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Semir Manages "Inflection Point" To Establish Good Looks For Children'S Wear And Multi Brand Mergers And Acquisitions

2013/10/31 9:26:00 26

Semir Children'S Wear Semir'S Multi Brand Merger

> a href= "http://sjfzxm.com/news/index_f.asp" > Semir apparel company < /a > the first three quarters of 2013, operating income and net profit increased by 6.85% and 16.48% respectively, including third quarter single quarter operating income and net profit respectively increased 4.86% and 18.76% compared with the same period last year. Net profit after deducting Non Profits increased 47.48%. In the first three quarters, the gross profit margin of the company increased slightly by 0.8 percentage points from the same period last year, and the trend of the company's gross profit margin in the first quarter of the third quarter declined year-on-year, a sharp increase of 4.99 percentage points over the first half of this year. 
 the first three quarters of the year, the gross profit margin of the company increased by 0.8 percentage points from the same period last year. The trend of the company's gross profit margin in the first half of the third quarter fell year by year, a sharp increase of 4.99 percentage points compared with the same period last year, which partly reflected the sharp relief of the company's inventory pressure. The effective control of the period cost is still the main factor that drives the company's net profit growth to exceed the sales growth rate this year. The first three quarters of the company's annual fee rate dropped by 2.44 percentage points compared with that of the previous year, and the sales expense rate dropped by 2.17 percentage points compared with that of the previous year. 
 the first three quarters of the year, the net cash flow of business activities increased by 135.02% compared with the same period last year. The balance at the end of the quarter increased by 18% compared with the beginning of the year, and the annulus ratio increased by 18.32%. The accounts receivable decreased by 7.55% compared with the beginning of the year. Due to the increase in the margin required to the supplier and the buyer in the acquisition, its receivables increased by 243.28% at the end of the quarter compared with the beginning of the year. 
 three quarterly report once again verify the establishment of the company's turning point, and the future is optimistic about < a href= "http://sjfzxm.com/news/index_s.asp" > children's wear > /a > business and multi brand mergers and acquisitions. In our previous report, we repeatedly stressed that the company is one of the few enterprises in the industry that has already gone out of the turning point. Future Ltd's Semir brand still has challenges. But balbala's leading position in children's wear is becoming more and more stable. In the later stage, the development of the brand group is expected to maintain a sustained growth of about 20%. At present, the company is discussing a more favorable plan for GXG matters. We expect that there will be a conclusion before the end of the year. If the acquisition of GXG is completed, the company will increase its profit growth by more than 25% in 2014. We are optimistic that the company will rely on abundant funds for the development of multi brand group operation. If the acquisition of GXG is completed, in 2014, the company is one of the more likely varieties in the industry. 
 without considering GXG and table, we maintain the company's 2013-2015 year earnings forecast of 1.32 yuan, 1.56 yuan and 1.87 yuan respectively, maintaining the company's 18 times PE valuation in 2014, corresponding to the target price of 28.08 yuan, maintaining the company's "overweight" rating. 
 domestic brand < a target= "_blank" href= "//www.sjfzxm.com/" > dress < /a > the risk of continuous downturn of retail terminal and the integrated management risk of multi brand strategy.