Semir's Brand Is Improving And Its Valuation Is Improving.

< p > < strong > fundamentals continued to improve, inventory level entered health level < /strong > < /p >
< p > Semir has gone through more than a year of inventory clearance, and the inventory level of the company has entered a healthier level. The existing inventory is mainly for products to be sold. Product quality improvement, supply chain speed up, sales growth in the second half of this year, more than 10% sales, while the franchisee sales confidence continued to increase, 14 years spring goods orders, leisure and children's clothing orders to achieve positive growth. < /p >
< p > < strong > strengthening supply chain integration and actively preparing for the business of electricity supplier < /strong > /p >
< p > supply chain is reversing (production capacity is concentrated in large factories, overseas brands and domestic brands are scrambling for supply factories). Therefore, the company vigorously strengthens supplier relationship, which can cope with UNIQLO and other grab orders, and form the advantage of electronic commerce brand (continuous large order), and at the same time, it can ensure fast delivery of its products. < /p >
< p > attach importance to the development of < a href= "//www.sjfzxm.com/news/index_c.asp > > the business of electricity business < /a >. At present, we will have 30% gross profit in order to save money. Children's clothing business will sell new products in e-commerce in the 13 winter, 14 year sales line dedicated supplies, casual clothes business has accumulated 1 million 800 thousand customers, and actively promote business. < /p >
< p > < strong > marked BELLE and < a href= "//www.sjfzxm.com/news/index_c.asp > attachment" /a ", the company will firmly develop a multi brand strategy < /strong > /p >
< p > by acquiring GXG, acting overseas brands or establishing joint venture brands (high grade children's wear in foreign countries, < a href= "//www.sjfzxm.com/news/index_c.asp" > men's wear > /a, women's wear), self-employed women's clothing and other means, the company's brand has nearly 10. We believe that the economic downturn provides an opportunity for mergers and acquisitions. In the 13 year, BELLE also acquired some footwear and clothing brands. Semir has been playing the role of followers in the past, but since 13, through horizontal mergers and acquisitions, the company has been ahead of other competitors in strategic development. The impact of the merger and acquisition of GXG has been gradually digested. Although the new brand can hardly make profits in the short term, it will provide multiple impetus to the company's performance in the medium and long term. Therefore, we believe that the multi brand matrix model is conducive to the improvement of company valuation. < /p >
< p > < strong > fundamentals continue to improve, valuations continue to improve, optimistic about the company's long-term development < /strong > /p >
< p > inventory problem is basically solved, cost control and control results are remarkable, and the growth rate of the 14 year order will be positive, which determines the trend of V reverse. Without considering the GXG business and the table, we predict that the EPS in the 13 year will be 1.32 yuan, an increase of 16.1% over the same period. At the same time, companies involved in the concept of private banks, but also help to pick up the valuation. The 13 year valuation is 19.4 times, maintaining the rating "buy". < /p >