aspects: brand first, commodity pull and intensive farming.

Brand is the first step. Through cooperation with professional brand consulting agencies, we anticipate that the company will establish a more market force brand recognition system and brand proposition.

On the one hand, by stimulating the three series of formal dress, leisure and fashion, and stimulating more elements to satisfy different market demands, the commodity shift has shifted from core products to full serialization, compared with 70% of the usual occupation of the industry, and the company has only 51% in 2011.

In 2011, the company's direct store stores grew by 15.9% in the same store, and joined the same store, which has achieved a good growth. We expect that in the next three years, with the company's training, motivation and assessment for the terminal, besides the training of terminal shopping guide service skills and display of terminal products, the company has established a multi-faceted terminal store evaluation system. The emphasis on VIP management will ensure that the company can expand its channels while the same store will achieve 5-10% growth every year.

domestic

After more than two years of digestion after the peak of the industry in 2007, the overall inventory pressure is relatively small, and the international competition faced by the sub industries is relatively small. The 601566 company, as a leading enterprise, will continue to grow rapidly on the basis of a good platform after the listing and more refined management.

Risk warning

The impact of the slowdown in domestic economic growth on clothing consumption in 2012.

The number of shops is lower than the risk we anticipate.

Investment suggestion

We maintain the company's 2012-2014 year earnings per share of 1.20 yuan, 1.37 yuan and 1.78 yuan respectively. We need to point out that at present, we use the 25% prudent tax rate to calculate the income tax rate of the company since 2013.