The Report Shows That Revenue Is 1 Billion 700 Million In The First Three Quarters.

For the nine herd kings, Dongxing Securities Analysis, the third quarter revenue growth slowed down, but the annual performance growth is clear. Quarter quarter, the company's first quarter net profit increased 28.35%, the growth rate slightly slowed down, the second quarter sales were better, net profit increased by 77.26% over the same period, significantly better than the first quarter; the first half of the overall performance slightly exceeded expectations. The third quarter revenue growth in the second quarter showed a downward trend. First, the company's shopping mall channel accounts for about 50%. Industry statistics show that the third quarter retail sales of large shopping malls are slightly slower than the second quarter, which is partly affected by the weakness of terminal consumption. Secondly, in terms of endogenous growth, the growth rate of the same quarter in the three quarter was slightly lower than that in 1-6 months, but on the whole, the same store growth rate remained unchanged at the level of 6% in the 1-9 months. Consolidated gross profit margin increased by 1.37 percentage points over the same period last year, and the period cost rate dropped by 2.08 percentage points over the same period last year. Again, the third quarter net profit grew by only 5.66% over the same period. The reasons also include the 1.9 percentage point drop in the gross profit margin of the single quarter and the additional cost of the brand promotion in the three quarter.

In addition, the company's inventory accounts for 43.7% of the revenue, which is in a reasonable range compared with the same period last year. Accounts receivable increased by 9.7 percentage points to 13.3% of revenue, mainly due to increased support for franchisees and new products in winter. However, although the company's revenue growth slowed slightly in the three quarter, the company achieved a 57.65% gross margin in the third quarter, indicating the company's strategy of price protection in the weak market environment and the maintenance of its brand. The gross profit margin was basically unchanged from the first half of the year, indicating that the company did not promote sales performance in a big way, and maintained a strong brand. The second half is the peak season for clothing sales. It is expected that the fourth quarter of 2012 will improve. achievement The growth is relatively clear.

Not long ago, the company announced that it would use all the over raised capital of 906 million yuan and its interest to permanently replenish the working capital. The analysis of Dongfang securities shows that over raised funds and their interest are used to supplement liquidity, which will effectively protect the future development of the company's main business and improve the efficiency of company's capital utilization. With the continuous expansion of the company's business scale, the corresponding accounts receivable and stock will also increase, which will further raise the requirement for the increment of the company's liquidity.

Channel subsidence and non trousers category development are the main growth points in the future. Dongxing securities analysis, the two or three line city is the company's focus in 2012 to join the market expansion, the company's coverage in the super large and first tier cities reached 100%, and mainly for Shopping mall counter The advantage is obvious, but the coverage rate and shop density are not high in the 234 line cities. In 2012, the opening strategy of the company was mainly from one line to the two or three line, and from top to bottom. From the current experience of opening a shop, in the expansion of the two or three tier cities, there will be about 1500 opening shops in the future. Taking into account the channel sinking space, it is expected that the 2013-2014 year growth rate of stores will maintain rapid growth. At the same time, the company's support for franchisees is strengthening. The company's fine management capabilities in the direct market have been enhanced, along with the upgrading of the stores and trousers cabinet images, and the further improvement of the commodity series. Category extension, the company is currently actively promoting men's trousers to the upper garment and related clothing extension, non trousers income will increase by 2-3 percentage points a year. Brand building, the company relies on product quality and cost-effective to obtain a better market visibility, will continue to enhance brand value in the future, try to multi brand development. In the long run, as a leading business casual men's wear industry, the company has a steady growth and a certain growth.