Lining Should Not Sell Too Much.

The mainland sporting goods manufacturers experienced a "down and down" situation after the earlier "washing up" boom, and the Lining shares (2331) of the leading stocks were more popular. The stock fell slightly to 8.94 yuan yesterday. That is to say that the Hong Kong stock market is going to turn weak. Even if the Hong Kong stock market is weakening in the afternoon, it can still maintain a better growth. Once it went up to 9.4 yuan, the market closed at 9.36 yuan, still rising 0.4 yuan or 4.46%, and the transaction was slightly reduced to 111 million yuan.

　　 Lining On the 6 th of this month, we announced the first half of the year's operation, performance forecast and annual outlook. market It is regarded as a factor of interest, and it has attracted large banks to join in the competition. Shareholder In addition, a large reduction in stock prices led to more than 2 years of low price. Even though the stock was strong yesterday, it was still more than 3 yuan in comparison with the 14 yuan in the day.

The latest business data released by Li Ninggang are expected to decrease by about 5% in the first half of the year, 1 percentage points lower than the same period last year by 47.9% percentage points, and the cost ratio rose by 7 percentage points to 38.8%; the pre tax interest rate dropped 8 percentage points from 17.6% in the same period last year, and the interest rate of shareholders should be reduced to about 6%-7% from 12.9% in the same period last year. The group also pointed out that, in view of the substantial increase in raw material costs in the second half of the year, the gross profit margin in the second half of the year is expected to decline. This will affect the annual interest rate of shareholders, which will drop by about 1-2 percentage points compared with the first half of 2011. Market analysts believe that assuming that the company's income remains unchanged, Lining's net profit margin this year will be reduced by half from 12.9% in the middle of 2010 to 6%-7%, which means that its net profit will be halved. Therefore, the latest data released by the group will be regarded as a real profit warning.

　　 Adjust the effectiveness of distribution channels to be displayed

Although Lining's short-term performance has been hard to expect from the data alone, this time the group's expected revenue and profit margins will drop, mainly due to the readjustment of the distribution channels in the market, but at the present stage, it is a bit premature to conclude that the "reform" is successful. As the leader of the industry, the brand itself has strong popularity in the industry, and the stock price has already dropped sharply, so it is not appropriate to overlook it at this stage.

As a matter of fact, in the fourth quarter of June, the new product order meeting ended in June. The rate of decline in the order volume of the Lining brand was about the high number of units. However, the order volume was calculated at the retail price, the annual growth rate was still over 5%, and the average retail price of clothing and footwear products increased by over 10%. On the other hand, based on the group in June, it has completed the integration of 256 low efficiency single store distributors. It is expected that by the end of 2011, 400 single store distributors will be completed. It is believed that the effectiveness of the "reform" will be expected to emerge gradually. Taking advantage of the low share price, the deployment of Bo rebounded, with a target of 11 yuan.