With the market in a weak state, many “slow cow stocks†in the apparel sector, such as Pathfinder, Jiumuwang, and Kanudi Road, are particularly eye-catching. What does this “nourish†these stocks?
"Daily Economic News" reporter found that the above stocks due to the rapid growth in the amount of orders this year, and after a corresponding strategic adjustment, some research institutions expect the performance of these individual stocks will show rapid growth. Among them, Pathfinder is expected to increase its net profit in the first half of the year by 30% to 45%, and Kanudi Road also expects its net profit to increase by 50% to 60%.
High growth in ordering orders and eye-catching eyeballs At present, most brands have successively completed the 2012 autumn and winter trade fairs. Overall, the price increase rate of the products has basically slowed down. Although affected by the economic environment and weather anomalies, most companies Has achieved a good growth rate of the order amount.
According to the statistics of China Merchants Securities, the amount of orders for Jiumuwang in the spring and summer of 2012 increased by 25% to 30%. The amount of orders for 2012 autumn and winter increased by 20%; the amount of orders for Canudi Road in autumn and winter of 2012 increased by 30%; Pathfinder 2012 In spring and summer, the amount of orders increased by as much as 66%, and the increase in orders for autumn and winter was also higher than 60%. Among them, the price increase ability of Jiumuwang was relatively strong, and the price increase in the spring and summer of 2012 was 15%.
Liu Yi, an analyst at China Merchants Securities, pointed out that “combining the performance of the 2012 Autumn Winter Trade Fair, although the growth rate of orders was not as impressive as in the previous two years, it still achieved stable and rapid growth and laid a good foundation for the annual growth of the business. Most high-quality companies in the country can maintain relatively rapid growth throughout the year."
Liu Yi further stated that from a year-round perspective, the growth rate of domestic apparel consumption in 2012 may be slightly lower than last year, but overall it can still maintain a relatively rapid growth. “We expect the industry’s retail sales growth rate to be approximately 10%. ~15%."
The stocks above the growth rate of the industry are worthy of attention. Analyst Mary, an analyst at Galaxy Securities, said: “We expect the interim report growth rate of over 50% for Pathfinder, Canudi Road, and Latitude; 40% to 50% There are good-looking birds, seven wolves, and so on; in 20% to 40% of the nine animal husbandry Wang, rich Anna, Aokang International; is expected to have a large decline in the performance of listed companies in cotton spinning, such as Lu Tai A, Huafu dyed, 100 Long East and so on the sliding range of more than 30%; Senma clothing due to franchisees to inventory, the performance of the report will continue to negative growth."
Expansion Expansion Ironing Growth Slowdown Risk In 2012, the apparel industry was under pressure to slow down. According to Wang Bing, a researcher at Rishen Securities, in the context of consumer upgrades, the apparel sector has long-term opportunities to benefit from the consumer goods industry. "Although short-term fluctuations in the economy are unavoidable, the consumer goods industry can still play a better defensive role under the dominant tone of a significant economic trend."
Liu Yi believes that "the company's development is divided into three phases: rapid expansion phase, stable expansion phase and endogenous growth phase. This year, it is expected that companies with rapid expansion will be able to iron out the risk of slowing industry growth." Pathfinder, Sutut Special, Kanudi Road and Langzi shares.
At the same time, comprehensively, the competitive landscape and short-term prosperity are better for men's and men's shoes. With the recovery of the industry's prosperity, there are obvious benefits of nine animal husbandry kings, seven wolves, the Annunciation and Aokang International.
In addition, although international brands continue to impact the domestic market, the development pattern of the domestic mid-tier business casual industry is relatively stable. The operation of the leading brands has been upgraded and the development is steady. The high-end business and leisure industry is facing a certain pattern of reshuffling and has certain leading strength and foundation. Brands can get faster development on a small scale. Huatai joint analyst Cheng Yuan pointed out that "the concept of business leisure is under pressure from international brands. The mid-range positioning market is dominated by Fujian brands, leading advantages are increasingly prominent, and the pattern is basically stable."
