2014 Semir Clothing Looks Good At Children'S Wear And Brand Development

< p > the reform measures were effective, and the performance in 13 years continued to recover.

In the 13 year, the company achieved operating income of 7 billion 294 million yuan, an increase of 3.26 over the same period last year, operating profit and net profit attributable to parent company were 12.36 yuan and 9.02 yuan, up 24.93% and 18.56% respectively, and the basic earnings per share were 1.35 yuan.

The bonus scheme is 10 yuan (including tax) for every 10 shares.

According to quarterly estimates, Q4 revenue was slightly down by 3.49% compared with a slight decline in the light of the sluggish demand and the warm winter weather, but operating profit and net profit continued the trend of early recovery, up by 25.30% and 22% respectively over the same period.

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< p > sub brands, < a href= "http://www.91se91.com/news/index_f.asp" > children's wear < /a > performance is still better than adult wear.

Last year, Semir's revenue was 4 billion 683 million yuan, down 4.04% from the same period last year, accounting for 64.87%, which is 4.89 percentage points lower than 12 years.

Among them, the direct battalion revenue increased by 5.86%, and joined 5.70% down.

The proportion of children's clothing business income has been raised, the scale of income has reached 2 billion 535 million yuan, an increase of 19.90% over the same period, and the growth of direct sales and franchised businesses increased by 40.25% and 15.79% respectively.

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< p > 13 years, Semir channel integration and optimization laid the foundation for stable development in 14 years.

In the past 13 years, Semir brand went to stock, product line adjustment and channel pformation.

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< p > from the perspective of channel optimization, as of the end of last year, Semir brand owned 4029 stores and closed 390 stores. Among them, except for the expiration of the lease and the change of location, the closure of stores was mainly based on poor quality stores.

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< p > despite the channel integration, the income of the franchise side was slightly affected, down 5.70% compared with the same period last year, but profitability has been restored to some extent, and has laid a solid foundation for this year's steady development.

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< p > children's wear has a good momentum of development. The continuous development of multi brand strategy is still the highlight of the development in the past 14 years.

In the 13 years, children's clothing business continued to expand rapidly and the area increased.

At the same time, in order to give full play to the brand integration advantages of children's clothing, the company also launched the mini Barra and Mondo brand and tried to develop the integrated store mode with the existing Bala brand. The sale of domestic children's clothing was developed from a single sales a target= "_blank" href= "http://www.91se91.com/" > clothing < / a > single category to a one-stop shopping experience.

In the next 2 to 3 years, children's clothing business will increase by 20% annually.

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< p > children's clothing business in the future will be in the growth stage of extension and extension.

By virtue of Barra's scale advantage, the extension of mini Barra and dream dodo two brands on the age level will enable children's clothing business to have the next foundation for shopping center development.

In addition, this year's introduction of dream and mini Bara brand will accelerate the pace of further opening up (two brands are expected to open 80-100 stores this year), so it is expected that this year's children's clothing business is still the main driving force to increase revenue growth.

In addition, the company plans to set foot in the field of children's education, film related animation and film and television works, serve the children's education market, and invest in the construction of the more than 40 thousand square meter children's Industrial Park, dream town, in Wenzhou, trying to integrate children's early education, professional experience, and < a target= "_blank" href= "http://www.91se91.com/" > clothing, /a and toys.

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< p > the recovery of gross profit margin and the proper control of the cost rate make the business profits significantly improved under the background of low cardinality.

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In the second half of 12 years, the company began to vigorously go to inventory, resulting in a lower gross margin base. In the 13 year, with the gradual digestion of inventory and the increase in the proportion of new product sales, gross margins were recovered well. P

By the end of the year, consolidated gross profit margin had returned to 35.35%, an increase of 1.59 percentage points over the same period last year.

In terms of costs, the company's management and control are always stricter. The annual sales and financial expenses rate decreased by 2.41 and 0.62 percentage points respectively, except for the 0.37 increase in the management fee rate due to the increase in R & D investment and staff salaries.

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< p > with the digestion of inventory and the increase of supply chain speed, the company's report inventory, accounts receivable and cash flow have been improved over the past 12 years.

In terms of inventory, due to the increase of inventory intensity in the second half of 12, the control of the futures scale with the reduction of inventory size and the increase of the speed of the supply chain make the report inventory recover from 12 years.

By the end of the year, the company's report inventory was 922 million yuan, down 2.21% from the same period last year.

Accounts receivable in the same period also fell by 0.74% over the same period last year.

In terms of cash flow, the net cash flow of operating cash reached 1 billion 392 million yuan at the end of 13 as a result of a good return of the loan and an increase in the earnings of the bank's financial products, an increase of 34.67% over the beginning of the year.

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< p > profit forecast and investment suggestion: from the development of the company for many years, although the channel mode is not flat type, but its cooperation concept of the win-win cooperation for the agents is the leading factor. It is only in the future that online and offline need synchronous development. This mode may need further changes to adapt to the future development. In addition, how to continuously enhance the comprehensive endogenous management strength is also a necessary factor to enhance competitiveness.

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Generally speaking, the company has basically gone out of its trough for the past 13 years, and has seen some improvement. In the absence of obvious signs of recovery in the terminal market demand, the company's 14 year spring and summer orders will increase by 10% and 20% respectively. In the late, with the continuous progress of the reform measures, the improvement of the company's operational health is expected to continue. It is only based on the fierce competition and the company's development mode of the casual wear industry, and how much greater performance elasticity will be required to enhance the effect. The bright spot of the company's development is mainly in children's clothing business, and the investment rating of "prudent recommendation -A" is maintained.

We expect 14-16 years EPS to be 1.58, 1.79 and 2.06 yuan respectively, corresponding to 14 years PE 18 times. In view of the large potential of children's clothing business development, and this year, the company also hopes to increase the publicity of children's clothing through a series of events, which will become a catalyst for stimulating stock prices and give certain flexibility in valuation.

Based on the possible catalyst for children's clothing business, the target price can be 14 years and 20 times PE as the center, and the target price center is 31.53 yuan.

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< p > risk warning: terminal consumption continues to be weak; direct store construction leads to further increase in sales expenses; < a href= "http://www.91se91.com/news/index_s.asp" > electricity supplier < /a > pformation can not keep up with market risks.

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