The Performance Of Sima Garments Has Declined Significantly. Is It The Debt Repayment For Packaging Listing?

Sima Clothes & Accessories (002563, Guba) The issue price of 67 yuan is too high compared with the price of 30 yuan at that time. The hair breaking on the first day of listing may have indicated that it will take off the veil of "packaging and listing" in the future to reveal its true face.

From the opening price of 61.18 yuan on the first day of listing to the current 21 yuan, Sima Clothing (002563) has not only shocked the market with the slogan "wearing god horse (what) is god horse (what)", but also became another representative of disappointment in the A-share market due to the rapid change of performance and the rapid decline of share price. On the evening of August 28, Sima Clothing released its semi annual report. During the reporting period, the company's performance fell by more than 40% year on year. In 2011, the performance of Sima Garments achieved nearly 60% growth. In addition, Meibang Garments (002269, Guba), which had previously released its semi annual report, also achieved positive growth. In contrast, the advantages and disadvantages stand out. So, what happened to Sima?

　 The net profit in the semi annual report fell sharply

According to the company's semi annual report, in the first half of the year, the operating revenue of Sima Clothing fell 16.54% year on year; The net profit attributable to shareholders of listed companies declined by 43.22% year on year. In addition, the company also estimates that the net profit attributable to shareholders of listed companies from January to September this year will change by - 20% to - 50%, compared with 808 million in the same period last year. Less than a year and a half after listing, the company's performance began to change dramatically, which was surprising.

As for the main reasons for the decline in performance, the company said that the slow growth of clothing demand, mainly due to the macroeconomic impact, combined with the competition between international clothing brands and new domestic clothing brands, made the company's performance lower than expected; The increase of inventory led to the increase of inventory falling price reserves, and the increase of terminal sales channel costs and labor costs increased the company's operating costs; However, the large amount of money invested in direct stores and product research and development cannot reflect the income at present, which has greatly increased the operating expenses.

However, the competitor Meibang Clothing, which had earlier released its semi annual performance report, still achieved an operating income of 4.6 billion yuan, a year-on-year increase of 21.21%, and a net profit attributable to the shareholders of the listed company of 432 million yuan, a year-on-year increase of 14.83%, despite the downturn of the whole industry. In contrast, Sima Clothing is dwarfed.

Lack of competitiveness or the main reason

In this regard, some market analysts pointed out that in addition to the impact of industry prosperity, the high inventory of Sima Clothing is the key reason for losing to competitors. The semi annual financial report shows that the company's inventory has increased by about 30% compared with the beginning of the period. Since 2011, the inventory scale and structure of Meibang Garments have shown a trend of quarterly decline and optimization, and the inventory and sales structure has tended to be balanced. In addition, the company disclosed in the semi annual report that it will use the over raised fund of 250 million yuan to build the Semir Tianjin warehousing and logistics base project. Under the background of high inventory, the company also plans to continue to build a warehouse storage logistics base, making the market speculate on the possibility of further increase of the company's inventory.

The reporter called Sima Garments as an investor, and the staff of the company's securities department said: "High inventory is indeed one of the reasons that affect the company's performance, but it is not the only reason. The purpose of building a warehouse logistics base is to improve the supply chain in the three northeastern provinces and North China, reduce the cost of delivery, and shorten the delivery time. The company will also take various measures to remove inventory pressure, but after all, it is not possible to do this in one day or two. "

Wang Jian, an analyst in the securities industry of Zhejiang Merchants, said: "The problem of high inventory also existed in Meibang before, but it was discovered early. After a year since the problem was exposed last year, the inventory has been almost digested. However, the inventory problem of Sima was discovered in the fourth quarter of last year, and will continue for some time. It is expected that it will be digested by the fourth quarter of this year, and it will be light loaded next year."

An industry analyst of Huatai Securities (601688, Guba), who did not want to be named, pointed out that:“ stock High is just the appearance. The fundamental problem of Sima is its lack of competitiveness. It is weaker than Meibang in terms of brand influence, product design, terminal control and sales channels. The whole industry is facing a sluggish environment, but each company has different performance. The fundamental reason is also the core competitiveness. " It is reported that the gross profit rate of Meibang's main business is 46%, while that of Sima is only 37.9%.

Overpacked and exposed

Not only has the performance changed significantly, but the stock price trend of the company has also been criticized by the market. The market shows that since the listing in March last year, the stock price of Sima Garments has fallen from 61.18 yuan on the first day of listing to 21 yuan at present, a drop of more than 60%. The company's performance has changed significantly. Some investors believe that the over packaged and listed Sima Clothing has finally revealed its true colors.

In this regard, the staff of the above Senma Clothing said: "The company's issue price is already relatively low in the inquiry range given by the securities dealers. The stock price is affected by the market, national policies and other factors, and cannot be determined by the company."

Wang Jian, an analyst with Zheshang Securities, pointed out: "The operation mode of the clothing industry is like this. For example, now the clothing manufacturing enterprises will produce after receiving the orders for goods in the spring and summer of next year, and will recognize revenue after delivery. When the industry starts to slump, goods cannot be sold in the terminal market, and the company's order demand will decline next year, and its performance will also decline. At the beginning, the income of Sima was really high when it was listed, but after the listing, the industry demand began to decline sharply. "

The above analysts who did not want to be named also pointed out that:“ Sima At the beginning of listing, because the industry environment and the development of the enterprise itself were good, the market gave it too high expectations. However, with the involvement of international brands, competition has worsened, the industry and enterprises have gone up and down, and the decline in share prices is also expected. "