Nine animal husbandry King Company announced on the 18th of July the first half of the performance notice is expected in January-June operating income of 964 million yuan, up 31.02%, operating income of 269 million yuan, up 42.3%, attributable to shareholders of the company's net profit For 235 million yuan, up 42.39%, corresponding to basic earnings per share of 0.5 yuan. Nine animal husbandry King company revenues of 964 million in the first half, accounting for the previous forecast annual revenue of about 21 billion 46%, according to the distribution of revenue throughout the year, basically in line with expectations. The company reported a net profit margin of 24.4% in 2011, up nearly 2 percentage points from 22.5% of the same period last year. Nine animal husbandry king believes that the company continued to improve profitability mainly from the following aspects: The first product price increases. From the second half of last year to the beginning of this year, major brand apparel companies have carried out price increases, the company is expected to raise rates by 10% -15%. Second, the company's vertically integrated operating model controls most of the key aspects of R & D and design, product manufacturing, branding and terminal sales so that all aspects can be optimally coordinated and cost effectively controlled. In the apparel retail industry, the sales growth of key large retail enterprises showed a slowdown in May due to the continuous rise of prices and the expectation of inflation. In June, the sales growth slowed sharply further. The growth rate of retail sales for apparel was 4.7 percentage points lower than that of the previous five months, of which retail sales also recorded a year-on-year negative growth for two consecutive months. Nine animal husbandry king believes that in the context of the continuing high inflationary pressures, clothing will have different levels of extrusion effect. Compared to more focus on channels, relying on "quantity" to win the popular casual wear, pay more attention to the brand, relying on the "price" to win the high-end men's target customer base is relatively insensitive to price changes and inflation. Nine animal husbandry King relatively more optimistic about men's price increase under the pressure of inflation. As a leader in casual men's wear, with strong brand and price-lifting capabilities. Men's pants as the leading high-quality products, high brand premium, occupy more scarce resources in first-tier cities shopping malls, vertically integrated business model and flat channel model created the most profitable companies in the industry. At present, the company has 100% terminal layout for tier-1 cities and 80% tier-2 cities. The target city expansion strategy in the future is mainly to consolidate tier one and tier two and tier three and increase about 500 terminals annually in the next three years. Nine animal husbandry king believes that with the company gradually laid out the second and third tier channels, the terminal price will increase the regular brand, with the company's product mix continues to adjust (the company expected the proportion of men's trousers will gradually decline, accounting for about 53%), The proportion of the company is still on the rise. As the unit price of the tops is higher, the company's efficiency will be further increased after the rich products category. It is estimated that the future performance of the company will increase by 15% and the company's high gross profit will still have room for improvement. The high value-added vertical integration model also facilitates rapid response and cost control. Nine animal husbandry Wang to maintain earnings forecasts, the company expects 2011/12/12 diluted EPS was 0.895 / 1.184 / 1.331 yuan, corresponding to the dynamic price-earnings ratio in 2011 24.8 times earnings. Give 30 times 2011 PE, continue to give buy rating, the target price of 27 yuan. media_span_url ('http://')
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