Terminal Sales Pressure Highlights Seven Wolves Nine Mu Wang A Shares Play A Difficult Fellow

The overall growth rate of men's clothing listed above the average level of A shares has been abandoned since the fourth quarter.

The plate loses the market, and the seven wolves and nine Mu Wang jointly lead the two stocks together.

A number of brokerages released research reports that the seven wolves and nine Mu Wang revenue growth slowed down, accounts receivable increased, terminal sales pressure highlighted, future performance fear pressure.

Public information shows that in the three quarter, institutional investors have significantly reduced seven wolves and nine Mu Wang two shares, of which seven wolves have been reduced by more than 100 million shares by institutions.

The two largest shareholder of seven wolves has been holding a 30% stake in the company to obtain huge loans.

As of November 12th,

In the industry, 12 men's clothing listed companies have fallen by 4.78% since the fourth quarter, and the group has fallen into the stock market. In the same period, the Shanghai stock index has fallen by 0.33%, and the Shenzhen stock index has fallen 3.31%.

In the plate, seven wolves accumulated a drop of 15.82% in the first place, followed by nine Mu Wang accumulated down 13.37%, while Keno technology rose 6.05%.

According to Wind statistics, the overall net outflow of the men's wear sector has been 234 million yuan since the fourth quarter of the year, and the net inflow of only one card of Nu Di Lu, while the net loss of the first seven wolf wolf net outflow was 18 million 904 thousand and 200 yuan, or second of the nine wolves' capital outflows 43 million 841 thousand and 800 yuan.

Contrary to the continued weakening of share prices in the two tier market.

The overall profitability is still commendable.

According to Wind statistics, in the first three quarters of this year, men's clothing listed companies achieved a net profit of 2 billion 876 million yuan, an increase of 8.4% over the same period last year, and profitability was significantly better than the overall level of A shares. Only the performance of YOUNGOR and Dayang began to decline, and the net profit of the two companies decreased by 12.33% and 19.9% respectively.

Since the fourth quarter, the top seven wolves and nine shepherd net profits have achieved 402 million yuan and 471 million yuan respectively, representing an increase of 39.29% and 30.36% over the same period. The growth rate is second and fourth in men's clothing listed companies.

As of November 12th, the 6 men's listed companies that have issued annual performance forecasts have been reduced by only one of them, and the remaining 5 have reported good news.

Among them, seven wolves predict that the net profit attributable to shareholders of Listed Companies in 2012 is 536 million yuan to 618 million 460 thousand yuan, up 30% to 50% over the same period last year.

For the reasons for the performance change, the seven wolf said that the order of the company increased in 2012, so it is expected that the performance of 2012 will be increased over the same period last year.

The king has not yet released the annual performance notice.

Terminal sales pressure highlights single quarter revenue growth decline

Combing the three quarterly commentary reports of seven big wolves and nine herding kings by the big brokerages, although the brokers believed that the three quarterly performance of the two companies met expectations or slightly lower than expected, most brokerages expressed concern about the slow growth of the single quarter revenue in the three quarter of the two companies, the pressure of receivable illicit money and sales terminals.

The seven wolves realized a single quarter revenue of 1 billion 28 million yuan in the three quarter, an increase of 13.4% over the previous year, significantly lower than the first half of the year's revenue growth rate of 24.5%, also lower than the 2012 autumn and winter order growth rate of 25%-30%.

For the reasons for the slowdown, GF Securities reported that the main department was postponed delivery, and the trend of slow growth of the first tier and second tier stores was not significantly improved. Moreover, the company's direct sales terminal in September was also weaker than that in August.

CICC research report pointed out that the level of channel memory goods is high due to poor sales and low sales.

In order to ease the financial pressure of franchisees, the seven wolves increased the credit limit to dealers, and accounts receivable increased by 122.4% over the beginning of the year.

But the terminal sales pressure led to a slight lack of confidence in franchisees.

Orders for 2013 spring and summer orders have slowed down, with double-digit growth.

In the third quarter, the nine quarter earned 591 million yuan, a year-on-year increase of 14.8%, a net profit of 133 million yuan, an increase of 5.7% over the same period last year. At the same time, the company temporarily extended the credit period of some franchisees, which affected the accounts receivable increased by 99% to 240 million yuan compared with the beginning of the year.

Shenyin Wanguo research report pointed out that the impact of terminal consumption is weak, the three quarter revenue growth slowed down compared with the two quarter, and slightly lower than this year's autumn and winter orders will increase 20% of the order, while the three quarter single quarter fee rate has increased, resulting in a single quarter net profit growth is lower than the income growth rate, the company's performance in the first half of next year is afraid of pressure.

UBS Securities Research Report believes that due to the overall retail environment is unfavorable and 2012 spring and summer products sold out rate is expected to decline in 2013, spring and summer orders year-on-year single digit growth, lower than we had expected, and the original plan 2012 year-on-year net increase of 300-400 stores goal or will be difficult to achieve.

Seven wolves were reduced by institutional ownership of 100 million shares of two major shareholders pledge 30% equity loans

The organization has a cautious attitude towards the future profitability of men's clothing listed companies.

According to Wind statistics, institutional investors in the three quarter of the 8 men's shares were reduced, nine Mu Wang was reduced by 35 million 82 thousand and 600 shares, and the seven wolves and YOUNGOR were sold by institutions, respectively, suffered 104 million shares and 107 million shares.

Seven wolves three quarterly report shows that compared to the two quarter of this year, the seven wolves in the three quarter were reduced by 2 million 274 thousand and 500 shares of two easy fund, while 3 GF fund holdings 4 million 98 thousand and 100 shares, 6 million 372 thousand and 600 shares.

Specifically, He Yunfeng's five year four-star fund, Yi Fang Da, is actively growing and reducing 1 million 120 thousand shares, Pan Feng's five year four-star fund, the value of growth of the Fonda, and the reduction of 1 million 154 thousand and 500 shares, and Feng Yonghuan's five year four-star fund's gf strategy to reduce 1 million 950 thousand shares.

Behind the sharp reduction of institutional investors, the huge share of the seven wolves was also used by the two largest shareholders to pledge huge loans.

According to the information provided by the Shenzhen Stock Exchange, the first and 22 largest shareholders of the seven wolves currently have more than 30% stake in the seven wolves.

But the seven wolves did not specify the reasons for the two major shareholders' equity in the announcement.

Combing seven wolves revealed this year's announcement, the two major shareholders pledge equity accounted for nearly 40% of the total share capital.

In September 6th, its announcement showed that the largest shareholder of the seven wolves group lifted the pledge. As of the announcement date, the seven wolves group mortgaged 106 million 850 thousand shares of the company's shares to the bank, accounting for 21.21% of the total share capital.

As of June 22nd, the second largest shareholder of the company came to the bank to pledge its 39 million 368 thousand and 800 shares to the bank, accounting for 9.28% of the total share capital of the company.