"It is worth noting that brand clothing stocks are very different, and the overall representation of the industry is also very poor, so any industry trend judgments and sub-sector choices must be settled on the selection of individual stocks." Ri Bing Securities Researcher Wang Bingru is Say.
· Pathfinders of key companies: During the golden period of industrial expansion, the industry is enjoying a better economy, and the Pathfinder (300,005, closing price of 17.52) has a strong recent trend.
On June 28, the Pathfinder announced a performance forecast that the net profit for the first half of the year was 56.6 million to 63.10 million yuan, an increase of 30% to 45% year-on-year. In this regard, Liu Yi said that in the outdoor industry, international brands have obvious advantages, but there are more first and second-tier cities, which leaves room for domestic brands to grow. From the perspective of market share allocation, overseas brands accounted for 6 seats in the top 10 brands, and their sales share accounted for 65.02%. Although the remaining 4 domestic brands have relatively low share, the growth rate is still relatively fast. This is the later period. The chase laid a certain foundation.
As far as pathfinders are concerned, in the first half of 2012, the company continued to strengthen channel construction and strengthen terminal management, and its operating revenue continued to grow rapidly. Cheung Kong Securities analyst Lei Yu said, "Pathfinder formally launched the multi-brand operation strategy in 2012: build a brand with Pathfinder as the core business, high-end leisure brand Discovery and e-commerce brand ACANU for the three brands of strategic business Strategic framework to share high growth industry cakes."
Jiumu Wang: cultivating and cultivating the growth and stability of men's trousers market, the first of the nine animal husbandry Wang (601566, closing price of 27.85 yuan) is now in a stable period of growth, according to Everbright Securities statistics, Jiumu Wang 4 to May terminal sales improved, the growth rate of more than 20% The growth rate of the same store is about 10%. It is expected that in 2012, there will be a net increase of 300 to 500 stores, mainly in the second and third quarters. It is expected that the growth of Jiumuwang's interim results will be 20% to 40%.
As of the end of 2011, Jiumu Wang had a total of 3,140 terminal channels, including 1,673 shopping malls and 1,467 specialty stores. The number of franchised stores of the company is the lowest among listed companies, and it is the focus of channel expansion in the future; and there is room for growth in the coverage and density of second- and third-tier cities, which is in line with the sinking of the channel of Jiumuwang. In addition, Ping An Securities analyst Yu Xuhui pointed out that at present, the tops and accessories of Jiumu Wang accounted for about 52%, which is lower than the level of peers 70% to 80%; in the future, the proportion of jackets, T-shirts, shirts, etc. of the company will increase year by year. , Such high gross profit and faster replacement products will help improve the company's terminal efficiency. In recent years, the company has achieved significant growth in efficiency through store upgrades and VIP management. It is expected that the flat-rate growth in 2012 is expected to be 10% to 15%.
Kanudi Road: Single-store profit continued to increase Kanudi Road (002656, closing price of 44.83 yuan) in a quarterly report, operating income of 168 million yuan, an increase of 36.48%; net profit of 54.36 million yuan, an increase of 53.38%.
Kanudi Road will have more than 30 new stores this year, and the company will speed up the opening of stores in the second half of the year. It is expected that the speed of opening stores will increase in the second half of the year. At the end of the year, 80 to 90 new direct-operated stores will be opened, and 30 to 40 franchise stores will be opened at the end of the year. The number of stores will reach 440-450.
As a high-end men's wear, Canudi Road began to hone its strengths. “Gross profit margins increased, the cost rate decreased, and the net profit rate increased significantly.†Nisshin Securities analyst pointed out that Kanudi Road gross profit margin was 66.00% in the first quarter, an increase of 1.61 over the same period last year. The percentages of sales expenses, management expenses, and financial expenses were 17.63%, 3.87%, and -0.68%, respectively, down 1.50 percentage points, 1.13 percentage points, and 1.13 percentage points year-on-year respectively.
Liu Yi believes that Kanudi Road, as the first listed high-end menswear brand, can maintain a rapid expansion rate due to corporate outreach in the past two years, and with the continuous improvement of brand image and competitive strategy and the continuation of refined operational management Strengthening is expected to achieve the company's mid-term growth target of 50% to 60%.
