Semir Shopping Center Stores Become The Future Trend

Semir apparel has enjoyed steady growth.

This year's operating income reached 8 billion 147 million 133 thousand and 800 yuan, an increase of 11.7% over the same period last year, operating profit of 1 billion 474 million 123 thousand and 700 yuan, an increase of 19.26% over the same period last year, and net profit attributable to shareholders of listed companies was 1 billion 92 million 260 thousand and 100 yuan, up 21.09% over the same period last year.

Earnings per share were 1.63 yuan, slightly higher than we expected (1.56 yuan). The company intends to distribute cash dividends of 10 yuan (including tax) for every 10 shares and increase 10 shares.

Endogenous growth.

With the upgrading and differentiation of consumption, the public's pursuit of high performance price ratio is becoming more and more obvious. Fashion and individualization of products become the key to grasp young consumers.

The company's casual clothing actively caters to the market demand, focuses on products, improves product competitiveness, reversing the downward trend in annual performance, and achieves operating income of 4 billion 903 million 195 thousand and 300 yuan, up 4.69% over the same period last year.

Children's wear business has maintained rapid development.

Semir's children's wear brand balbala has 3540 stores in the country, covering 1234 cities, and its brand awareness and market share ranks first in China.

With the continuous escalation of family consumption, the children's wear market has entered a period of rapid development. The company has created a good brand image with a high quality product and a price at the middle end, and has a stable customer base. During the year, the children's clothing business realized 3 billion 167 million 113 thousand yuan of business income, an increase of 24.91% over the same period, and it has continuity.

The company has enough cash flow to find the right cash flow.

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At the end of the reporting period, the company's Monetary Fund reached 4 billion 47 million yuan, its cash reserves were very sufficient, and the company's asset liability ratio was relatively low, without long and short term loans, and the company's financial position was relatively stable.

The company is optimistic about the industries related to children's clothing, such as animation, education, film and television, publishing and so on. These subdivision industries are in the bud or growing stage. The company is also doing this work and exploring cross domain cooperation.

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Reputation; 2) the company believes that shopping centers will become the mainstream of offline channels, and has reached strategic cooperation with Wanda and other commercial real estate. It plans to set up 300-500 square meters of large children's wear experience stores in the shopping center to enhance the image and influence of the first children's clothing brand in China; and the large shops that are stationed in the shopping centers at the initial stage are mostly directly managed by the company to enhance the confidence of the franchisees in purchasing the central stores. 3) the online business of the company has also developed rapidly, and the sales of children's clothing ranks first. At present, the company's online business is mainly based on new products, and it is also an effective channel to deal with inventory. In the future, it will continue to increase the proportion of new products to achieve the same price sale on line and online, and will launch online customization to meet the needs of more users. 1) the company will vigorously promote the multi brand strategy of casual wear, speed up the opening speed of it MICHAA and Marc Opolo brand in the domestic business and shopping centers, and further enhance the brand.

We expect the company's EPS for 15-17 years to be 1.94 yuan, 2.33 yuan and 2.80 yuan respectively, corresponding to PE 21.94 times, 18.28 times and 15.22 times respectively.