Can Semir Become A Steed After Pformation?

< p > Semir < a target= "_blank" href= "//www.sjfzxm.com/" > clothing < /a > the company has changed greatly in the past half year, and all aspects are in the process of positive improvement.

From the short-term measures, the company's resolute handling of inventory, strict control of various costs, strengthening sales efforts, reducing shop purchases and other initiatives gradually showed results.

Through the sale of off season stocks at low prices, the gross profit margin of the Q3 quarter decreased by 5.4% compared with the same period last year. At the same time, the company also increased the provision for the depreciation of the inventory, and the company cancelled the stocking order and organized the production entirely according to the 13 year order amount. Therefore, we expect that the company inventory problem in the first half of 13 years should be reduced to a reasonable level.

In terms of controlling costs, the company has reduced advertising costs and controlled costs in daily operations. Meanwhile, the company has adjusted the strategy of buying shops again, and the future purchase of shops will be more cautious.

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< p > the company should pay more attention to sales. The direct store should not only assume the responsibility of image building and training, but also become a profit center. Therefore, we should strengthen the store's profit generating ability by implementing the competition system, display layout reconfiguration and Amoeba mode.

From a long-term perspective, the company has strengthened the strategy of product driven sales, including extending the target market age from 16-25 to 16-30 years old, adding accessories accessories and < a target= "_blank" href= "//www.sjfzxm.com/" > shoes < /a > products, promoting the buying system to achieve the design of fashion.

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< p > > a href= "//www.sjfzxm.com/" > clothing industry < /a > the worst time has passed. The company's store revenue has shown a positive growth: the actual growth rate of clothing industry has been rising since September, indicating that the worst situation in the industry has passed.

Since the Q4 season, the company's store revenue has increased by about 10%, indicating that the improvement of sales ring ratio is more obvious.

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< p > 12 shops grew by 500-600 in recent years, and 13 years will maintain a steady growth rate. It is expected that there will be an improvement in the order in spring and summer. This year, there are 150-200 stores in the company and 500-600 shops in the net growth, of which Semir accounts for more than half, and the growth rate of the company shops in 13 years will remain stable.

From the case of 13 spring and summer orders, the amount and price of the order increased slightly over the same period. This shows that with the stock removal, the confidence of the franchisee has stabilized and has a more stable expectation for the 13 year.

Earnings forecast: Although quarterly profit growth is still negative, we believe that the company's performance has entered a V reversal period since the Q2 season. The 13 year Q2 season should be able to achieve positive growth.

The EPS is expected to be 1.1 yuan, 1.23 yuan and 1.44 yuan in 12-14 years. The company has a good management structure and is optimistic about the development of the company after the reform, maintaining the "overweight" rating.

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