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Semir Apparel (002563): Strengthening the three core logics of direct shareholding incentives

Semir Apparel (002563): Strengthening the three core logics of direct shareholding incentives

The main points of the report describe the announcement 北京洗浴会所 of Semir Clothing. The controlling shareholder Qiu Jianqiang transferred to Chen Xinsheng and Zhang Wei each of the 300,000 company shares held by them on September 2 and accounted for 0 of the total share capital.

0111%, the average transaction price of 10.

83 yuan / share, the earlier closing price of September 3 discounted 7.


Incident reviews continued to promote leaders’ direct shareholding incentives, and strengthened the transformation of professional manager models.

Mr. Chen Xinsheng, the transferee, joined the company in March 18 and is currently the Deputy General Manager and Chief Financial Officer; Mr. Zhang Wei joined the Company in April 19 and is currently the Deputy General Manager and Chief Human Resources Officer.

Neither party directly held the company’s shares before the transfer, and each of them held 300,000 shares of the company after the transfer.

In August 18, the company elected Zhou Pingfan as vice chairman and hired Xu Bo as general manager. Based on the launch of the two-phase interest stock incentive plan and the first-phase employee stock ownership plan, the controlling shareholder Mr. Qiu Guanghe in November 18 reported toMr. Xu Bo and Mr. Shao Feichun transferred their 537 holdings.

130,000 shares, 268.

570,000 company shares.

This time, the direct shareholding incentives for newly joined senior executives were further expanded, which strengthened the confidence in building a management team with professional managers as the core.

In the first half of the year, the main business continued to grow rapidly, and asset quality was optimized.

Regardless of K’s consolidation, 19H1 Semir’s main business revenue increased by 21.

4% to 67.

1.5 billion, gross margin increased by 1.

4pct to 39.

7%; among them, casual wear revenue increased by 12.

2% to 29.

4.4 billion, children’s clothing revenue 30% to 37.

300 million, children’s clothing significantly accelerated under the weak background.

19H1 inventory decreased by 2 from the beginning of the period.

200 million, an increase of 2 in the same period last year.

5.8 billion; meanwhile, the ratio of impairment of main business assets to revenue decreased by 0.

2 points to 2.

8%, the return after the expected period is also reduced by 0.

4.3 billion to 2.

9 billion.

It is expected that the report structure and channel-side inventory structure will improve, and the main business inventory will remain healthy.

The company’s main business maintained double-digit growth for nine consecutive quarters. Taking into account the contribution of e-commerce and sub-new stores, the high-end growth of the main business in the second half of the year is expected.

The three core recommendation logics have been continuously verified, and they are optimistic about the revaluation of the value brought by the company’s switch from casual to children’s clothing.

The height of the children’s clothing leader continued to strengthen, and the company’s children’s clothing business market share increased by 0 in 18 years.

7 points, the total share of children’s clothing brands ranked 2-5 increased by 0.

3pct, based on the increase in track dividends and competitive advantages, the children’s wear business continues to maintain rapid growth; the casual wear business has been transformed and transformed, and casual stores have expanded rapidly since 18 years.The local low-line large market taps the potential; at the same time, the governance structure is continuously optimized, and the professional operator team incentives are successively launched.

In 19 years, the main main business is still expected to achieve sustained and stable growth. The adjustment of the K channel and the 无锡夜网 new domestic stores have dragged down the profit performance in the short term, but given the improvement of the main business’s profitability and the certainty of performance.

At present, the ratio of the shares of China Stock Connect to the market capitalization of free circulation is 12.

6%, the expansion of foreign exchange reserves is expected to bring incremental funds.

It is expected to achieve 19 in 19-20.

0 billion, 22.800 million, corresponding to PE of 16.

6 times, 13.

9x, maintain “Buy” rating.

Risk reminders: 1. Risk of deterioration of the terminal retail environment; 2. Risks of less-than-expected development of emerging channels; 3. Risks of worse-than-expected merger and acquisition integration.