Mei Bang Dress: Reasonable Value 37.21 Yuan / Share

　　 After investigation, we believe that with the acceleration of the construction of the three or four line cities, American Apparel MB (Meters/bonwe) there is still much room for further channel deepening and product structure enrichment. With more than 3600 counties in the country, whether the growth of the number of towns driven by the increase in the construction of small and medium-sized cities and towns has been accelerated, or the growth rate of consumption accelerated by the acceleration of the economic growth of small and medium-sized cities and towns driven by the acceleration of the eastern region's rapid economic transfer to the central and western regions has been speeded up. The channel expansion still has more than 3 times growth space.

At the same time, from the point of view of product structure, the series of products that are constantly enriched by the United States and costumes will improve the selection scope of the three or four line urban clothing and improve the sales depth. On the basis of the rapid rebound in MB profits, its MC (ME&CITY) will steadily advance. In the coming year, it will concentrate on the existing stores and open up again after the efficiency has been raised to a stable level. MC children's wear has entered a fast track now. The Barbara children's wear has built more than 1500 stores in more than 300 cities nationwide.

We believe that the multi brand strategy of Mei Bang clothing conforms to the development rules of fashion dress, and the advantage of brand cultivation ability will promote the expected growth of performance. In 2011, the United States apparel spring orders will grow more than 40% over the same period. The newly established bang-go.com.cn (AMPM) brand specializes in online sales, insisting on high quality and high price and realizing physical stores. Complementary advantages 。

　　 We believe that in the next 3 years achievement It is expected that we will continue to exceed expectations. Based on the principle of prudence, we will maintain the forecast of its 2010-2012 year EPS (earnings per share) of 0.76 yuan, 1.06 yuan and 1.45 yuan respectively, and its reasonable value is 37.21 yuan / share at present, and maintain its rating of "recommended" investment.