Search for special net profit growth quarterly slowdown inventory

In the United States apparel (002269.SZ), Sen ma Clothing (002563.SZ) due to the sluggish apparel industry and performance under pressure, positioning of the three or four-line city of Search (002503.SZ) recently handed over a medium-term performance growth of 35.16% per cent of the bright performance. Still, the company's earnings have seen a slowdown in the single quarter and a sharp reduction in cash flow from operating activities, and the company's inventory of inventories appears to be a bit of a "mercy". It is undeniable, however, that after the earlier fall, the value of the search has been quite attractive relative to performance. Social Security in the first half of the choice to increase, the company's share price also appeared a sharp rebound. Performance growth slowed recently, search in the special release of the 2013-year report showed: the first half of the company to achieve business income of 845 million yuan, an increase of 27.16%, net profit of 130 million yuan, an increase of 35.16%. Last year, the company's net profit growth rate of 57.54%, and in the first quarter of this year, the company's net profit growth rate of 43.07%, two quarters, net profit growth rate of only 28.52%, it is visible that the company's net profit growth showed a quarterly slowdown trend. In addition, the company's cash flow situation is not satisfactory. In the first half of the year, the cash flow from the company's operations was 145 million yuan, down 712.95% from a year earlier. The decrease in cash flow is partly due to an increase in accounts receivable and, on the other hand, the growth of inventories. The first half of this year, the company's accounts receivable is 395 million yuan, compared to the beginning of the 253 million yuan growth of 56.13%. It is understood that the increase in accounts receivable is mainly the company to the franchisee to give a greater credit limit. "We have a better reputation for the franchisee to improve the credit intensity." Said the company's securities office staff. It is understood that in the sales channel expansion, the company to "limit the quantity, pay attention to quality" as the guide, continue to open up high-quality shops nationwide, encourage, support franchisees to open up new shops and gradually to the original small shop for transformation, the first half of the transformation of more than 50 stores, the new open shop average area of 280 In the first half, the company added 41 stores, all for the franchise stores. The number of inventory has also increased, as of the first half, the company's inventory of 485 million yuan, relative to the beginning of the 389 million yuan growth of 24.68%. Data show that most of the company's inventory is in stock, 285 million yuan, the beginning of this year for 174 million yuan. The reporter learned that, despite the increase in inventories, but the company's inventory of goods in the price of the preparation of the depreciation has not changed, the same is 4.2086 million yuan. Why, then, does the inventory increase, while the price of depreciation has not changed? "Early this year, the inventory of goods mainly summer, to the first half of this year, the increase in the inventory of goods mainly some autumn clothes, because only just started sales, so do not need to add more depreciation to prepare." The staff of the company's securities office said. CICC's research report says it expects the company's 2013 autumn and winter orderSingle year-on-year growth to 20%~25%, will make the second half of the income growth slightly slowed, gross margin fear of decline. The number of stores and business area growth is expected to be roughly the same as the first half. The company is about to convene the 2014 Spring Fair, is expected to further slow the growth of orders to less than 10%. Performance is better than the United States, Sen horse Although also face the pressure of slowing growth, but the recent performance of the search is better than the United States and clothing, Sen horse costumes are obvious to all. In the first half of the year to achieve 30% growth in the performance, the United States and Malaysia apparel and horse clothing even the growth of the performance is difficult to guarantee. U.S.-State apparel is expected to fall 30% to 50% in the first half, while Senma is expected to grow by 15% to 15%. "Our performance has not been so stressful, mainly because we are positioned in the three or four-line city," he said. "the company said. Hoshowa, a financial industry researcher at CIC, said the results were better than that of Sen. Now the search is in the expansion period, and Senma has entered a stable period, such a growth rate is normal. It is understood that the recent concern for the outside world is that it is preparing to launch the electrical goods card. The first half of the company completed a "search in special" network to buy brand talent, organization, goods, sales platform for the preparatory work. "On July 27, we launched our flagship store on the day cat [Weibo], but as the goods are not yet available, it will start selling around mid-August," he said. August 1, the staff of the Special Securities Office told the first financial daily newspaper, "financial quotient" reporter. The person said that the search of the power of the product licensing related products are specifically for the network sales and research and development, in price positioning will be lower than the real store brand. CICC believes the new brand is not expected to be profitable or to contribute more revenue within 1-2 years. 6 Gold Products settled in spite of the textile and apparel plate is not a recent market hot spots, but social security funds and funds and other institutions seem to search for special "Love Has a single clock." According to the data already disclosed, a total of 14 institutional products were held in the two quarter, with a share of 34.34% of the shares in circulation. Among them, five of the creation of gold products in the two quarter of the new total buy to search 5.2798 million shares, plus a quarter has entered the search for another one of the creation of gold products, a total of six gold products hold search. In addition, the Social Security Fund 115 portfolio holding 6.4483 million shares, for the company's second largest circulating stock shareholders. Warburg Societe Generale new Industrial Fund, GF-Poly Fund, the optimal strategy of the Hybrid fund, Warburg Xingye Power Combination Fund also holds 5.4353 million shares of the company, 4.8155 million shares, 2.3 million shares, 1.88 million shares search. Zhaohuan that, in the two-tier market, the stock lower volatility after finishing, has entered a slow-rising channel, chip distribution is more concentrated. Recently, the volume rose, the stall in the stalls to reduce significantly, MACD, KDJ and other indicators also show that the stock price is now in the bull market, short-term upward trend has been basically established, investors can focus attention. CICC believes that, affected by the overall slump in the industry and increased competition,Performance growth is expected to slow in the second half and next year, maintaining a prudent recommendation rating. The figures show that the company's recent P/E ratios are about 18 times times TTM, compared with a forecast of 16 times times 2013 earnings. Photographer/Wu Graphics/Zhang Yijun