The Situation Of 9 Listed Men'S Clothing Enterprises In The Three Quarter Of 2012

As a relatively good sub industry, it will attract more attention, and the 70.07% gross margin of new expensive card slave road is most concerned.

This week we focus on 9 listed companies in men's clothing brands: card slave Road, good news bird,

Seven wolves, keno technology, Georges Bai, Hinur, Busen shares and Dayang creation, excluding YOUNGOR, Hong Kong stock and Shanshan stock.

In 2012, the three quarterly report showed that in the net profit of the consolidated statements attributable to shareholders of the parent company, the 9 companies increased by 19.91% compared with that of Dayang, but the net profit grew by 8 over the same period last year.

Along with the decline in net profit growth, high inventory, slow turnover in accounts receivable and negative cash flow in investment.

Just released the National Bureau of statistics data show that in September

Export growth rate improved significantly.

Analysts expect the growth of clothing exports and domestic growth in the four seasons are expected to improve, and the high inventory in the four quarter of the garment industry is expected to be slowed down.

Gross profit margin 70.07%, net interest rate 15.04%

Compared with the two quarter of 2012, a total of 6 companies sold gross profit margin in the three quarter, and 3 gross margins declined, of which Hinur and Dayang created a decline of more than 6%.

Keno technology to overcome the adverse impact of rising raw material prices and labor costs, sales gross profit increased from two quarter 33.31% to three quarter 37.39%, which is the largest increase in gross profit among 9 companies.

In the three quarter of 2012, the highest net profit was reported birds, up to 26.7%, 22.53% of the nine herd kings.

15.4%, the card slave road 15.04%.

Sales net profit is below two digits, with 8.71% of Busen and 6.9% of shares.

As the top brand of men's clothing, Carlo NDI road sold the first quarter of Maori 9 companies in the three quarter, reaching 70.07%, which was much higher than that of the news birds 66.29% and the nine herdmen 57.65%, but the net profit was lower than the 11.66 percent of the wedding birds and 7.49 percentage points of the nine shepherd kings.

Inventory continues to rise

Three quarterly reports show that 9 companies have a total inventory of 3 billion 862 million yuan, and each company has more than 100 million inventory.

Among them, there are more than 700 million of the stock stocks, including nine shepherd kings, good news birds and seven wolves. Keno technology and Hinur are 405 million and 388 million respectively. The cards of NGO and Busen are over 200 million, and the creation of Da Yang and George Bai are below 200 million.

Apart from the establishment of processing dominated Dayang creation, the three quarter men's clothing inventory increased compared with the two quarter.

The biggest increase was seven wolves 244 million, and nine Mu Wang stock increased by 158 million.

Keno technology is at least 29 million.

The seven wolves failed to continue the downward trend in inventory since the 2011 Annual Report.

Northeast Securities (15.96, -0.19, -1.18%) issued a research report in October 24th that "due to the production and delivery characteristics of garment industry, some of the winter clothes will be put into storage at the end of September, resulting in a substantial increase in the seasonal inventory ratio." however, the research report also pointed out that "in the first half of the year, the amount of stock in the three quarterly report increased by only 31 million yuan compared with the same period last year, which shows that the inventory control effect of the company is remarkable".

Second only to the seven wolves, the stock of nine Mu Wang increased by 158 million.

This year, in the context of the high inventory crisis of the general term, the company adopted a strategy to slow down the channel development speed, and its inventory dropped from 722 million at the end of 2011 to 621 million in the two quarter of 2012.

But its channel expansion plan is still in progress, especially in the two or three tier cities, and 67 new stores in the first half of the year.

As a result, inventories rebounded to 779 million in the three quarter.

Accounts receivable turnover slowed down, bad debts increased greatly.

In line with the increase in stock prices, the number of accounts receivable turnover days and bad debt preparations of men's clothing listed companies rose in the three quarter.

The largest increase in accounts receivable turnover days is the seven wolves, which increase from 40.66 days to 65.79 days.

Followed by Busen shares, from 71.10 days to 83.82 days.

The wedding birds increased from 124.40 days to 134.18 days, ranking third.

Report birds also have the longest turnover of accounts receivable in 9 companies from 2010 to the three quarter of 2012.

The first three quarters of 2012 were 116.14 days, 124.40 days and 134.18 days, respectively. In the first three quarters of 2012, the highest among the 9 companies were only 103.15 days of Busen shares and 100.54 days of Georges white. The rest were below 100 days, and not much more than 80 days.

Affected by this, the accounts receivable account for bad debts accounted for the most in 1 years of the annual report 2011, up to 36 million 410 thousand, and the largest increase was 23 million 560 thousand, far higher than 17 million 680 thousand and 2 million 170 thousand of second wolves.

CNO Road business cash flow fell 500%

In the three quarter of 2012, the net cash flow generated by operating activities of consolidated statements was 183 million of the 308 million and 183 million wolves. As a high-end men's clothing brand, the cash flow of cnndi road was 500.81% lower than the same period last year. Why is that?

Card slave road explains that this is mainly due to the expansion of the company's business scale, the increase in store costs and increase in operating costs, and the company's adjustment to the franchisee's credit policy, increase the credit limit and extend the credit period.

"The listing of companies provides support for the adjustment of dealer credit policies, which is conducive to the continuous rapid expansion of distributors' stores. However, this is a double-edged sword, which can leverage leverage to the maximum and rapidly expand business expansion, but if it is not well utilized, it may lead to backlog of channel inventory, loss of bad debts, increased financial costs and tight capital chain, which will cause damage to the normal operation of enterprises."

Liu Fei, a partner in management consulting, said this.

The cash flow of 7 companies continues to be negative.

In the three quarter of 2012, investment cash flow was positive for seven wolves and Dayang creation, while last year's investment cash flow was negative for all 9 companies.

The investment in cash flow of seven wolves increased from -1.74 billion in the three quarter of last year to 18 million 923 thousand and 500 this year, mainly due to the large investment expenditure of last year's purchase of shops, entrusted loans and acquisition of Kenna.

The investment cash flow of the founding company increased from -9620.64 million last year to 15 million 400 thousand and 200 this year, mainly due to the increase in short-term financial investment.

Three quarterly reports showed that the cash received by the company was 1 billion 169 million, an increase of 101.65% over the same period last year.