5 Brokerages Recommend Seven Wolves To Catch Up, Half A Year Down 28%, Showing A Cool Heart.

< p > in the first half of the year, the seven wolves' a href= "http://sjfzxm.com/news/index_cj.as" > share price < /a >, it is hard to believe that this is a company recommended by five large brokerages as "gold shares".

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< p > half a year down 28.4%, the largest decline of more than 40%.

It is the seven wolves.

Extension, extension of terminal stores, inventory and quantity.

At the beginning of the year, all kinds of beautiful remarks focused on this old men's clothing company.

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< p > we must study the details and look back at the Research Report at the end of last year and early this year.

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< p > Guoxin Securities: seven wolves are highly recommended. Terminal retail is the key to brand "a target=" _blank "href=" http://www.91se91.com/ "clothing" /a "enterprises.

Only when the terminal retail really improves, can the inventory go smoothly, and the dealer's confidence will return to normal state: the terminal will turn better and the subsequent supplement will appear. The terminal will not stabilize, and the dealer's confidence will further decline, thereby reducing the number of new stores, increasing the number of stores and reducing the number of goods in the same store. The superposition effect of the three will enlarge, which will greatly affect the performance of the order and the listed companies.

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< p > Haitong Securities: in the first three quarters of 2012, AOKANG international, seven wolves, Mei bang, Semir and search special "inventory / income" the lowest, under the same scale of income, these companies may have relatively good digestion capacity.

However, the direct investment in Kaiser shares, Saturday, carndi Road, and long's shares are relatively large because of the needs of Direct stores.

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< p > considering the size of inventory, growth and revenue growth, we believe that the stocks of seven wolves, fuanna, search special and AOKANG international are relatively healthy.

Therefore, it is recommended.

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< p > Guotai Junan: < a href= "http://sjfzxm.com/news/index_f.asp" > seven wolves < /a > is the representative enterprise of domestic menswear leisure products. The proportion of T-shirts, jackets and coats in the product composition is more than 60%, and the people who locate the middle end income are mainly distributed in three lines and below.

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< p > channel deepening is a short-term attraction: the change of terminal stores is the focus of the company's work in the past two years, and it is estimated that the shop area will be increased by more than 10%.

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The expansion of < p > three line cities is the future space: from the profits of franchisees, the franchisees in three tier cities gain more profits, so the expansion impulse is greater, and the company's product positioning and the advantage of the first line in the three line cities guarantee the success rate of expansion.

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< p > the company's fourth quarter revenue growth was 17%, faster than the third quarter, and the revenue was gradually confirmed.

The 2012-2014 year EPS of the company was 1.12 yuan, 1.4 yuan and 1.76 yuan respectively, giving 16 times the value of 13 years, and the target price was 22.4 yuan.

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Compared with P, the investment logic of GF Securities appears to be more concise.

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< p > one is leisure business men's wear leading, from industrial brand to lifestyle brand pition.

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< p > two is the product structure adjustment, the high gross profit margin Black Label Series contribution, the sales revenue proportion has been as high as 50%.

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< p > three is the driving force source of medium and long term growth. Key words: supply chain integration, channel reform, extension expansion space, and internal efficiency improvement < /p >

< p > however, the recent decline in stock prices of the seven wolves has made all the previous words ironic.

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"P," said Yuan Yuan, who is responsible for Investment Affairs of seven wolves, said in an interview with reporters, "the situation of men's clothing industry is very low this year. There is a big gap between sales volume and forecast.

Most of the domestic men's wear brands have been very fast in the near future.

In addition, due to the rental of the first tier cities, the strategic focus of the company is to pfer to the three or four tier cities.

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"P", when asked whether the industry situation had already been predicted in the beginning of this year, so as to "hide the old position" early, Ms. yuan's words were flickering and cautious.

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< p > while consulting Tian Zhe target= "_blank" href= "http://www.91se91.com/" > clothing < /a > a senior member of the company, she told reporters that this year the whole garment industry was depressed, and the men's clothing also failed to maintain the strength of last year, and the women's wear fell sharply with Tian Zhe.

One of the important reasons is that the impact of international brands on the men's wear market is very intense, which has squeezed the market share of domestic brands accordingly.

As a matter of fact, although the stock market of men's clothing rose overall last year, this trend actually showed signs at that time.

In contrast, the four AA securities firms are not the same as every one.

For example, Guoxin once broke the risk in the "industry strategy": if the terminal is not stable, dealer confidence will further decline, thus reducing the number of new stores, increasing store closings and reducing orders in the same store. The three superposition effect will magnify the order and the listing of public Si Yeji.

Now this seems to be a prophecy.

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In contrast, the so-called "business men's wear faucet", especially the fancy terms such as "supply chain integration", "extension and extension", looks like P.

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< p > no Changjiang Securities recommended by the seven wolves "golden share". What do you think of this company? < /p >

< p > Changjiang Securities believes that as the industry is facing changes in the profit model, the seven wolves will concentrate their efforts on the brand of the seven wolves. The development of the new brand will mainly be carried out through mergers and acquisitions and supporting the original investment.

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First, the company has the intention to acquire mature brands, which can integrate new brands to achieve resource sharing, enhance the overall publicity ability of the company at the terminal, also enhance the bargaining power of the company in selecting strategic suppliers, reduce production costs and increase risk resistance capabilities; < /p > p

< p > secondly, the seven wolf investment fund will be set up to sponsor entrepreneurs to conduct brand operation.

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