Semir Apparel Performance Fell Sharply For Packaging Listed Debt?

Semir

The issuing price of 67 yuan is too high compared with the stock price of about 30 yuan.

The first day of sale may have foreshadowed the fact that it will take off the veil of "packaging and listing" in the future and reveal its true face.

From the first day of listing, the opening price of 61.18 yuan flew straight down to the current 21 yuan.

(002563) the shock to the market is not only the advertising word of "Shenma (what) is god horse (what)", the rapid change of performance and the gradual decline of stock prices make it a disappointing representative of the A share market.

On the evening of August 28th, Semir clothing announced semi annual report. During the reporting period, the company's performance fell by more than 40% over the same period.

In 2011, Semir's clothing performance achieved nearly 60% growth.

In addition, the United States has already published semi annual report of the United States clothing has also achieved positive growth.

What's wrong with Semir?

Net profit fell sharply in semi annual report

According to the company's semi annual report, in the first half of, the operating income of Semir apparel decreased by 16.54% compared with the same period, and the net profit attributable to shareholders of listed companies fell by 43.22%.

In addition, the company expects that the net profit attributable to shareholders of listed companies will be -20% to -50% in 1-9 this year, compared with 808 million in the same period last year.

Less than a year and a half after the listing, the performance of the company began to "change face" dramatically.

The main reason for the decline in performance is that the company is mainly affected by macroeconomic factors.

The slow growth of demand, coupled with the competition brought by the international clothing brand and the new brand of domestic clothing, made the company's performance lower than expected; the increase in inventory led to the increase in stock price reserve provision, the increase of terminal sales channel cost and labor cost, which increased the operating cost of the company; however, the more funds invested in direct shops, product development and other aspects can not reflect the income at present, which makes the operating cost increase greatly.

However, the competitor of the United States of America, which released the semi annual performance report earlier, has achieved 4 billion 600 million operating income, a year-on-year increase of 21.21% compared with the same period of the whole industry downturn. The net profit attributable to the shareholders of the listed company was 432 million, an increase of 14.83% over the same period last year.

Semir clothing is dwarfed by comparison.

Lack of competitiveness or the main cause

In response, market analysts pointed out that in addition to the impact of industry boom, Semir clothing's high inventory is the key reason for losing to competitors.

Semi annual financial statements show that the company's inventory increased by 30% compared to the beginning.

and

Since 2011, inventory size and structure have been decreasing and optimizing trend by quarter.

In addition, the company will use the over raised capital of 250 million yuan to build Semir Tianjin warehousing logistics base project in the semi annual report.

In the context of its own high inventory, the company also intends to continue to build warehousing and storage logistics base, so that the market speculating whether the company's stock will increase further.

The reporter called Semir's apparel as an investor, and the company's securities department staff said: "high inventory is indeed one of the reasons that affect the company's performance, but it is not the only reason.

The construction of warehousing and logistics base is aimed at improving the supply chain of three northeastern provinces and North China, reducing the cost of delivery and shortening delivery time.

Companies will also take various measures to remove inventory pressure, but this is not two days in a row.

Wang Jian, a securities analyst at Zhejiang merchants, said: "there is also a high inventory problem before the US bond market, but it was discovered early. Since last year, the problem has been exposed for a year, and the inventory has been digested almost.

Semir's inventory problem was only discovered in the fourth quarter of last year and will continue for some time. It is expected to digest in the fourth quarter of this year and will be light next year. "

An industry analyst who declined to be named, Huatai Securities, pointed out: "inventory is only a representation. The fundamental problem of Semir is its lack of competitiveness. Its weakness in brand influence, product design, terminal control and sales channels is weaker than that of Smith Barney.

The whole industry is facing a depression environment, but the companies have different performance, the root cause lies in the core competitiveness. "

It is reported that Smith Barney's main business gross margin is 46%, while Semir only 37.9%.

Excessive packaging will eventually reveal itself.

Not only the performance has changed dramatically, but also the company's share price trend has been criticized by the market.

The disk shows that since its listing in March last year, the price of Semir apparel has dropped from 61.18 yuan on the first day of the listing to the current 21 yuan, or more than 6 yuan.

The performance of the company has changed greatly. Some investors think that Semir clothing, which is over packaged and listed, has finally revealed its true colors.

In response, the above Semir clothing staff said: "the issue price of the company is already relatively low in the inquiry interval of the securities company, and the stock price is affected by factors such as the market and national policies, so it is not the company's ability to decide."

Zhejiang Merchants Securities analyst Wang Jian pointed out: "the fashion industry's operation mode is like this, for example, clothing manufacturers will receive production next spring and summer goods orders, and will confirm their income after delivery.

When the industry starts to decline, the goods will not be sold in the terminal market, and the demand for orders will decline next year, and the performance will also decline.

When Semir went public, its revenue was indeed high, but the demand for the industry began to drop sharply after the listing. "

Those analysts who declined to be named also pointed out: "Semir's listing at the beginning of the year was good because of the industry environment and the development of the enterprise itself, so the market gave it too high expectations.

But with the international

Intervention, competition worsening, industry and enterprises are going downhill, and the share price slide is also expected.