"Daily Economic News" reporter found that the above stocks due to the rapid growth in the amount of orders this year, and after a corresponding strategic adjustment, some research institutions expect the performance of these individual stocks will show rapid growth. Among them, Pathfinder is expected to increase its net profit in the first half of the year by 30% to 45%, and Kanudi Road also expects its net profit to increase by 50% to 60%.
High growth in ordering orders and eye-catching eyeballs At present, most brands have successively completed the 2012 autumn and winter trade fairs. Overall, the price increase rate of the products has basically slowed down. Although affected by the economic environment and weather anomalies, most companies Has achieved a good growth rate of the order amount.
According to the statistics of China Merchants Securities, the amount of orders for Jiumuwang in the spring and summer of 2012 increased by 25% to 30%. The amount of orders for 2012 autumn and winter increased by 20%; the amount of orders for Canudi Road in autumn and winter of 2012 increased by 30%; Pathfinder 2012 In spring and summer, the amount of orders increased by as much as 66%, and the increase in orders for autumn and winter was also higher than 60%. Among them, the price increase ability of Jiumuwang was relatively strong, and the price increase in the spring and summer of 2012 was 15%.
Liu Yi, an analyst at China Merchants Securities, pointed out that “combining the performance of the 2012 Autumn Winter Trade Fair, although the growth rate of orders was not as impressive as in the previous two years, it still achieved stable and rapid growth and laid a good foundation for the annual growth of the business. Most high-quality companies in the country can maintain relatively rapid growth throughout the year."
Liu Yi further stated that from a year-round perspective, the growth rate of domestic apparel consumption in 2012 may be slightly lower than last year, but overall it can still maintain a relatively rapid growth. “We expect the industry’s retail sales growth rate to be approximately 10%. ~15%."
The stocks above the growth rate of the industry are worthy of attention. Analyst Mary, an analyst at Galaxy Securities, said: “We expect the interim report growth rate of over 50% for Pathfinder, Canudi Road, and Latitude; 40% to 50% There are good-looking birds, seven wolves, and so on; in 20% to 40% of the nine animal husbandry Wang, rich Anna, Aokang International; is expected to have a large decline in the performance of listed companies in cotton spinning, such as Lu Tai A, Huafu dyed, 100 Long East and so on the sliding range of more than 30%; Senma clothing due to franchisees to inventory, the performance of the report will continue to negative growth."
Expansion Expansion Ironing Growth Slowdown Risk In 2012, the apparel industry was under pressure to slow down. According to Wang Bing, a researcher at Rishen Securities, in the context of consumer upgrades, the apparel sector has long-term opportunities to benefit from the consumer goods industry. "Although short-term fluctuations in the economy are unavoidable, the consumer goods industry can still play a better defensive role under the dominant tone of a significant economic trend."
Liu Yi believes that "the company's development is divided into three phases: rapid expansion phase, stable expansion phase and endogenous growth phase. This year, it is expected that companies with rapid expansion will be able to iron out the risk of slowing industry growth." Pathfinder, Sutut Special, Kanudi Road and Langzi shares.
At the same time, comprehensively, the competitive landscape and short-term prosperity are better for men's and men's shoes. With the recovery of the industry's prosperity, there are obvious benefits of nine animal husbandry kings, seven wolves, the Annunciation and Aokang International.
In addition, although international brands continue to impact the domestic market, the development pattern of the domestic mid-tier business casual industry is relatively stable. The operation of the leading brands has been upgraded and the development is steady. The high-end business and leisure industry is facing a certain pattern of reshuffling and has certain leading strength and foundation. Brands can get faster development on a small scale. Huatai joint analyst Cheng Yuan pointed out that "the concept of business leisure is under pressure from international brands. The mid-range positioning market is dominated by Fujian brands, leading advantages are increasingly prominent, and the pattern is basically stable."
"It is worth noting that brand clothing stocks are very different, and the overall representation of the industry is also very poor, so any industry trend judgments and sub-sector choices must be settled on the selection of individual stocks." Ri Bing Securities Researcher Wang Bingru is Say.
