Dream Clean Home textile channel expansion to stimulate performance growth

Home textile Plate stocks in the early stage of the market deep adjustment performance is extremely resistant to decline, the current home textile industry high growth certainty, the market for such companies are expected to be higher, from the valuation, the current home textiles listed companies 2011 dynamic average P/e is 30 times times.　　Several leading companies dream Clean home Textiles (002397, closing price of 58.80 yuan), Fuannacompany, Lorelei home Textiles and other home textile market has been working for more than 10 years, regardless of brand, channel layout, research and design, management and service capabilities have already had the advantage of the first. Brand Enterprises have the first advantage domestic textile consumption accounted for large textile industry and the proportion of the overall low per capita consumption, according to the consumption habits of developed countries, clothing, home textile supplies and industrial textiles consumption should each account for 1/3 of the total consumption of the industry. But at present, China's clothing category accounted for 80%, household textiles consumption accounted for only about 12%, and household textiles per capita consumption accounted for less than 1% of consumer spending. The future of my national textile industry will continue to maintain steady growth, the home textile industry is expected to maintain annual growth rate of 20%.　　At the same time, industry concentration will be closer to the leading companies. 2007 ago, Dream Clean Home textile financial performance is better than the rich Anna (002327, closing price of 34.24 yuan), and Lorelei Home Textiles (002293, Closing price of 52.65 Yuan) The gap is also small; After 2007, due to the company's operating strategy has been adjusted, in the channel expansion is relatively conservative, 2007-2009 years of expansion of the company channel volume of the annual compound growth rate of only about 9.9%, compared to the rich Anna and Lorelei two major competitors, respectively, low 9.6% and about 7%. The company will speed up the distribution of its distribution network this year. As of the first quarter, the total number of stores in the company is 1710, including direct income accounted for more than 24%, from the beginning of this year, dream cleaning home textile stores will maintain a high rate of growth, the number of new stores to maintain 400~500 annual, 2012-year plan to reach 3,000 home　　Sales revenue of the company last year is 630 million yuan, this year will reach 8~9 billion, the next 3-5 years sales revenue will reach 2 billion yuan. Gross profit margin and the promotion of space dream Clean Home textile 2005-2007 years of comprehensive gross profit margin, 2009 with high-end brand proportion and increase the proportion of direct, the company's gross profit margin rose significantly, to 36.27%. 2010 The first quarter in the end market sales continued to rebound, the company's gross profit margin reached 37.66%.　　The company's future margin will also have room for improvement, the main reason is the new product price increase, is expected to 2010 the company's new product price range for 5%~10%; the second is the high-end brand gross profit margin also has to promote space; third, the proportion of direct battalion increased, straight Battalion's gross profit margin of more than 50%, than the distribution model under the gross profit margin of nearly Corporate fund-raising is mainly used for channel development and capacity expansion. In the channel expansion, the plan invested 185 million yuan, in Beijing, Shanghai, Shenyang, Changsha and Tianjin to buy 5 shops, new open 30 stores (leasing) and 60 department store counters, withWhen the rectification of 100 counters, after the completion of the project, the direct market is expected to increase the annual sales revenue of 250 million yuan, to achieve new net profit of 31.44 million yuan. Capacity expansion, the plan to 178 million yuan investment "annual output of 300,000 condoms 800,000 core is the production line" project, and further improve the proportion of production, at the same time with the expansion of sales growth after the channel. After the completion of the project, the company will add more output value of about 500 million yuan, the new net profit of 42.81 million yuan.