Semir'S Clothing Strategy Fits The Development Trend Of The Future Apparel Industry.

The future apparel industry will enter the 2 level differentiation: public costumes will form costumes with oligopoly with high cost performance, and niche clothing will form many luxury brands and individual brands.

At present, thousands of small manufacturers in casual wear and children's wear field will gradually withdraw from the market. Cost-effective products and monopolistic supply chains will help Semir leisure and Bara children's clothing become the leading brands in their respective fields.

The advantage lies in the deep ploughing of the three or four line market, avoiding collision with UNIQLO, ZARA, and below the first tier cities.

Cheap impact.

On the contrary, thanks to the advantages of the Internet, the sales of the company's electricity providers have increased rapidly. It is expected that sales of leisure and children's clothing will reach 5 billion billion in the next 14 years.

In the past three years, the company has highly shaped product strength, which is exactly the right moment.

At the same time, we can integrate the supplier with the supplier and form the purchasing advantage. Therefore, with the help of the high price ratio products, the company continues to attack the city and pull the village, the Semir leisure clothing depends on the endogenous growth, the income is steadily recovered, the 15H1 growth order will increase by 10%, Bala's children's clothing is still expanding rapidly, the number of stores is close to 4000, and the order of 15H1 will grow up to 20%+.

In the short term, the company has some characteristics of high pfer stock: from the financial indicators, the 14Q3 share is 6.7 yuan per share, and the undistributed profit per share is 3.7 yuan; 11, the stock market has not been pferred to the stock market so far, and 70 million shares in the circulation market, accounting for about 10% of the total share capital, resulting in a low proportion of the two market liquidity. At the same time, the 15 year period of 15 years before and after the end of the majority shareholder limit period.

Judging from the indicators, the company may have the intention of sending high prices.

Valuation proposal: investment value appears, maintain "buy".

Since 12 months, the company's fundamentals have been well operated, but the stock price has been callback more. Therefore, we think the investment opportunities of the company are already very obvious.

We are firmly committed to the future development of the company.

The company is the blue chip of the clothing sector. When the plate moves from deep blue to light blue, Semir is the most beneficiary of the clothing sector.

It is expected that 15 EPS will reach 2.15 yuan, and PE will be 16 times.

Under the bull market atmosphere, the PE center of the company will be raised, and the 25 fold increase can be expected, so that 40% of the stock price will rise.

Maintain "buy" rating.