Jiumuwang: The Leader Of High End Men'S Trousers Market

??? “ Men's pants + Jacket ”The company is a leading company in the vertical business chain and driven by the leisure supply chain Men's trousers and jackets As the main products, the income of men's trousers and jacket accounted for 69.09% in 2010. For the second consecutive year in China, the market share of the company ranked first in terms of market share. Marketing network throughout the country, up to the end of 2010, a total of 2710 sales terminals.

　　
The vertical integration mode of supply chain through the timely feedback of the sales terminal Design, R & D and production Make timely response to the market demand of fashion and supply chain. The growth rate of the company's net profit and compound business were 35.08% and 16.08% respectively.

　　
?? Bussiness Casual The market prospect of men's trousers is broad, the competition of men's trousers Market is fierce, the integration intensifies the rapid economic growth, the increase of national income and the increase of urbanization rate drive the continuous growth of clothing consumption, which creates a good external environment for the development of the company. Men's wear design It is developing towards youth, individuality and leisure, 2004-2009 Bussiness Casual The compound annual growth rate of retail sales reached 22.8%, and the compound annual growth rate of men's trousers was 30.6%, far exceeding the average annual compound growth rate of 16.3% in the men's wear market. The future development prospect is broad. In 2008, the market share of men's wear was only 6.44% in 2008. The market integration of men's trousers intensified, and the total market share of the top ten brands increased from 16.2% in 2000 to 45.77% in 2009.

　　
??? The difference of products and channels leads to high gross profit, and the raised funds are in place to drive growth. We compare the company with A-share listed men's wear companies, such as BUSEN, septenaeus, baoxiniao and xinur, and conclude that the company has the following characteristics: "take men's pants and jacket as the main products, realize product differentiation, increase the gross profit rate of men's pants products, and drive the overall profitability; the positioning is clear and covers customers The household group focuses on high-end successful men in the first and second tier cities, with high unit price and guaranteed profit; the proportion of direct sales is high, and the proportion of direct sales terminals is high, which reduces the profit sharing of franchisees, improves the inventory management ability of the whole sales network, and helps the rapid growth of gross profit margin. " After the raised funds are in place, the company will invest 1.647 billion yuan for endogenous and extensive expansion, and it is estimated that 327 million yuan will be invested in the construction of supply chain system, design and R & D center and information system, and 1.320 billion yuan will be invested in the construction of 338 new stores, so as to expand the company's strength from both endogenous and external aspects.

　　
Considering the company's differentiated product positioning, relatively high proportion of direct sales to other companies in the same industry, the future determined expansion and growth space of gross profit margin, it is estimated that the compound growth rate of net profit in the next three years will reach 30%, and the diluted EPS from 2011 to 2013 will be 0.88, 1.16 and 1.37 yuan respectively. We think that the reasonable value range should be 22-26.40 yuan, corresponding to 25-30 times PE in 2011.