This Is The First A Share Sports Dress.

The first sports apparel company of A shares is listed on the market today. Many analysts believe that after two years' inventory, the sports apparel enterprises will take the lead in the garment industry. The industry is expected to enter a slow recovery stage in 2014.

　　 Sportswear Decisive battle three or four lines, noble birds face challenges

In the roadshow, the executives said that the leading international sports brands are developing in the direction of life, fashion and leisure. The leading brands of the world will benefit from the leading trend. At the same time, the company has ploughed three or four lines of city for more than ten years. At present, the market share of the three or four line market is 76%, and the market share is not easy to be shaken.

In the domestic garment industry, sportswear enterprises were caught in the inventory crisis earlier. In the past two years, the expansion of the channel has slowed down sharply, and even the tide of closing shop has been broken down. The "bird of fortune" prospectus shows that by the industry boom, the company's 2013 annual orders fell two figures, resulting in a two digit decline in net profit in 2013, while the decline in orders in spring and summer in 2014 was narrowed, while in 2014, autumn and winter orders increased slightly, showing a trend of bottoming out.

In 2013, the whole sports apparel industry was at a low ebb. Semi annual report shows that Anta sports, PEAK sports, Lining, XTEP international sports apparel enterprises such as the overall decline in performance, of which Lining appeared to lose money. An analyst pointed out that the operation of these enterprises is still deteriorating in the second half of the year, and the operating data will still decline, but the scope will be narrowed. And with the Anta, PEAK and other leading enterprise orders will be positive, it is expected that in 2014, the industry will enter a slow recovery stage.

　　 Guirenniao Executives also pointed out that the industry has reached a relatively low level, and there will be long-term and steady development in the future. As of last December, the efficiency of single store has been improved. Since last September, the discount rate of new stores has also increased, which reflects the pressure on franchisees to reduce.

　　 The valuation of brokerages fluctuated at 6-12 yuan and the issuing price was moderate.

The clothing industry is relatively low at present, valuations are generally low, and the price of issuing birds is 10.6 yuan / share, and the 12.89 times price earnings ratio is the lowest among the newly issued shares, but basically meets the expectations of the securities dealers. The big wisdom news agency found that the price of the company was more than 8.37-12.3 yuan, and the 2014 valuation interval corresponding to the profit forecast was 10-15 times.

State gold securities listed the company's target price only 5.8-7 yuan, Shanghai securities listed companies within 6 months of the valuation interval is only 6.7-8.04 yuan. State gold Securities pointed out that Anta, Lining and other domestic first-line sports brand began to shrink in 2010, and its performance began to decline in 2011. After three years of adjustment until the second half of 2013, Anta announced that orders for the first half of 2014 will achieve single digit growth. The 2013 performance of the precious birds began to slide and will continue to adjust in the future.

China Merchants Securities believes that the company's two tier market has a reasonable valuation interval of 10-15 times (14PE), corresponding to the price range of 6.98-10.47 yuan, analysts believe that some similar brand orders will show signs of recovery in 2014, but the industry's recovery efforts and sustainability need to be further observed. The size of the channel is not too small, the shop space is relatively limited, and the same store performance is also constrained by the industry environment. The company's performance in 2014 is expected to be rather dull.

Changjiang Securities is relatively optimistic, giving the company 12-15 times its valuation level in 2014, corresponding to a reasonable price range of 9.84-12.3 yuan, and Changjiang Securities analyst optimistic about China's sports footwear industry outlook. It is estimated that sales of sports shoes and sportswear will reach 92 billion 993 million yuan and 142 billion 432 million yuan in 2015 respectively. Among them, the development of the 234 line market is even broader.