Semir Apparel Is Expected To Improve Quarterly In 2013.

< p > Shenyin and Wanguo released the Research Report of Semir < a target= "_blank" href= "//www.sjfzxm.com/" > dress < /a > in April 23rd. The annual report of EPS was 1.14 yuan, and net profit decreased by 38.2% compared with the same period last year, and its performance was in line with expectations.

The company's sales revenue was 7 billion 60 million yuan, down 9% compared with the same period last year. The net profit attributable to shareholders of listed companies was 761 million yuan, down 37.8% from the same period last year, or EPS 1.14 yuan, which is in line with the notice in the performance bulletin.

Fourth quarter business income of 2 billion 450 million yuan decreased by 3%, net profit 290 million yuan decreased by 31%, income and net profit decline narrowed compared with the first three quarters.

In 2012, the profit distribution plan paid 10 yuan cash dividends (including tax) for every 10 shares.

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< p > gross profit margin decreases and the rate of increase in period costs leads to a sharp decline in net interest rates and an improvement in asset quality.

The decrease in franchise revenue resulted in a 12 year decline in overall income: casual wear fell by 12.6% year-on-year, with direct sales rising 43% and joining 18%, while children's clothing increased by 3%, with direct sales rising 63% and joining 4%.

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< p > the company's efforts to increase inventories resulted in a 3.6 percentage point drop in gross margin to 33.8%, a 3.4 percentage point increase in sales costs to 15%, and a 0.4 percentage point increase in management fees to 3.2%. Net interest rates dropped sharply by 5 percentage points to 10.8% under the influence of gross margin and rising cost.

Accounts receivable decreased by 10.8% to 660 million compared with the beginning of the year, and inventories decreased by 1.1% to 1 billion 80 million. The company's optimization of purchasing capital payment led to a significant increase of operating cash flow from 173% to 1 billion 30 million yuan over the same period, and the overall asset quality has improved.

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< p > 13 years, the company will actively promote meticulous management, enhance product strength, and gradually expand from extension to endogenous growth.

After 12 years of terminal consumption downturn, the company has made changes through measures such as shutting down unprofitable shops, streamlining organizational structures, upgrading product structure and improving retail capabilities.

By the end of 12, the total number of stores was 7728, of which 4420 were Semir, and 3308 were balbala, but the efficiency was relatively low. In the 13 year, the company will comply with the trend of the industry, shift from simple extensive extension to endogenous growth mode to enhance the comprehensive management capability, and enhance product strength and product differentiation.

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< p > expected a quarterly decline in performance is narrowed, and is expected to increase by quarter.

The casual wear industry is in pition, and short-term performance is still under pressure.

For 13-15 years, EPS is 1.19/1.30/1.48 yuan, corresponding to PE is 16.4/15.0/13.2 times. The company's annual performance is expected to be low before and after high.

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