Semir'S Children'S Industry And Online Marketing Smoothly Grow Steadily

In 2013, on the basis of emphasizing the performance inflection point and continuing to recommend Semir clothing in 2013, we emphasize again that the investment value of Semir apparel is mainly based on several reasons: the stable growth performance provides the safety margin for the company's stock price.

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< p > we estimate that < a href= "http://www.91se91.com/news/index_c.asp" > Semir dress < /a > 2013, the income scale is more than 73 billion, the net profit scale is nearly 900 million, up by 5%, nearly 20%, EPS1.34 compared with the same period last year. The main factor driving the growth of 2013's income is Bala children's clothing business. We estimate that the terminal retail sales are increasing by nearly 20%, and the report revenue is 10%+; Semir's leisure wear business income is basically flat and the retail digits increase.

The main reason for driving profit growth over revenue growth is the low base of low gross profit on the basis of young stocks.

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< p > for 2014, combined with the spring and summer < a href= "http://www.91se91.com/news/index_c.asp" > the order meeting data < /a >, Bala children's clothing increased by nearly 20%, and Semir casual wear went up to 10% after inventory growth. We estimate that the company's revenue in 2014 is expected to achieve two digit growth. Considering that the company's 2013 impairment loss is relatively large, 2014 is expected to achieve 20%+ growth; we expect the company's 2014 net profit to be about 1 billion 80 million, corresponding to EPS1.6+.

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< p > in the company's current total market value of 19 billion, the company accounts for nearly 5 billion cash, the company paid dividends 1 yuan in the past two years, the company's current stock price corresponding to 2014PE less than 20 times.

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< p > < strong > < a > href= > http://www.91se91.com/news/index_c.asp > > development of children's industry < /a > opening up imagination space < /strong > /p >

< p > in 2013, the company's income of more than 73 billion yuan, we estimate that Barbara children's clothing is more than 2 billion 300 million, the proportion of income from the original 1/4 gradually accounted for 1/3; profit contribution, we estimate that 40%+.

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< p > children's clothing business has an absolute leading position in China (50 billion retail sales and second tier 1 billion up and down), and the gap between the second tier children's clothing companies and Barra is becoming increasingly evident.

Barak's products and age have been effectively extended over the past few years.

At present, apart from Bala, the company also has mongdodomini, Balabala, Sarabanda and other brands.

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< p > group level, in 2013, investment animation "many happy dreams", the development of "dream town" and other cultural and creative industries (2013 September investment, October 2014 completion, estimated total investment), with the dream of many small town investment and development, and indirectly, the company's children's clothing business development has a positive effect.

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< p > < strong > online business development also has the imagination space < /strong > /p >

< p > the company's electricity supplier team was formed in 5 and June in 2012. The second half of 2012 is mainly in the first half of -2013, which is clearing stock function. In 2012, it realized 200 million revenue (inventory problem has been solved). In 2013, Q3 business development entered the second stage, that is, the same price on line, the same price to Q3, the sales of new products under the same line accounted for 1/3, and we estimate that the electricity business in 2013 has achieved nearly 400 million of revenue.

The company has a very clear idea of the third stage of the development of the electricity supplier, and there is no difference in the "interconnection, interaction and interaction" between the US and the costumes. More is to do well the consumer interaction, to achieve the integration of different channels, to bring increments for different channels, and to have an incremental basis (and also to bring incremental business to the franchising business), so as to solve the benefits sharing between the franchisees and the franchisees; in general, the company is very pragmatic.

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The recent market for "P" is mainly due to its cooperation with WeChat mall, and its WeChat payment is still in the development and testing stage; the mun clothing, Semir clothing, seven wolves, fuanna and so on have been in the WeChat mall and paid by WeChat.

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< p > its online business, in addition to working with all platforms, does not exclude the possibility of launching independent websites like LOVO and bong.

The lifting of the ban in March 2014, we estimate that the possibility of large shareholder reduction is very small. We can not give any judgement on whether the executives are partial reduction due to personal reasons and what kind of price reduction they are willing to take.

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