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American Barrack Inventory Series Report (Four)

2012/3/2 9:28:00 57

Mei Bang dress: Company Research Report

In 2011, the company achieved operating income of 9 billion 945 million 57 thousand and 800 yuan, an increase of 33% over the previous year, operating profit of 1 billion 457 million 768 thousand and 300 yuan, an increase of 51% over the previous year, and a net profit of 1 billion 457 million 768 thousand and 300 yuan attributable to shareholders of listed companies, an increase of 60% over last year.

The realization of basic earnings per share of 1.21 yuan.

Higher direct sales growth and large scale extension expansion drive revenue growth.

With company supply chain

Administration

The upgrading of the level, the continuous improvement of the information system, the continuous improvement of terminal management level, and the efficiency of Direct stores increased by more than 15% in 2011.

In 2011, the company intensified its efforts to open stores, and made innovations in the form of opening shops, increasing the proportion of community shops and shoppingmall stores, and choosing suitable ones according to different geographical locations.

brand

A series of combinations to set up storefront suitable for the environment.

In 2011, the company opened about 1000 stores a year, but because the new situation (such as community stores) occupied a relatively high level, the opening area of new stores was significantly smaller than that of the old stores. It is expected that the new stores in 2012 will maintain about 1000 levels.

Inventories fell sharply and cash flow improved significantly.

In the second half of 2011, with the active efforts of the company, the high inventory problem that has been temporarily troubled has been significantly improved. On the one hand, there are more articles on display on the shop floor, which will match the historical inventory with new fashions, and on the other hand, it will be discounted through the form of discount stores.

We expect inventories to drop by around 2 billion 500 million at the end of the year, and inventory is expected to continue to decline in the first half of 2012.

While digesting inventory, the company's cash flow will be significantly improved, and the future cash flow will continue to increase significantly.

The cost rate is decreasing and the gross profit margin is maintained.

With the continuous growth of the company's endogenous growth, the scale effect is constantly emerging, and the sales cost rate has obviously decreased, and it is expected to continue to decline in the future.

Although the company has been dealing with inventory at the recent stage, the gross profit margin has remained stable since the price of new products has been gradually improved due to the proper handling and continuous improvement of the supply chain.

Risk warning: the slowdown in economic growth affects consumer sentiment at the end.

risk

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Earnings forecast: due to the recent economic downturn and terminal consumer enthusiasm, we lowered the company's 2011-2013 year EPS forecast to 1.21, 1.58, and 2.08 yuan (original forecast 1.27, 1.68, 2.24 yuan), but maintained a "buy" rating based on the company's good quality and low valuation.