The Story Behind The Earnings Of Clothing Listed Companies

"College degree or above, 30-38 years old, has the experience of front-line men's brand group buying business, has good customer resources, strong sense of responsibility, excellent organizational and communication skills."

This is the latest recruitment advertisement of the card slave road. Although it has always emphasized the positioning of high-end, it is still on the way of group buying.

Can the card slave Road, which occupies the highest gross profit margin in the industry, maintain the market positioning of its high-end men's clothing?

And locate low end leisure.

Will it affect the gross profit margin of the company if it depends on the heavy discounted products?

Based on the analysis of the first three phases, we will further analyze them from different perspectives.

The story behind the earnings of listed companies.

Focus on the profitability and operational capability of the company, which is the core driving force of the company's development.

Debt paying profit growth operation

Four abilities comprehensive competition

We chose four financial perspectives to conduct a comprehensive evaluation of clothing listed companies.

They are debt paying ability, profitability, growth ability and operation ability.

The indicators of debt repayment include: quick ratio, liquidity ratio, conservative quick ratio, tangible assets / liabilities, net cash flow from operating activities / current liabilities.

Profitability indicators include: ROE, gross profit margin, net profit / total operating income;

Growth capacity indicators include: net profit growth rate of the same period, net profit three year compound growth rate;

Indicators of operational capacity include inventory turnover, accounts receivable turnover, total asset turnover and gross sales margin.

On the whole, the high-end women's clothing is ranked first in the comprehensive strength of the shares, while the Maison culture, which focuses on the development, production and sales of animation and derivative products, is also listed on the honeymoon period. Its financial capability is second.

All of the above data are based on the three quarterly report in 2012. We see that the top ten of the comprehensive strength rankings are: ranzi shares, Maison culture, nine cattle road Explorer card Nu Di Road, search special, was shares, AOKANG International seven wolves and Semir costumes.

The balance of solvency is almost the same as the time of the listing. As shown in the table, the company is ranked in the forefront of the two years, including its shares, Maison, landform, Semir, and search.

The clothing companies that are trying to get rid of the factory processing links are not facing the risk of debt repayment. Even the most conservative rate of quick action is 2.8, and the risk of bankruptcy is less.

The lowest rate of conservative speed is the main pformation of the company, such as YOUNGOR and Hong Kong shares.

The other two companies with a conservative speed ratio of less than 1, such as the United States, Costa, Costa, and snore, also have a turnover ratio of more than 1.

The profitability is related to the positioning and management efficiency of the company, and the gross profit distribution interval is linked to the characteristics of the sub industry market.

Growth ability competition is similar to solvency, and is closely related to the time to market.

Companies with high maturity have stronger financing needs and more financial packaging motives.

So the high growth companies are basically occupied by the new listed companies, from the explorer of the first batch of gem to the later search of special stock, and so on.

The most important thing is how to run and manage the company.

The low efficiency of operation led to the difficulty of the company's brand management. There were men's clothing YOUNGOR, and there were leisure giants, MP and Semir.

How those new listed companies that are still in honeymoon period have successfully passed the company's pformation from unlisted to listed companies, how to smooth through the high-speed development period, control the cost, control the upstream and downstream supply chain is the core competition point of the clothing companies.

The two research reports will be devoted to the analysis of the company's operational efficiency.

6.72% the net return on assets of the industry is twelfth.

In the 23 industries of Shen Wan,

The net asset return (ROE) of the garment industry is always at the intermediate level. In the 3 quarter of 2012, the ROE calculated by the whole method is higher than that of the textile and garment industry, including food and beverage, financial services, household appliances, mining, medical and biological products, etc., while the textile and garment industry includes its upstream chemical industry, machinery and equipment, pportation, non-ferrous metals and so on.

From the comparison between industries, it can be seen that textile and garment have both industrial periodicity and aperiodic consumption.

In 23 industries, they belong to two ends.

