Semir Maori Plummeted Bar Jie Shares Lowest

Analysts pointed out that if terminal consumption growth is still sluggish, leisure

The probability of investment opportunities exists in November.

Act as

The two important industries in the industry are Semir clothing (002563, stock bar), Mei Bang dress (002269, stock bar), search for special (002503, stock bar) "leading" casual wear industry, and other garment industries including nearly 002269 listed companies such as bar Jie stock (002634, stock bar), Huas share (002494, stock bar), Meyer (600107, stock bar).

Sales growth slowed down year-on-year, gross margins were squeezed and survival pressure was huge. The latest quarterly reports of three companies and annual data in recent years show that casual clothing industry and other garment industries also reveal a crisis.

One track

Industry analysts admitted to reporters: "many of the listed companies in the garment industry are showing signs of weakness, in addition to being affected by macro-economic and internal and external needs, reducing sales, the fierce competition within the industry is also a major factor affecting the performance of some companies."

In order to make the research on the two sub sectors of casual wear and other clothing more accurate, some listed companies, though placed in this sector, have been eliminated from the main business.

Extrusion of gross profit margin: three quarter of Semir apparel

Plunge by six percentage points

There were 14 Listed Companies in leisure clothing and other apparel industries. The single quarter gross interest rate in the three quarter of this year fell 8, accounting for 57.14%.

Among them, the single quarter gross margin of Semir clothing dropped the most "terrible", the three quarter gross profit margin in the single quarter compared to the 2 quarter plummeted by 6 percentage points, only 31.88%.

The above analysts believe: "Mori Mami quarter single quarter gross margin fell sharply, mainly for the digestion of inventory and discount treatment."

Semir apparel business income in the first three quarters of this year was 4 billion 611 million yuan, down 11.86% from the same period last year. Operating profit was 593 million yuan, down 46.78% from the same period last year. Net profit attributable to shareholders of the parent company was 474 million yuan, down 41.4% from the same period last year.

The company also announced its performance forecast. It is estimated that the net profit attributable to shareholders of Listed Companies in 2012 will be -50%~20%.

In this regard, the company explained to reporters that the change of its performance was affected by 4 factors: "market competition is becoming increasingly fierce; inventory is increasing, and the corresponding provision for inventory depreciation is increasing; the gross profit margin is decreasing in a short term; the investment in product R & D, marketing network construction and supply chain can not be reflected in the short term."

The decline in gross margins is also more obvious than that of bar Jie and INTERCHINA group (601718 shares).

In the three quarter, the single quarter gross profit margin of 25.53% of the main products of seamless garment products, which is mainly exported, has reached a new low since the listing. After that, the gross profit margin of bar Jie shares remained at 27%-29%.

A research report of Anxin securities attributed the decline of gross profit margin to "expanding the capacity of seamless garments and increasing competition."

The company's three quarterly report shows that in 2012, bar Jie realized operating income of 228 million yuan in 1-9 months, down 3.1% from the same period last year, and realized net profit of 228 million yuan attributable to shareholders of listed companies, down 5.2% compared to the same period last year.

The above textile and garment analyst added to reporters: "competition among peers has depressed the overall profit margins of the industry. Besides, the impact of the electricity supplier industry on the textile and garment industry can not be underestimated. Some companies that are not responding promptly to online shopping or are not operating well will inevitably be affected."

Net profit decline: Jialin Jie (002486, stock bar) three single season

Negative growth year on year

Half of the 14 companies had negative growth in the single quarter business revenue, while the negative growth rates of 000902 companies such as Meyer and Chinese clothing (000902, stock bar) exceeded 10%.

In the single quarter net profit, half of the 14 companies also had negative growth. The negative growth rates of 4 companies such as Chinese clothing and the 600137 of the shares were 4.

Among them, Jia Linjie, who is engaged in the development and production of textile fabrics and the production and sale of international high-end sports brand garments, has seen a sharp negative growth in net profit in the 3 quarters of this year, with negative growth rates reaching 57.38%, 44.73% and 30.45% respectively.

The company's three quarter report shows that Jialin Jie's sales revenue in the first 3 quarters of this year was 639 million yuan, and its net profit was 31 million 923 thousand and 700 yuan, down 5.22% and 46.77% respectively.

Jialin Jie said for the sluggish performance: "it is mainly affected by the unfavorable factors such as the continuous downturn of the international textile and garment market and the cost increase."

In addition, the leading products for the knitting underwear Lingsha shares are also the same as Jialin Jie's "situation". The net profit of single quarter has negative growth for 3 consecutive quarters this year, the negative growth rate is 38.71%, 14.53% and 16.25% respectively.

Speaking to reporters, the company said that the negative growth of net profit was mainly due to the decline in the overall operating efficiency of the domestic textile and garment industry, and the increase in operating costs. The company also increased its advertising efforts and invested a lot of advertising and research and development expenses, resulting in squeezing profit margins.

Difficulties in inventory turnover:

In the past three years, the United States and the United States have been getting worse and worse.

Inventory backlog is now a common problem in many garment enterprises.

Some media have reported, "from 2011 to the first half of 2012, a total of 6 garment enterprises IPO was not included, the main reason is the pressure of inventory."

By comparing the inventory turnover data of 14 companies since 2008, the reporters found that the ability of inventory turnover in recent years in many companies can be described as "going from bad to worse". These enterprises include mebang dress, Maison culture (002699, stock bar), Meyer and Jia Linjie.

In 2008 and 2009, the turnover days of Smith Barney clothing were 80.2 days and 97.39 days, but in 2010 and 2011, the data increased to 151.68 days and 165.6 days. There were similar problems in Maison's culture, which was 21.84 days and 26.52 days in 2009 and 2010 respectively. However, when it arrived in 2009, the data almost doubled to 47.9 days.

The three quarterly report shows that the single quarter revenue fell 13.47% in the third quarter.

The above analysts believe that the reason behind this is that "terminal demand is limited and the willingness of the franchisee to pick up goods is not strong."

The backlog of inventory in garment industry will also bring inventory costs, including ordering fees, purchase fees, storage fees and so on.

An accounting profession said: "high inventory brings inventory holding costs and warehousing costs, which will affect asset yields, and inventory holding costs include capital costs and risk costs."