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Semir Apparel Performance Is Expected To Be Relatively Optimistic In 2014.

2014/3/5 11:14:00 49

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the company's disclosure of performance bulletin today is basically the same as that of the previous market: (1) revenue in 2013 was 7 billion 340 million, up 3.92% over the same period last year; operating profit was 1 billion 235 million, an increase of 24.8% over the same period; the total profit was 1 billion 270 million, an increase of 20.2% over the same period; net profit 906 million, up 19% over the previous year; EPS1.35 yuan per share. (2) the corresponding Q4 income was 2 billion 400 million, a year-on-year decrease of 1.6%, operating profit 514 million, an increase of 25% over the previous year, and net profit of 354 million, up from 23.4%. over the same period. According to the calculation, the company's income tax rate was 28.7% in 2013. We estimate that it has a certain relationship with the intensity of the impairment loss. Besides, we estimate that the company's cash flow statement will also be better. 
 online is the main source of growth, and the gross profit margin will return to normal after the end of the inventory. (1) online is the main source of revenue growth in 2013. We estimate that online contribution income is nearly 400 million, which is basically double that of the same period last year. The average volume of online shopping is basically flat, of which Semir casual wear has declined slightly. (2) from the point of view of channel, in 2013, further optimization, close to 200 outlets (including direct and join, basically not profitable Semir stores were closed), but two of the brand shops grew, of which Bala terminal area increased 10%+. because of the closure of direct channel, directly in 2013 to form more than 2000 million of non operating expenses. (3) the main reason for driving 2013Q4 down slightly and operating profit increased by 25% is that the gross profit rate has returned to normal level. Because of Q3 and Q4 excluding inventory in 2012, the gross margin of Q3 and 4 increased a lot in 2013 (2012Q4 gross margin was 31%, and the normal year was near 38%). 
 combined with order meeting and channel adjustment data, we estimate that Semir's a target= "_blank" href= "http://www.91se91.com/" > dress < /a > 2014 performance is relatively optimistic. We estimate that a href= "http://www.91se91.com/news/index_c.asp" > Semir dress < /a > 2014 revenue is expected to grow by two digits, and profit growth is expected to reach 20%+, mainly based on: (1) Semir's 2014 spring and summer orders will increase; the bala spring summer order will grow 20%; the retail sales data in 2013 will increase by Semir's digits and the growth of Barra is near 20%; in 2014, the development of multi brands, especially the development of children's businesses will also bring about a certain increment; (3) the losses brought about by the closing of unreasonable channels, including the decrease in operating expenses and the decrease in losses, may be at the vicinity of 50 million; (4) the magnitude of the impairment loss is greater in 2013. Children's career is developing steadily. From the perspective of income structure, we estimate that in 2013, over 73 billion revenue, we estimate that Barbara children's clothing is more than 2 billion 300 million, and the proportion of income has gradually accounted for 1/3 from the original 1/4. Children's clothing business in the country has an absolute leading position (50 billion retail sales terminal, second tier 1 billion up and down), the gap between the second tier children's clothing company and Barra is more obvious. Barak's products and age have been effectively extended over the past few years. At present, apart from Bala, the company also has mongdodo\minibalabala\sarabanda and other brands. Among them, the dream is much to locate children's accessories, and differentiated positioning has obvious attraction for franchisees. At the group level, in 2013, investment animation "happy dream" (2013 CCTV children's channel broadcast, more than 100 sets), the development of "dream town" and other cultural and creative industries (September 2013 Investment, October 2014 completion, estimated total investment), with the dream of small town investment and development, and indirect investment in the company's children's clothing business development positive. 
Less than P, online business still strives for its own position. 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). From 2013 to Q3, the development of electricity supplier entered the second stage, that is, the same price on line, the same price to Q3, and the sale of new products under the same line accounted for 1/3; we estimate that the business of Yunnan Province achieved nearly 400 million 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. In terms of its online business, it will not exclude the possibility of launching independent websites similar to LOVO or bong. 
 the lifting of the ban in March 2014, we estimate that the possibility of large shareholders < a href= "http://www.91se91.com/news/index_cj.asp" > < /a > is very small. (Semir investment some executives hold about 15 million shares, even if there is a reduction, it will take four years to reduce about 3000000 shares a year. We estimate the company's EPS1.65 in 2014 (corresponding to the total profit of 1 billion 100 million). At the end of 2013, the company's cash surplus was 5 billion, the current total market capitalization was about 19 billion 600 million, corresponding to 14 years PE17.8 times, and continued to maintain the recommended rating.