Semir Clothing Launched A New Strategy: Multi Brand Business Group To Join Hands With Children'S Industrial Chain.

Semir apparel makes multi brand business group + children's industrial chain. The company's strategy is very clear, and will continue to spanform into a comprehensive service provider for children's industry in the future.

Semir clothing is rare in China, which can successfully operate multi brand companies. Its children's clothing brand cluster and leisure wear brand Semir are mainly owned by Barbara brand. At present, the growth of children's wear business has exceeded the growth rate of casual wear business. (1) the proportion of children's wear has steadily improved: 2009, the annual income of children's clothing business is 24%, and the proportion of children's clothing business has increased to 39% as of 2014. (2) the gross profit margin of children's clothing business is higher than that of casual wear business, contributing nearly half of gross profit: 2014, the company's children's clothing business income accounts for 39%, because its gross profit margin is higher, accounting for 45% of gross profit. (3) the extension of children's wear business is faster than that of casual wear business: the 2010-2014 compound growth rate of Barbara brand store is 7%, much higher than that of Semir brand.

The children's wear industry has developed rapidly, the industry concentration degree and the scale of the related industry chain are large, which is conducive to the development of the leading brand balbara. (1) children's clothing industry is sunrise industry: it is expected that the market scale will reach 1352 billion yuan in 2015, an increase of 7% over the same period last year, and the "two child" policy will be liberalized and the "4+2+1" unique family structure will accelerate the development of the industry and upgrade consumption. (2) the market concentration of children's clothing industry is low: at present, our country's first children's wear brand is only 3.1% of the bala Bara City, while the United States ranked No. 1 in the children's wear brand Carter 'S S market share. Balbala has the scale advantage as the industry leader, and its growth rate is higher than other brands in recent years. (3) the industry related industry chain is large: in recent years, children's services have developed rapidly, including children's animation, film and television, children's publishing and children's education. According to the Ministry of culture, the annual output value of the animation industry will reach 125 billion yuan in 2015.

The emerging channel shopping center and the explosive growth of e-commerce are one of the main driving forces for the development of children's clothing business in Future Ltd. (1) at present, children's clothing is still in the stage of extension. Shopping Mall The store will break out: the main brand balbara is expected to open 400-500 stores in 2015, and minibala and dream store are expected to open 70-80 stores each year. It is estimated that 20% of the Barbara stores will be opened in shopping centers, shopping centers and stores can provide one-stop services, and the future shopping centers will be one of the main expansion channels for the company. (2) the electricity providers will maintain high growth. In the year, it is expected to launch a pure e-commerce children's clothing brand: 2014 year old children's clothing business income is about 400 million yuan, and the company's target is 7 billion yuan in 2015. In addition, the company will also launch a pure e-commerce brand for children's wear, with the high quality and low price of single products as the breakthrough point, and rush to occupy other brands including the "Amoy brand" share.

The spanfer of stock ownership will bring a new chapter to the development of the company, create a multi brand business group + children's industry chain strategy clear, and maintain buy rating. March 31, the company announcements of controlling shareholder Semir group And Semir investment will spanfer 59% Semir clothing shares to 7 natural persons including Qiu Guang and other company executives. According to convention, if a listed company considers tax avoidance, it usually chooses to spanfer shares at a low point, so we can interpret the news as positive. If the subsequent reduction is mainly due to the increase in stock liquidity, executives will have confidence in the future development. We maintain a forecast of EPS for 2.00/2.32/2.68 in the 15-17 year, corresponding to PE 23/20/17 times, taking into account the resumption of growth in the company's casual wear business. Children's wear And the children's industrial chain has broad prospects. The company's current monetary fund plus financial management is 5 billion 300 million yuan, which can be used to extend sufficient funds and maintain a buying rating with a target price of 60 yuan.

At present, the company has announced the participation of Yu Han Shanghai (holding 49%, its useful "genius baby" and "little earth" two early education brand), Semir group in Wenzhou to build Barbara town (comprehensive children's theme shopping center) will open this year, we expect the company's future extension direction is children's industrial chain, such as children's Internet games, children's animation, film and television, and so on, can be combined well with Barbara.