Semir: Multi Brand Is In Stable Layout

In the multi brand stable layout, itMICHAA has more than ten stores, MarcO 'Polo is 2 stores, and will steadily advance in 15 years.

The brand of e-commerce has grown steadily since its launch in 14, and the sales of light down clothing series are better.

On the layout of children's comprehensive industrial chain, the company signed a purchase agreement with Hongkong Rui Zhi group limited in July 14 (buying its 70% stake in Yu Han Shanghai) into the early education industry, and signed a supplementary agreement in February 15, and changed it to buy 49% stake, mainly because of the consideration of Yu Han's management and employee equity incentive needs.

The Wenzhou group, a dream town (200 acres, 40 thousand square meters, and 200 million investment) is expected to open in the year.

15 winter orders will increase Bara's growth rate by 30%, Semir's growth by 15%, and pay attention to the layout of children's comprehensive industrial chain.

Semir's casual wear business has undergone 3 years of adjustment and closing of nearly 1000 stores. In the second half of 14 years, it will usher in a turning point. In the next 15 years, it will resume the right track and restart the shop. The shop will be located in the prime location in the next 15 years. It is expected that the franchisee will launch a direct management mode in the future, that is, the franchisee is responsible for rent and personnel wages, and the company is responsible for ordering from the order.

Comprehensive guidance.

In addition, at present

The main brand plan is to build the best international supply chain team in China, and introduce foreign expatriates with multinational brand operation experience.

Barbara's children's clothing is growing steadily, and the leading edge is becoming more and more obvious.

Market share has risen from the top 2% to 4%.

The company recently held a 15 year winter order meeting, estimated Bara to grow by 20% and Semir to grow by 10%.

And with the company's supply chain integration brought about by the steady increase in gross margin, the scale effect reflects the cost rate decline, net profit is expected to achieve more than the growth rate of income.

Judging from the terminal situation, 1-2 months estimated that Semir grew by 15% and Barra increased by 30%.

Considering that the growth rate of children's clothing business is over expected, the supply chain is adjusted to raise gross margin, the company adjusted 15-17 years EPS to 2.06, 2.6 and 3.2 yuan, corresponding to 21 times the value of 15 years, maintaining the "buy" rating.

The company has plenty of cash on its books and does not rule out the possibility of future child industry layout, such as animation, film and television.

The company's restricted stock was lifted in March 15.

Risk warning: terminal risk; risk of merger misalignment.