Semir Children'S Clothing Business Continues To Work Hard To Create A Solid Retail System.

Recently,

(002563) the annual report of 2015 was released. The main business achievements were as follows: in 2015, the company achieved a total revenue of 9 billion 454 million yuan, up 16.05% from the same period last year, and realized a net profit of 1 billion 349 million yuan attributable to shareholders of listed companies, an increase of 23.53% over the same period last year.

Basic earnings per share of 0.50 yuan / share, an increase of 21.95% over the same period.

Profit distribution plan for 2015: with the capital stock as at the end of December 31, 2015, the cash dividend is distributed to 2.5 yuan (including tax) for every 10 shares of all shareholders.

Strong sales growth led to a sharp rise in revenues, and good cost control helped boost gross margins.

During the reporting period, the company increased R & D investment, and its products were favored by consumers in terms of fashion and high cost performance. The company strengthened its management of agents, enhanced the competitiveness of agents, increased the market share of products, expanded the shopping center stores, promoted the upgrading of the tenth generation shops, promoted sales promotion, increased investment in online warehousing, distribution and logistics, and increased online sales.

In 2015, the company's sales volume was 138 million, an increase of 19.29% over the same period, and its operating income increased by 16.05% over the same period last year.

Subdivided into products, casual wear and

At the same time, force:

Revenue grew 10.26% year-on-year, and children's clothing sales grew by 24.81% over the same period last year.

The cost of casual wear increased by 5.60% over the same period last year, far less than the increase in income. The cost of children's clothing increased by 26.78% over the same period last year, slightly larger than the increase in income.

In 2015, the gross profit margin of the company increased by 21.20% compared with the same period last year, and the gross profit margin increased by 1.60% compared with the same period last year.

The cost during the period has been greatly improved due to a substantial increase in stocking and inventory.

With the increase of sales scale, sales expenses increased by 21.94% over the same period, due to the increase of wages, rental fees and advertising expenses.

As the company increased R & D investment, R & D investment increased by 30.26% compared to the same period last year, driving management fees increased by 23.82% over the same period last year.

The financial cost of the company was 147 million yuan, and the income of the financial cost increased by 11 million 227 thousand and 700 yuan over the previous year, mainly due to the increase of interest income.

During the reporting period, the cost of the company increased by 24.18% over the same period.

In 2015, the inventory of goods was 1 billion 594 million yuan, an increase of 54.57% over the same period last year, mainly due to the expansion of sales scale and the development of multiple brands at the same time, resulting in increased stocking.

Extension investment continued to promote and improve the integration of industrial chain.

During the reporting period, the subsidiary of the company and the ISE company of Korea jointly invested in the establishment of Shanghai Shenzhen AI information technology company, holding 80.10% of the shares, mainly in Korea's clothing, beauty, creative home products and other cross-border businesses.

The company intends to jointly set up Shanghai Macal children's clothing company with related parties, and plans to pfer the existing brand MiniBalabala into it.

Last year, the company acquired 49% stake in child education company, Yu Han Information Technology Co., Ltd.

The company's subsidiaries set up Semir logistics investment company and Sen painting e-commerce company.

We can see that the company has invested heavily in the improvement and extension of the industrial chain.

We are optimistic about Semir brand.

The continuous force of the brand and the synergy effect of the future industrial chain integration.

It is estimated that earnings per share in the 2016-2017 years will be 0.61 yuan and 0.73 yuan, corresponding to the current valuation of 18 times and 15 times.

Maintain "buy" rating.