Company profile: Mid and high-end positioning of China's men's trousers market first

Industry situation: Men's clothing market is relatively dispersed, brand men's clothing development space is bigger.

Judging from the overall situation of men's wear market, China's men's wear market will continue to grow faster than the whole market in the next five years.

From the concentration of men's clothing industry, there are many domestic and foreign brands on the men's wear market in China, and the market is highly dispersed.

In the context of consumer upgrading, with the expansion of Brand Company channels, the industry concentration in the future is expected to gradually improve.

Channels: a huge marketing network, the proportion of direct and franchise is about 1:3.

The sales market of the company is mainly concentrated in the one or two tier cities. It has formed a huge marketing network covering 31 key cities in the 31 provinces, autonomous regions and municipalities directly under the central government. By the end of 2010, the number of terminals has reached 2710.

From the point of view of direct battalion and franchisees, the company mainly focuses on direct operation in the initial stage of its business development. At present, the proportion of direct sales and franchises in the company is about 1:3, which is higher than most of the men's clothing brands in China.

Brand: featuring male trousers, it has a high brand awareness and reputation.

Since its launch, the company has been committed to becoming the first brand in China's men's trousers Market.

In the process of brand building, the company regards high quality as the foundation of enterprise's life, and constantly improves product quality. "Professional and good quality" has become the most important brand asset, core value and brand symbol of "nine masters". "Men's pants experts" have won high recognition in the minds of consumers.

Business mode: "vertical integration".

The company adopts the business vertical integration mode, which integrates brand promotion, R & D design, production and sales as a whole. The products are mainly self-made production, and the processing and production are subsidiary, and most of the core links of the supply chain are strictly controlled.

Recruitment projects: the company plans to raise funds totaling 1 billion 647 million yuan for marketing network construction, supply chain optimization and upgrading, information system upgrading, design and R & D center construction of four projects.

Future growth point: the company's future performance growth points are mainly extension of category, multi brand strategy and extension expansion brought by channel sinking.

Investment suggestion: as the current single brand sales are large and the implementation of multiple brands needs a certain amount of time to push ahead, it is expected to grow steadily in the short term.

It is estimated that the EPS of the company in the past 11-12 years is 0.87 yuan and 1.06 yuan respectively, giving 11 times 25-30 times PE, and the reasonable value interval is 21.75-26.1 yuan.

Risk warning: the industry as a whole is affected by inflation, the growth rate is slowing down; the construction of Direct stores and the cost of expenditure are larger; the short-term operating efficiency of new stores is relatively low, and the inventory turnover rate is decreasing.