• <abbr id="ck0wi"><source id="ck0wi"></source></abbr>
    <li id="ck0wi"></li>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li><button id="ck0wi"><input id="ck0wi"></input></button>
  • <abbr id="ck0wi"></abbr>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li>
  • Home >

    Roley Home Textiles Lowered The Results Of The Mid Day, From Two Ends Of The Sales Cost Squeeze

    2012/7/13 8:14:00 13

    China Daily PerformanceHome Textile IndustryLow Sales Season

       


    Rating changes: downgrade (downgrade) rating


    I. summary of events


    Roley home textiles announced 2012

    Performance of China Daily

    The revision announcement was changed from original 0-30% growth to 0-30% decline, which is mainly composed of: 1, the sales growth is lower than expected by the macroeconomic environment and internal management factors; 2, the cost increase exceeds the income increase; 3, the government subsidy income is less than the same period.


    Two, analysis and judgement


    The company's downgrade performance is lower than the market expectations, the key from the two ends of the sales cost squeeze.


    Roley home textiles previously reported that we mentioned: the two quarter is

    Home textiles

    Industry sales in the off-season and opening season, the performance pressure is still relatively large, but the market has been expected, so even if the growth rate is low, the stock price downlink risk will not be great, firmly holding is the key.

    However, the performance of the company is declining rather than growth, so the expected difference will lead to a sharp increase in the downward pressure on share prices.

    We believe that the poor performance of the company's report is due to the fact that in the context of its own franchisee mode, the high base of single store, the diminishing marginal benefit of sales promotion, and the volume and price rise in the first half of last year, the company has expanded the investment team, promoted the number of shops, and promoted e-commerce and "excellent brand".

    However, in the face of slow recovery of terminal, dealers at the same time have more pressure on goods and the enthusiasm of ordering is not high. Sales of companies can not grow as expected, and sales cost can not be controlled well, so input and output can not match.


    The three quarter Outlook: the peak season of consumption is coming, but the elasticity will not be great.


    The three quarter is the peak season for the traditional consumption of home textiles. Along with the company's big promotion and the concentrated period of history, the market concentrated mainly in the two and fourth quarter, and the base in the second half of last year decreased by quarter. The performance is determined by the year-on-year upward trend and the two quarter is the lowest achievement this year.

    However, we believe that this year's sales volume of real estate is in the recovery channel, but it still takes time to truly embody the terminal.

    When the terminal does not come, dealers do not dare to shop in a big way. At this stage, the more important thing is to open up shop, rather than lose profits and seize the market share.


    Three. Profit forecasts and investment proposals


    Down to the "cautious recommendation" rating.

    The core EPS forecast for 12-14 years was reduced to 3.08/3.78/4.72 yuan (the last time was 3.32/4.30/5.49 yuan), corresponding to PE 23/19/15 times, and the reduction was mainly due to the growth of single store growth rate and the increase of sales cost rate.

    The company is still affected by the "three risks" in our risk warning. The turning point of performance in the three quarter can be basically determined, management needs to run in, terminal recovery needs to wait, and real estate sales are only a matter of time. Investors will still face a dark and dark period before dawn.

    The target area is 65-83 yuan in 6-12 months.


    Four, risk warning


      

    enterprise

    Problems in internal management; lagging effect of real estate regulation; and terminal inventory digestion risk.

    • Related reading

    Due To The Failure Of The Home Textile Interim Results, Cathay Pacific Golden Horse Lost 28 Million 240 Thousand

    financial news
    |
    2012/7/13 8:14:00
    18

    Fujian Phoenix Bamboo Textile Industry Has Been Greatly Reduced.

    financial news
    |
    2012/7/13 8:14:00
    26

    The Performance Of Textile And Clothing May Be Slightly Weaker, The Growth Rate Will Be Affected In The Second Half Year.

    financial news
    |
    2012/7/13 9:25:00
    22

    Cotton Textile Industry Needs To Improve Its Competitiveness To Survive.

    financial news
    |
    2012/7/13 8:14:00
    8

    Effective Design Ideas Of Home Textile Promotion Scheme

    financial news
    |
    2012/7/13 9:04:00
    31
    Read the next article

    2012 The First Annual Conference Of China'S Knitting Industry Cluster

    As an important sector of China's textile industry, the knitting industry developed rapidly during the 11th Five-Year. Structural adjustment and industrial upgrading were significantly improved, and the quality of operation improved steadily. The main economic indicators were outstanding, and the operation situation was generally good.

    主站蜘蛛池模板: 精品日韩二区三区精品视频| 久久久久免费精品国产| 911香蕉视频| 欧美黑人又粗又大久久久| 在线观看免费a∨网站| 亚洲黄色免费网址| 99精品国产在热久久无码| 波多野结衣在线中文| 国语精品91自产拍在线观看二区 | 2022久久国产精品免费热麻豆 | 抽搐一进一出gif日本| 国产90后美女露脸在线观看| 中文字幕一二三四区| 精品国产一区二区三区免费 | 国产在热线精品视频国产一二| 久久精品国产69国产精品亚洲| 高清日本无a区| 日本24小时www| 又湿又紧又大又爽a视频国产| 一本加勒比HEZYO无码人妻| 男人扒开女人下身添免费| 国语性猛交xxxx乱大交| 亚洲午夜久久久久妓女影院| 玖玖爱zh综合伊人久久| 日本在线|中文| 又大又粗又爽的三级小视频| j8又粗又大又长又爽又硬男男| 波多野结衣教师系列5| 国产精品午夜高清在线观看| 乱中年女人伦av三区| 超级乱淫视频播放日韩| 思思99re热| 亚洲精品国产高清在线观看| 521a成v视频网站在线入口| 最近最新2019中文字幕4| 国产一级视频播放| 一二三四视频在线观看韩国电视剧| 深夜爽爽动态图无遮无挡| 国产精品久久久久999| 久久亚洲美女精品国产精品| 精品久久人人妻人人做精品|