The Garment Industry Has Been Out Of The Trough For Two Years.

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< p > 603555.SH became the first share of A brand of sports brand.

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< p > January 7th, the company launched the IPO, the initial public offering does not exceed 100 million shares, and not less than 58 million 340 thousand shares, the net amount of raised funds does not exceed 882 million yuan.

The purchase will be implemented on -1 15 January 14th, and online purchase will be implemented in January 15th.

The listing will be arranged as soon as possible after the completion of this issue.

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< p > < strong > why is the "noble bird" < /strong > < /p >.

< p > landing capital > a href= "http://sjfzxm.com/news/index_s.asp" > market < /a >.

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"P" as the sports brand A share first share, the May 2012 passed the bird of the bird walked in front of Jordan sports [micro-blog], del - Hui, and the latter two are the Jinjiang sports brand.

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< p > January 7th evening, the China Times reporter called the Vice President Lin Qing Hui of the noble bird to consult IPO. Lin hung up the phone on the grounds of "unclear information".

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Jordan sports, which had already passed by in November 2011 P, was originally expected to become the first stock in the industry. However, due to Michael Jordan's name right lawsuit, he has not yet obtained the approved approval.

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< p > "Jordan sports management is relatively benign, sports products profitability than XTEP International (01368.HK), 361 degrees (01361.HK) and other brands."

Jinjiang local industry veteran told the reporter.

Although it is the leading brand of the second line movement, Jordan's overall sports level is better than that of the "noble bird".

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< p > in addition, del Hui is still in the initial stage of trial.

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< p > before and after the 2008 Olympic Games in Beijing, the sports brand launched the first wave of high tide of listing. At that time, the direction was Hong Kong stock and the leader was Anta sports (02020.HK).

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< p > "where is the private listing going first?"

Ni Zhongsen, chairman of Hengrun's financial consultancy, told the China Times reporter that Ni is a listed consultant of Anta sports.

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Except for Lining (02331.HK) and China trend (03818.HK), Anta, XTEP, 361 degree, PEAK (01968.HK) and so on are all the "Jinjiang Department" sports brands. < p > Hong Kong stock movement plate.

In addition, Hongxing Erke chose to list in Singapore.

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When the Beijing Olympic Games had passed, the industry fever gradually receded, the sports brands entered the adjustment stage one by one, and the brands gathered to the Hong Kong stock market. "Aesthetic fatigue" resulted in the low price earnings ratio, and the shift to A shares became inevitable. P

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< p > "some enterprises will consider the A share price earnings ratio is relatively high, but not considering the queuing time factor."

Ni Zhongsen stressed that there was no movement at present, "a target=" _blank "href=" http://www.91se91.com/ "> shoes < /a > clothing company went public in Hongkong.

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< p > 1-6 months in 2013, the revenue of the birds was 1 billion 229 million yuan, slightly higher than that of PEAK's 1 billion 173 million yuan, far lower than that of Anta sports and Lining's 3 billion 367 million yuan and 2 billion 906 million yuan.

Due to Jordan sports unpublished data, it is estimated that in the domestic sports brand, it ranks fifth or sixth.

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< p > in terms of gross margin, the gross profit margin of sports shoes in Jinjiang in 2013 1-6 was 38.25%, lower than the 40.43% of the average, and lower than that of Anta, XTEP and XTEP.

However, in the same period, the a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > gross margin 41.16% ranked first among peers, and the average of peers was 37.81%.

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< p > < strong > commercial real estate business < /strong > < /p >

< p > > a href= "http://sjfzxm.com/news/index_s.asp" > "noble bird > /a" to start the national expansion, to build 60 strategic stores, it is a real estate investment.

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< p > prospectuses show that the 552 million yuan will not be raised in more than 882 million yuan, and will be invested in 60 new strategic stores in the next two years to seize the core store resources of key cities, including 29 shops and 31 rental shops.

It also emphasizes that the right of management should be handed over to local distributors, and the price of the imported goods will be increased from 60 percent off to 35% off without changing the sales mode to wholesalers.

