"Luo Lai Home Textile" Performance Decline In 2013, Equity Incentive Fear Brewing

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< p > < a href= "http://sjfzxm.com/news/index_c.asp >" Luo Lai home textile "/a > 3 quarter single quarter income decreased by 16.2%, while the company's 1 and 2 quarter year-on-year growth rate was 0.17% and 9.61% respectively. Wang Wei, an analyst at China Merchants Securities, believes that the demand for terminal products has been sluggish, and the enthusiasm of franchisees to replenish goods is not high, leading to the biggest decline in revenue in the 3 quarter since the beginning of the year. < /p >
< p > > strong > 002293.SZ has suffered the biggest decline since the beginning of the 3 quarter, and the company's equity incentive plan in 2013 was feared. < /strong > < /p >.
< p > three quarterly reports show that the company achieved operating income of 1 billion 723 million yuan in the first three quarters of 2013, down 6.8% compared to the same period last year, and realized net profit of 237 million yuan, down 6.3% compared to the same period last year. < /p >
< p > in the single quarter, the company's operating income in the third quarter was 645 million, down 20.5% from the same period last year. Net profit was 100 million yuan, down 16.2% from the same period last year. < /p >
< p > it is worth noting that the 1 quarter and the 2 quarter growth rate of single quarter year-on-year growth were 0.17% and 9.61% respectively. < /p >
< p > the company's revenue in the 3 quarter has declined sharply. Wang Wei, an analyst with China Merchants Securities, believes that the demand for terminal products has been sluggish, and the enthusiasm of franchisees to replenish goods is not high, resulting in the 3 quarter's biggest decline since the beginning of the year. < /p >
< p > Wang Wei analysis, although terminal inventory is stimulated by a series of promotional activities, after nearly 1 years of digestion, franchisee terminal pressure has eased, but is constrained by the current market environment continues to be sluggish, franchisee replenishment enthusiasm is not high. At the same time, direct sales terminal sales also did not improve significantly in the earlier stage. Therefore, in the 3 quarter, the revenue declines were more obvious when the base was raised. < /p >
< p > reporter noted that the company announced the equity incentive plan in January 2013, and intends to give 3 million 500 thousand shares of stock options (including 300 thousand reserving) to 220 core management and business (Technology) personnel. The incentive object can be divided into three stages of exercise (the proportion of reserved part of the exercise rights is the same) in the proportion of the total amount of stock options granted, 1 years after the full date of the authorization, and the proportion of the 30%, 30%, and 40% of the total stock options granted, and the exercise price is 43.49 yuan. < /p >
< p > exercise right conditions, for 2013-2015 years, the company's annual net assets yield (after deducting non recurring gains and losses) is not less than 16%, with 2012 as the base, the operating income growth rate is no less than 15%, 32%, 52%. < /p >
< p > according to the 2013 equity incentive performance evaluation index, the company's revenue in the fourth quarter should be 1 billion 400 million yuan, and the growth rate must be 61%. < /p >
< p > Wu Xiaoyu, an analyst at Minsheng securities, believes that under the influence of factors such as poor macro-economy, slow growth of residents' income and slow adjustment of channel structure, even if there are double marketing periods of eleven, Christmas and so on in the four quarter, from the three quarter's sales situation, it is more difficult to achieve such a high growth rate in the fourth quarter. < /p >
< p > < strong > whether the company can achieve the goal of < a href= > http://sjfzxm.com/news/index_cj.as > equity incentive < /a > has great uncertainty. < /strong > < /p >.
< p > however, the securities companies generally hold a more optimistic attitude towards the company's business situation next year. < /p >
< p > Wu Xiaoyu said that the growth rate of the company's spring and summer order in 2014 will be around 10%. The franchisee's attitude towards the order is more positive than the market expectations. It is expected that the company will usher in a turning point next year, and the income will resume double-digit growth. < /p >
< p > Shenyang Wanguo issued a report that the company as a home textile leader after more than a year of adjustment, the current terminal inventory is more controllable, although this year's revenue growth is lower than expected, but the 2014 spring summer main brand's < a href= "http://fz.sjfzxm.com/" > the order will < /a > speed has been negative from the positive, is expected next year's income will usher in a resumption of growth. < /p >
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