Societe Generale Technology: Industry Downturn, Overseas Business Or Highlights

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< p > A share market is the only investment target of leather manufacturing industry.

The company is the leading enterprise in leather manufacturing industry and the sole target of A share listed companies.

In the first half of this year, net profit in the first half of this year is expected to decline by 0-30%.

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< p > < a href= "http://sjfzxm.com/news/index_x.asp > > /a > entry into the overseas brand supply chain is expected to become a new growth point.

With the continuous improvement of product quality and the establishment of overseas channels, the company's overseas business is growing rapidly.

Through in-depth cooperation with downstream brands and designers, the company is expected to enter the overseas high-end brand supply chain, thereby enjoying the benefits brought by the growth of global luxury demand.

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< p > environmental protection is stricter and industry supply is shrinking, leading enterprises are good.

Environmental factors are becoming an important promoter of the development of the industry.

Starting in July 1, 2014, leather manufacturers under all sizes will be forced to close down. In addition, enterprises in recent years are going down, and the industry concentration is expected to further improve.

And the company as a leading domestic leather manufacturing enterprises, is expected to benefit.

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< p > > a href= "http://sjfzxm.com/news/index_x.asp" > traditional < /a > the possibility of replacing the new material such as superfine fiber is not high.

Leather products are positioned at the top end. With the improvement of the living standard of residents, the demand and recognition level of leather products is increasing.

We believe that although the products such as microfiber will replace some low-end products, the demand for leather goods will not be greatly affected.

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< p > risk warning: economic downturn.

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< p > earnings forecast and Valuation: we expect the company to spend 14-16 years EPS 0.66 yuan, 0.77 yuan and 0.88 yuan, corresponding to 2014 PE 18 times, for the first time to give "overweight" < a href= "http://fz.sjfzxm.com/" > /a >.

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