· Pathfinders of key companies: During the golden period of industrial expansion, the industry is enjoying a better economy, and the Pathfinder (300,005, closing price of 17.52) has a strong recent trend.
On June 28, the Pathfinder announced a performance forecast that the net profit for the first half of the year was 56.6 million to 63.10 million yuan, an increase of 30% to 45% year-on-year. In this regard, Liu Yi said that in the outdoor industry, international brands have obvious advantages, but there are more first and second-tier cities, which leaves room for domestic brands to grow. From the perspective of market share allocation, overseas brands accounted for 6 seats in the top 10 brands, and their sales share accounted for 65.02%. Although the remaining 4 domestic brands have relatively low share, the growth rate is still relatively fast. This is the later period. The chase laid a certain foundation.
As far as pathfinders are concerned, in the first half of 2012, the company continued to strengthen channel construction and strengthen terminal management, and its operating revenue continued to grow rapidly. Cheung Kong Securities analyst Lei Yu said, "Pathfinder formally launched the multi-brand operation strategy in 2012: build a brand with Pathfinder as the core business, high-end leisure brand Discovery and e-commerce brand ACANU for the three brands of strategic business Strategic framework to share high growth industry cakes."
Jiumu Wang: cultivating and cultivating the growth and stability of men's trousers market, the first of the nine animal husbandry Wang (601566, closing price of 27.85 yuan) is now in a stable period of growth, according to Everbright Securities statistics, Jiumu Wang 4 to May terminal sales improved, the growth rate of more than 20% The growth rate of the same store is about 10%. It is expected that in 2012, there will be a net increase of 300 to 500 stores, mainly in the second and third quarters. It is expected that the growth of Jiumuwang's interim results will be 20% to 40%.
As of the end of 2011, Jiumu Wang had a total of 3,140 terminal channels, including 1,673 shopping malls and 1,467 specialty stores. The number of franchised stores of the company is the lowest among listed companies, and it is the focus of channel expansion in the future; and there is room for growth in the coverage and density of second- and third-tier cities, which is in line with the sinking of the channel of Jiumuwang. In addition, Ping An Securities analyst Yu Xuhui pointed out that at present, the tops and accessories of Jiumu Wang accounted for about 52%, which is lower than the level of peers 70% to 80%; in the future, the proportion of jackets, T-shirts, shirts, etc. of the company will increase year by year. , Such high gross profit and faster replacement products will help improve the company's terminal efficiency. In recent years, the company has achieved significant growth in efficiency through store upgrades and VIP management. It is expected that the flat-rate growth in 2012 is expected to be 10% to 15%.
Kanudi Road: Single-store profit continued to increase Kanudi Road (002656, closing price of 44.83 yuan) in a quarterly report, operating income of 168 million yuan, an increase of 36.48%; net profit of 54.36 million yuan, an increase of 53.38%.
Kanudi Road will have more than 30 new stores this year, and the company will speed up the opening of stores in the second half of the year. It is expected that the speed of opening stores will increase in the second half of the year. At the end of the year, 80 to 90 new direct-operated stores will be opened, and 30 to 40 franchise stores will be opened at the end of the year. The number of stores will reach 440-450.
As a high-end men's wear, Canudi Road began to hone its strengths. “Gross profit margins increased, the cost rate decreased, and the net profit rate increased significantly.†Nisshin Securities analyst pointed out that Kanudi Road gross profit margin was 66.00% in the first quarter, an increase of 1.61 over the same period last year. The percentages of sales expenses, management expenses, and financial expenses were 17.63%, 3.87%, and -0.68%, respectively, down 1.50 percentage points, 1.13 percentage points, and 1.13 percentage points year-on-year respectively.
Liu Yi believes that Kanudi Road, as the first listed high-end menswear brand, can maintain a rapid expansion rate due to corporate outreach in the past two years, and with the continuous improvement of brand image and competitive strategy and the continuation of refined operational management Strengthening is expected to achieve the company's mid-term growth target of 50% to 60%.
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