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-Original Belstaff Motorcycle Jacket Outlet For Women Chocol

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Ya Lanka lingerie joining conditions-north face online

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clothing brand Wentz domestic stock company known force fur

Initiating coverage with an "overweight" rating, target cost of 20.0 yuan: China Sri Lanka sub-stock enterprise as fur sector leader, extending upstream and downstream business chain to develop the whole, exports to domestic sales, rising competitiveness, anticipated EPS of 0.80 2013-2015, 0.98,1.20 yuan, domestic sales force too as fur trading marketplace just after the completion of income and net profit development shall be considerably improved, giving 25 times 2013 PE, corresponding to the target price of 20.0 yuan. Reporting the outcomes in line with market place expectations: the initial half of 2013, operating income shares Wentz 292 million yuan, an increase of 21.49%, net profit attributable to parent business 40.19 million yuan, a rise of 25.41%; which includes two single quarter quarter revenue elevated 18.90% , net profit by 13.73%. Leads to line with industry expectations. Business structure by the OEM to higher margin OBM, ODM transformation: the initial half, the company will continue to optimize solution mix, gross margin 1.41pct. 1) by the OEM to higher margin OBM, ODM transformation,clothing brand, OEM income share declined 0.31pct,, OBM revenue accounted for 62%,?site=news_comments&newsID=4, ODM reach 25%; two) OBM, ODM, OEM home business gross margin compared with all the exact same period final year rise. Extends downstream to strengthen brand creating, clothing accounting, domestic sales accounted continue to enhance: the firm from manufacturing to its personal brand into the developing Wentz, Yi Jiaqi two brands, strengthening outlets construction, apparel revenues improved 4.1 last year accounted for fairly pct of 87.3% (2007 42.2%); "export to the domestic", and strive to open up the domestic market place, domestic sales accounted for 18.0% inside the first half of last year rose to 33.3%. Raw supplies markets completed on the upstream of your handle force is going to be strengthened: fur raw materials markets two principal project has been completed, will greatly improve the upstream market or businesses ability to handle. Revenue is anticipated within the second half, net profit will develop steadily: Raw materials market will bring new lease rental income; businesses upstream and downstream integration and upgrading of organization progress properly, top to further boost competitiveness, it's anticipated within the second half revenue, net income will remain steady growth. Threat Warning: fur raw material price fluctuations; exchange price fluctuations influence earnings.