China Merchants Securities: Wang Wei 2011-08-17
Rating category Cautious recommendation EPS forecast 2011 2012 2013 Growth 11-12 years 12-13 years
Rating changes Maintain 15.63% 19.82%
Yesterday’s opening price on the day of the speech: 17.17 Target price: 20.53 Falling space: 19.57%
Value rating Adhere to the cautious recommendation -A rating, the company’s fair price is 18.09-20.53 yuan.
The company’s mid-term performance continues to decline, mainly due to the uneven timing of Kaimen Business Clothing‘s revenue recognition, revenue
The decline in revenue has led to a decrease in expenses and the quarterly distribution of income tax revenue Caused by unevenness. According to the company’s annual operating plan, these factors can be improved to a certain extent in the second half of the year, and the annual revenue can achieve stable growth. We have warned the market about the risks of mid-term performance before. In recent years, it has been a critical stage of the company’s “three three three” strategic transformation. We still recommend treating the development of independent brands with a steady attitude. Investment opportunities are greatly increasing
Catalyzed by performance when the safety margin is sufficient, if performance rises as expected in the second half of the year, you can choose the right time to seize phased opportunities.
The imbalance in the timing of revenue recognition for business attire, the decline in revenue resulting in lower expense ratios, and the uneven quarterly distribution of income tax revenue are the main reasons for the decline in performance. In the first half of the year, the revenue achieved was 376 million yuan, a decrease of 13% year-on-year; the operating costs and net costs were 70.38 million yuan and 39.34 million yuan respectively, a decrease of 23% and 21% respectively compared with the same period last year. The main reason for the decline in expenditure is the professional attire in the first half of the year
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