• <abbr id="ck0wi"><source id="ck0wi"></source></abbr>
    <li id="ck0wi"></li>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li><button id="ck0wi"><input id="ck0wi"></input></button>
  • <abbr id="ck0wi"></abbr>
  • <li id="ck0wi"><dl id="ck0wi"></dl></li>
  • Home >

    Red Dragonfly Shoe Industry High Inventory, Low Gross Profit

    2014/5/5 13:32:00 42

    Red DragonflyShoe IndustryInventory

    < p > here, the world is < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > a target= "_blank" href= "_blank".

    < /p >


    < p > inventory is undoubtedly the biggest chronic disease of Chinese clothing and footwear enterprises.

    < /p >


    < p > recently, Zhejiang Red Dragonfly (Red Dragonfly franchised store) footwear Limited by Share Ltd (hereinafter referred to as "Red Dragonfly") disclosed that the prospectus is going to land on the Shanghai stock exchange. This is the third footwear manufacturing company that may enter the A share market after Saturday (002291.SZ) and AOKANG (AOKANG store) International (603001.SH). However, the high inventory and far below the gross profit margin of the same industry make its landing on the capital market full of worries.

    < /p >


    < p > < strong > inventory and accounts receivable < /strong > < /p >


    < p > "inventory is a chronic disease."

    In an interview with the first financial daily, a PE organization in Shanghai said, "our company never put on clothing and footwear manufacturing enterprises, it is worried about inventory problems.

    At the same time, many companies recognize the revenue after selling the goods to the distributor, causing a lot of accounts receivable problems.

    < /p >


    < p > for the red dragonfly, the problem of inventory and accounts receivable seems to be troubled in recent years.

    < /p >


    < p > the development of red dragonfly in recent three years is still ideal (ideal store).

    Prospectus shows that in 2013, the overall economic downturn achieved a net profit of 257 million yuan, down 12.44% compared to 293 million yuan in 2012.

    Meanwhile, AOKANG International's net profit fell by 50.41% over the same period, and its net profit fell 39.91% on Saturday.

    < /p >


    < p > for this reason, the Red Dragonfly explained that the net cash flow generated by business activities in 2013 increased by 308.76%, because the company's sales revenue increased by 179 million yuan that year, resulting in a substantial increase in cash inflows and a substantial reduction in cash flow from purchases.

    But access to information found that the rapid growth of operating income is accompanied by a sharp increase in accounts receivable.

    At the end of 2012, red dragonfly receivables amounted to 293 million yuan, but by the end of last year, the figure had increased to 411 million yuan, and the increase was 40.27%.

    By contrast, its operating income has increased by only 5%.

    < /p >


    < p > inventory is also increasing significantly.

    Prospectus shows that at the end of 2011, the end of 2012 and the end of 2013, the book value of the company's inventory was 497 million yuan, 606 million yuan and 623 million yuan respectively.

    At the end of 2013, the value of stock accounted for 41.27% of current assets, accounting for 23.53% of total assets.

    The book balance of inventory goods is 615 million yuan, accounting for 92.44% of total inventory, which is the main component of final inventory.

    < /p >


    In the same period, the average book value and current assets ratio of the industry was only 33.94%. The level of Red Dragonfly 42.90% was obviously higher than that of P, and the data in recent three years are all the same.

    According to the company, although inventory management has been strengthened to control the stock size and keep the inventory at a reasonable level required for normal production and operation, it will adversely affect the operation if the market environment changes or competition intensifies in the future, resulting in backlog or impairment of inventory.

    < /p >


    < p > < strong > gross margin is much lower than that of peers < /strong > < /p >


    < p > compared to A share < a href= "http://www.91se91.com/news/index_s.asp" > market < /a > Hot cultural plate high gross profit margin, the gross profit margin of manufacturing industry has declined sharply.

    But for the red dragonfly, its gross profit margin is much lower than that of the same industry listed companies.

    < /p >


    < p > prospectus shows that in 2011~2013, the gross profit margin of main business of the company was 34.43%, 35.61% and 35.43% respectively, while the consolidated gross profit rate of the company was 34.05%, 35.49% and 35.13% respectively.