And within the industry, the two sectors of textile and clothing industry, clothing industry listed companies are more on the path of light assets operation.

Heavy design and channel, light processing is the way of international big clothing companies.

And American Apparel (002269) is definitely a loyal follower of the international brand casual wear.

The "light assets" strategy put forward by Smith Barney, also known as the dumbbell structure, is a virtual business model that follows the international brand names such as ZARA and H&M.

So far, the United States is still the most thorough clothing asset strategy of a clothing company, this strategy also made the United States in the 2009 global financial crisis when the market growth.

In the three quarter of 2012, the net assets return rate was 18.62%, the highest in the clothing industry, 13.89% higher than the reported birds and 11.53% of the Pathfinder.

But on the way from joining to self run, the US state clothing, which has learned nothing about the core operation of the supply chain management, is now tired of inventory.

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Semir sacrificed gross profit to stock

Another aspect of profitability is the gross profit margin of the company.

If the development of clothing companies is divided into five stages, the majority of Chinese clothing listed companies are in the stage of development and consolidation.

In the three quarter of 2012, the gross profit margin of 33 garment companies fell by 2/3, which was close to the year-on-year decline.

Among them, the new Jin listed company Maison's gross profit margin dropped 4.83 percentage points year-on-year.

To make the industry's gross margin decline seem less serious is the sub industry men's wear section, Busen shares 100 round pants industry 002640), the wedding birds and the pformed YOUNGOR are all the key companies with higher gross profit margins.

The seasonal fluctuation of gross profit rate is also related to the inventory management of the company. In the first quarter of this year, the gross margin of the first quarter of this year reached a new low of 30.69%. The manager of the company, Liao Gang Yan, said that the management cost of the rapid expansion of the company was also caused by a batch of inventory.

Semir clothing, which is still struggling to get rid of inventory, is still going through inventory at the expense of gross margin. Since 2012, its gross profit margin has continued to decline, which is currently 35.04%.

The so-called high-end brands should also go group buying.

In addition to the company's own business fluctuations, the main factor of the gross profit margin of clothing companies comes from the brand positioning.

From a statistical point of view, the gross profit of the companies involved in factory processing, import and export, fabrics and so on is between 10%-30%, while casual clothing is between 30%-40%, while the middle end men's clothing is between 40%-60%, and high-end brands are over 60%.

The gross profit margin of card NDI road in the three quarter of nearly 70% was no doubt the first of the clothing companies.

This is closely related to the positioning of the company's high-end men's clothing.

The store opened in the department store of the core business district of the first tier city, and displayed the average price of tens of thousands of suits.

Carlo NDI road has taken its own development path in a completely westernized way.

But the company's recent move has puzzled the company's confidence in the profitability of the single brand.

The company's spring and summer orders in 2013 will grow at 25-26%, and the price will be reduced by about 5%.

However, another "cost plus" pricing system is also facing a decline in raw material costs. However, Dong Miliao's rock is still saying that the price of the order will not be lowered in 2013.

On the other hand, as listed in the beginning of the article, the active group buying business at the present time is also a place to confuse its brand positioning.

Raymond Lam, the company's secretaries, said the group buying business has not yet been launched and no orders have been received.

At present, the plan is to make a uniform and high-end positioning. If the price is low, it will change the brand to buy group business, and will not use the card of Nu Di Lu, and the bottom line price of group buying is 2000-3000 yuan.

YOUNGOR (YONGER), which has been pformed from its English name, is positioned to be young and youthful, but its brand impression is that it wants to buy all Chinese men.

There are more than 2000 stores in the country, covering almost all the large and medium-sized cities, and even the men's clothing companies that have landed in the urban areas of the mainland. They have been losing their clothing labels.

And located on the three or four line.

In the three quarter, the gross profit margin of the leisure trend brand was 34.9%, almost half of the gross profit rate of the card slave Road, and the lowest gross margin among the three casual wear brands, lower than that of Semir apparel and American Apparel.