Performance Of Semir Apparel This Year

Competitiveness continues to improve: with the evolution of the competitive environment of the electricity supplier, the traditional leading enterprises show their advantages in product capabilities. At the same time, Semir will benefit from the marketing capabilities of the subsidiary companies of the company, and the competitiveness of the company will remain stronger than the industry in the field of electricity supplier.

In the first half of 2016, Semir apparel was also the main online brand while the overall electricity supplier expects sales to grow by 100%.

Continuous integration of high-quality resources in the industry: the performance advantage and market position accumulated by the company will further enhance its influence on upstream and downstream partners.

High quality industry resources, such as garment processing plants, agents and terminal resources, continue to gather at Semir.

In this process, the company takes advantage of existing management advantages to drive partners to enhance their related capabilities, so as to consolidate competitiveness in fashion trends, product cost performance, shopping experience and so on.

The growth of R & D expenditure is high, and the competitiveness of products is improved significantly. The design and R & D capabilities of products are the core competitiveness of light assets clothing enterprises. The investment of R & D in the past 5 years has reached 407 million yuan, up 4%, 13%, 22%, 56% and 30.26% over the same period.

The gap between R & D level and international standard has been narrowed far beyond other brands in the same industry.

The company can integrate international design resources and local teams to provide products with both international design standards and domestic market characteristics for the market.

And children's clothing industry leading brand, revenue and profit growth of casual wear business has undergone 2 years of adjustment, 2015 returned to normal track, to the first quarter of 16, the growth rate remained at around 10%, thus promoting overall performance growth.

Children's clothing business leads, channels are sound, brand influence is high, in the past maintained more than 20% of the income growth, 2015 and the first quarter of 2016, the overall income growth of not less than 16%, profit side growth was 21.8%, 18.69%.

Earnings forecasts and investment ratings: we expect the net profit of the parent companies in 2016, 2017 and 2018 to be 1 billion 604 million, 2 billion 99 million and 25.97 billion yuan respectively. According to the latest capital stock, the corresponding diluted earnings per share are 0.60 yuan, 0.78 yuan and 0.96 yuan respectively.

Taking into account the rapid development of children's clothing business, the steady business of casual wear and the further development of e-commerce business, the company's valuation is at a low level in the industry, and we maintain the "buy" rating.

Risk factors: retail terminal brand image management, franchisee management, global fast

Gradual participation in competition, stability of family businesses