The Trouble For Women'S Clothing Industry Is That The Stock Turnover Of 1 Years Is Only 560 Thousand For Kaiser.

China at present

Men's clothing consumption ratio is close to 1:1, the consumption of women's clothing in big cities is higher than that of men's clothing, and the consumption of men's clothing in small and medium-sized cities is still slightly higher than that of women's clothing.

These data from the Changjiang Securities research paper may well illustrate the current situation of only four women's Listed Companies in the A share market.

Among them, Kaiser shares and the position of high-end high-end products, Kaiser shares also cover products.

And the company has always focused on high-end women's clothing, and is the leading women's clothing company in China.

In addition, Jiangsu Sanyou and Kim Feida are mainly engaged in women's clothing export business, and 95% of women's clothing products are sold to the United States.

At present, the low concentration of the industry and the high degree of recognition of consumers on domestic brands leave the larger space for high-end women's clothing enterprises.

However, inventory pressures, rising costs and continuous tight cash flow have made these women's clothing enterprises feel the growing pains and further split them.

Stock: 324 days to sell for one year

Her stock is the first domestic high-end women's clothing. Her troubles this year are the pressure of inventory.

Three quarterly reports show that in the first three quarters of the first quarter, the revenue of the group reached 782 million yuan, an increase of 26.10% over the same period last year and a net profit of 208 million yuan, up 41.15% over the same period last year.

In the third quarter, it achieved 236 million revenue, up 25.31% from the same period last year, achieving net profit of 65 million, up 28.21% from the same period last year, achieving 0.33 yuan per share.

In this regard, Lei Yu, an analyst at Changjiang Securities, thinks that the quarterly performance of the three quarterly report is basically in line with expectations, with the gross profit margin of 61.55% in the third quarter, slightly lower than that in the first half of the year, and is still at a relatively high historical level.

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In the second half of the year, in the background of the overall price reduction, the group still maintained a higher gross margin level, on the one hand, it reflected the consumer's recognition of the company's brand, and on the other hand, it was also related to the increase in the proportion of the company's Direct stores.

However, the sale of the terminal shares is also facing great pressure.

High end women's clothing is for refinement. This fairly good pcript is hard to erase the fact that stock is soaring.

Reporter statistics found that at the end of the three quarter of 2012, the stock of the stock was increased from 268 million yuan at the beginning of the year to 445 million yuan, an increase of 39.8% from the end of last quarter, up by 123% compared with the same period last year.

WIND information also shows that the number of days of inventory turnover has been extended to 324 days from 200 days in early 2012.

For the stock that can be sold for a year, Huang Guoxiong, the manager of the company, is still calm.

He said that although the inventory growth rate is relatively fast, the inventory structure is reasonable, which is in line with the market sales requirements.

For many of the securities companies, many securities analysts told reporters that future inventory turnover and retail terminal changes are the core concerns.

Kaiser shares: cost rise and profit

In October 29th, the company issued a notice that the net profit attributable to shareholders of Listed Companies in 2012 was 48 million 678 thousand and 500 yuan to 65 million 859 thousand and 200 yuan, an increase of or decrease from -15% to 15%.

In this regard, the company explained that the expenditure and expenses in the earlier stage of dot expansion were larger.

Whether the dot size or the current national sales outlets is 433, the corresponding sales revenue of the company is 243 million yuan, without considering the difference between the franchisee and the distributor, the average income of the company's single store is only 564 thousand and 600 yuan.

Whether the number of outlets or single store income is lower than the same high-end high-end apparel A shares listed company's shares.

It is still an effective way to expand the income and share of domestic brand enterprises by increasing business outlets.

To this end, Kaiser shares are also painstaking.

However, the increase in costs and expenses has engulfed the profits that income growth can bring.

The gross profit margin of the company in the first half was 57.08%, down 3.5 percentage points from 60.58% in the same period last year, and the three fee rate was 37.39%, an increase of 3.66 percentage points from 33.73% in the same period last year, of which the sales cost reached 72 million 830 thousand yuan, accounting for 30% of the total income.

The increase in cost and cost amounts to 72 million 90 thousand yuan, which covers just 74 million 830 thousand yuan in the current income increase.

The increase in cost makes the company's net profit decrease by 9.57% compared with the 44.56% increase in revenue.

A clothing industry analyst told financial weekly newspaper that the effectiveness of women's clothing stores is more dependent on company's marketing, management, product design and other comprehensive capabilities.

The increase of business outlets requires higher financial strength of the company, which will bring some pressure to the growth of performance.

Jiangsu three friends rely on "side door"

This year, Jiangsu three friends realized a total profit of 50 million 450 thousand yuan, attributing to the parent company's net profit of 37 million 810 thousand yuan, an increase of 17.88% and 20.95% respectively over the same period.

The three quarter gross margin was 21.03%, net interest rate 11.99%, significantly higher than the same period last year.

Kim Feida achieved a total profit of 10 million 22 thousand and 400 yuan, an increase of 59.31% over the same period last year, and a net profit of 6 million 599 thousand and 200 yuan attributable to shareholders of listed companies, an increase of 37.02% over the same period last year.

However, their magnificent achievements have failed to arouse the enthusiasm of the organization, and the downward pressure on the global economy and the domestic economy has increased.

Fierce competition in the clothing market, for the export of foreign trade clothing, Kim Feida and Jiangsu three friends, women's clothing business is difficult to do, they dream of "gorgeous turn."

In October 17, 2012, Jiangsu Sanyou partner Shanghai gold spoon environmental protection "industrial integration control waste rubber tire low temperature pyrolysis process and complete equipment" was appraise by the Ministry of industry and information technology.

The intention of Jin Fei Da is even more obvious. According to the report of Jin Fei Da, Kim Fei Da has acquired 45% stake in Casey Mining Co., Ltd., Wenshan, with its own capital of 110 million yuan, and the relevant stock registration procedures have been completed in July 18, 2012.

The company will urge Kathy mining and all shareholders to sign the contract agreement with Beijing xingjiayin Business Investment Co., Ltd. as soon as possible, and request the contractor to combine exploration and production to further explore the actual reserves of resources in the prospecting right area, accelerate the production and construction of the mining area, and carry out the exploitation and sale of manganese mines as soon as possible.

"The two companies do not have many bright spots in their women's clothing business. It depends on their side door skills."

A brokerage analyst commented.