"Semir Dress" Rating Upgrades The Establishment Of Multi Brand Apparel Performance Inflection Point

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< p > < a href= "http://sjfzxm.com/news/index_s.asp > > Semir dress < /a > rating from" prudent recommendation "to" recommended ".

The company's net profit in 2013 increased 19.1% to 910 million yuan over the same period, and the performance inflection point was established as scheduled. The order meeting and the recent sales figures will be better and the future growth will be strong.

At present, the leisure business has been adjusted, and 2014 young players have been put into battle. The children's clothing business continues to develop rapidly, and the multi brand strategy continues to advance. The funds are strong enough to maintain high cash dividends, and value investors can pay more attention to it.

Raise target price 8% to 38.7 yuan, have 32.5% rise space.

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< p > Semir is the first line of domestic casual wear, < a href= "http://sjfzxm.com/news/index_s.asp" > brand > /a >, the recovery growth can be expected.

The inventory in 2013 has cleared up and will gradually promote the direct management of channels.

In the future, the scale advantage will be more obvious for the procurement cost. At the same time, with the enhancement of consumer brand awareness, the first-line brand will occupy the market share of the two or three line brand and the brand name.

Revenue growth is expected to be around 15% in the next 3 years (10% in spring and summer).

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< p > > a href= "http://sjfzxm.com/news/index_s.asp" > Barbara < /a > is the first brand of children's clothing worthy of the name, which has broad development space.

Domestic children's clothing industry is still in the stage of rapid development, and 80 and 90 parents pay more attention to the product's professional, health and fashion, and brand aggregation is stronger than other sub sectors.

Balbala has built up a higher brand stickiness and influence, 2.5% of the market share is far more than the same industry, but compared to the US market Carter 's 12% or so, there is still much room for improvement.

It will also benefit from the opening of a second child and subsequent possible policy initiatives.

Revenue growth is expected to exceed 25% over the next 3 years (20% area expansion and 20% in spring and summer).

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P > multi brand strategy is promoted, which brings the contribution of medium and long term performance.

Mainly through mergers and acquisitions or high-end brand agents, to expand the market segmentation, improve product layout, to meet the needs of family clothing.

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< p > monetary fund is about 4 billion 500 million yuan, and its cash flow is steady. Since its listing, it has maintained a cash dividend of 1 yuan a year, and expects to maintain a high proportion of cash dividends in the future.

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< p > taking into account the rapid development of children's clothing business and the resumption of growth in leisure wear, the profit forecast for 2014 was 4.6%, and the net profit in 2014-15 years increased by 21.2% and 26.3% respectively, corresponding to earnings of 1.64 yuan and 2.07 yuan per share.

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< p > Semir is domestic casual wear and < a href= "http://sjfzxm.com/news/index_s.asp" > children's wear "/a" leading. In the future, it will benefit from increasing industry concentration and gaining scale growth faster than the average level of the industry.

They gave leisure and children's clothing business 15 and 25 times target price earnings ratio in 2014, plus 4 billion 500 million yuan or so, and the reasonable market value should be 26 billion yuan, corresponding to the price of 38.67 yuan per share.

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