    In 2013 1~6, the industry average gross margin level was 53.01%, while the Red Dragonfly's gross margin was only 36.11%. In 2011, the average gross profit margin of ~2012 was 53.73% and 52.59% respectively.

    < /p >


    < p > it is not hard to see that the profit margin of red dragonfly is much lower than that of peers in the margin of gross margin of nearly 20 percentage points.

    In this regard, it explained that the company's consolidated gross margin is lower than other listed companies in the same industry because of the different channel structure of the company and other companies.

    But the data found that even the AOKANG international, which is the same as the red dragonfly in the same way as the direct channel, is also higher than the red dragonfly, the overall gross interest rate of AOKANG international in the first half of 2013 is 41.22%, which is higher than the 5 percentage points of the Red Dragonfly shoe industry.

    < /p >


    < p > it is worth mentioning that the gross margin is lower than that of peers, and the asset liability ratio is much higher than that of peers.

    Data show that in 2011, 2012 and the first half of 2013, the asset liability ratio of the "a href=" http://www.91se91.com/news/index_x.asp "Red Dragonfly < /a" footwear industry reached 58.31%, 52.98% and 46.02% respectively, while the average debt ratio of the industry in the same period was only 30.14%, 28.81% and 27.08%.

    < /p >

    • Related reading

    Gap New Creative Director To Create Practical Clothing

    Enterprise information
    |
    2014/5/2 22:17:00
    85

    耐克以為用戶造夢(mèng)為營(yíng)銷核心

    Enterprise information
    |
    2014/5/2 13:39:00
    47

    Adidas Took 5 Years To Bring Down The King Of Adidas.

    Enterprise information
    |
    2014/5/2 12:29:00
    442

    In The First Quarter, The Number Of Sales Units In The Same Store Increased.

    Enterprise information
    |
    2014/5/2 12:17:00
    44

    "Go Out To Save Wild Camels", St. John's, Join Hands With Land Rover Club Lop Nor Public Adventure Activities To Start Dunhuang.

    Enterprise information
    |
    2014/4/30 14:04:00
    17
    Read the next article

    US Bond Huge Financing Coupon

    In the end of last month, the United States issued 700 million yuan financing bonds to supplement liquidity and repay bank loans. At the end of last month, it announced the first quarter revenue and net profit over 10%. The announcement of the announcement yesterday that the first phase of the 2014 short-term financing coupon of the company has been completed in accordance with the relevant procedures in the national inter bank bond market. The issue scale is 700 million yuan, with a period of 3

    主站蜘蛛池模板: 1000部又爽又黄的做黄禁片| 四虎影视永久免费观看| 亚洲成av人片在线观看无码| a级精品国产片在线观看| 福利视频一二区| 幸福宝隐藏入口最新章节免费阅读小说| 成人免费观看网站| 嘿咻视频免费网站| 中文字幕一区二区三区乱码| 老师的胸好大好软| 成年人免费看片网站| 国产成人无码av| 亚洲av无码片区一区二区三区| 2020欧美极品hd18| 最近免费中文字幕mv电影| 国产无套粉嫩白浆| 2021国产精品视频网站| 深夜福利网站在线| 国内精品伊人久久久久妇| 亚洲深深色噜噜狠狠爱网站| 91精品免费看| 欧美交性又色又爽又黄| 国产日韩欧美三级| 久热中文字幕在线精品免费 | 日韩人妻无码精品一专区| 国产成人三级经典中文| 久久亚洲精品国产亚洲老地址| 西西人体44rtwww高清大但| 无主之花2025韩语中字| 十六一下岁女子毛片免费| caoporm在线视频| 欧美综合自拍亚洲综合图片区| 国产精品无码无卡在线播放| 九九在线精品视频| 色噜噜狠狠狠狠色综合久一| 性无码专区无码| 亚洲色欲久久久综合网东京热| 4455永久在线观免费看| 日韩欧美一区二区三区免费看| 国产www视频| 久久人妻av无码中文专区 |