[textile and clothing industry research report]

Investment advice: give 25 times target earnings in 2012 (equal to the average valuation of the industry).

Recommendation: in 2011, the performance increased by 61% and the target price was 41 yuan.

In recent two years, channel integration and direct store strategy have laid a solid foundation for future development.

Net profit margin is lower than comparable companies, and has greater potential.

MC is expected to turn the corner this year, and the online sales business has the advantage of forerunner.

The 2011 P / E ratio is 26 times, at the low end of the plate.

Recommendation: in 2011, the performance increased by 46% and the target price was 76.5 yuan.

The main brand is booming.

It has proved successful in multi brand management.

Orderly multi brand launch is expected to promote sustainable growth.

The net profit margin level is ahead of the industry.

In 2010, the P / E ratio of 28x is worth the valuation premium because of multi brand operation.

Search for special: neutral, 2011 performance growth of 59%.

The valuation is as high as 47 times.

The scale is small, the growth potential is large, but it is not mature. In the future, it will face the enormous pressure brought by the mature brand infiltration to low level cities.