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< p > "the highest cost of the channel is the rental of the store, which makes the rent into real estate, which can increase profits in itself, and also control the terminal stores and closely cooperate with the distributors."

The key Road Sports consultation CEO Zhang Qing told the "China Times" reporter.

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< p > it can be said that what the noble bird wants to do is nothing more than the commercial real estate business like many chain store brands.

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< p > data show that from the first half of 2010 to the first half of 2013, the number of stores was 4027, 5067, 5400 and 5508 respectively.

After the early expansion, the growth rate was shrinking.

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After P expansion, the asset liability ratio of the precious birds reached 57.92%, much higher than the median level of 36.19% of the listed companies in the same industry.

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< p > the expansion of the expensive bird market, investment in home ownership, one avoids the traditional mode of the expansion of the number of stores, and the two strengthens the terminal and raises the rate of return.

However, whether the expansion mode is accepted by the capital market is yet to be tested.

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Less than P, however, it is a little strange that the 187 million yuan production base of Hui Nan shoes will be increased by 10 new fast shoes processing lines, and the annual output will be increased by 8 million 500 thousand pairs.

This seems to be back to the order of magnitude expansion mode? < /p >

< p > this explains that with the expansion of marketing network, it is difficult for the company's existing production capacity to meet the growing demand of terminal sales, so it is urgent to increase production capacity.

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< p > to achieve accurate grasp of futures and spot, shorten production cycle and reduce inventory.

To tell you the truth, everyone is doing it, but there is no way to adjust it at once, according to the company's own reality.

Lin Wen (a pseudonym) told this reporter that Lin is a local shoe sales company in Jinjiang.

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< p > strong > warmer, or deep tone < /strong > /p >

< p > from the recent trend of Hong Kong stock movement brand, the industry seems to be getting warmer.

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< p > in the two quarter of 2014, the order growth will increase. Anta sports's order growth will be strong in the third quarter of the year. Merrill Lynch reiterates its buying rating and sees HK $13 higher.

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< p > January 7th, Anta sports rose 4.5%, reporting 11.02 yuan.

Lining rose 3.4% to HK $6.65.

China's trend (03818.HK) rose to a 52 week high, closing at HK $1.53, up 8.5%.

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< p > Goldman Sachs report that Lining's consolidation work in the past 18 months will soon be effective. In the first half of this year, it can turn into a profit and rise to a buying rating. The target price is raised to 8.6 yuan, which is equivalent to 16 times the forecast price earnings ratio in 2016.

Goldman Sachs predicts that Lining's pre tax profit margin will rise to 12% in 2016, and the pre tax margin in 2016 will return to 15%.

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< p > "because Lining and Anta were the first to hit the bottleneck of growth. They were the first to face the pressure of pformation, and also the earliest and most dynamic ones."

Zhang Qing did not think the whole industry began to pick up.

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< p > the so-called warm up is also a couple of happy worries.

"Front-line brand turnover must be built on the basis of two or three line brand extrusion."

Zhang Qing told reporters.

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< p > "the original three local line brands with annual output value of about 500 million yuan, some of them have been shut down, and some have been converted into foreign orders."

Lin estimates that at least 3 such companies.

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Chen Yongling, vice president of P & amp; 31, said that competition in the industry is still fierce. It is expected that it will take 1 to 1 and a half years to improve. There are signs of recovery and confidence in industry demand.

In the first three quarters of 2013, there were 257 outlets in 31st degree and 395 in PEAK.

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< p > the price of the order (including tax) in 2013 is 2 billion 856 million yuan, down 19.76% from 3 billion 560 million yuan in 2012. It is estimated that the company's net profit in 2013 will be about 15%-20% lower than that in 2012.

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< p > "the clothing industry has a" 7 years and a cycle ". It is only 5 years from 2008 to now, and perhaps one or two years later, the industry can get out of the trough.

Lin Wen said he was not sure.

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