Report Birds: Multi Angle Coverage Of The Market Segments

Key points of the report:

　　
    Dress industry Slowdown

　　
Multi brand strategy: multi angle and all-round coverage of market segments

　　
The future revenue structure of the company: multiple flowering

　　
The growth of the industry is slowing down. 2000-2010 years Knitted garments and woven garments The compound growth rate of production is 17.5% and 13.6% respectively. Knitted garment Production has increased faster than woven garments. In recent years Men's suits, shirts and trousers Sales are showing a downward trend. In the 2004-2009 years, the sales volume of these three sales increased by 7%, 4% and 5% respectively. In view of these data, we think Dress and leisure The trend of the future garment industry is a trend. It is expected that the future growth of the garment industry will be below 10%.

　　
Independent and external brand strategy, positioning and subdividing the market. The company is well aware of the importance of brand, marketing channel, product R & D and other competitive capabilities to brand clothing enterprises. We believe that the multi brand framework will consolidate the development foundation, strengthen the company's competitive advantage and ensure the company's next round of high growth.

　　
Effective VIP customer service mode. Generally speaking, customers' repetitive consumption and new customers' immediate turnover rate contribute to the main income of high-end clothing brands. News bird brand The number of effective VIP users is around 80 thousand, contributing more than 50% of sales revenue.

　　
Future brand marketing strategy. The brand of good news birds has been developing steadily and intensified. San Jack brand To do the big bird brand group buying business, the outsourcing brand stability contributes to the income increment.

　　
Earnings forecasts and investment proposals. According to profit forecasts and core assumptions, we expect that in the 2010-2012 years, the combined growth rate of company revenue and net profit is 22.8% and 30.8% respectively. In the 2010-2012 years, the EPS of the company is 0.84 yuan, 1.10 yuan and 1.41 yuan respectively, maintaining a "buy" rating, with a target price of 36 yuan.

　　
Risk warning. 1, multi brand strategy increases company operation risk; 2, the risk of increase in terminal cost.