U.S. state Apparel Performance Bungee net profit from 90% to a big increase of 25%

From last year by the amount of the day to hit the second half of the crazy 84%, the United States apparel (002269, closing price of 29.14 yuan) has been the focus of the market attention.　　At the end of the first quarter of 2010, its net profit was still 90%, and by the end of last year net profit had risen 25% per cent year-on-year.　　The performance from the sea to the Flames, the United States costumes in the end what magic?　　The four-quarter net profit quarter-on-quarter increase nearly 60% U.S. state costumes last year's performance changes, can only use bungee jumping to describe. Last month, the company issued performance Letters said, 2010 annual operating income of 7.5 billion yuan, an increase of 44%, net profit of 757 million yuan, an increase of 25%. In this respect, the company explained that the performance growth is mainly due to product development capabilities and quality continued to improve shop Terminal service management level of continuous improvement, direct and joined the store can be compared to income growth.　　In contrast, the company's net profit in the first quarter and half year fell 90% and 83%, respectively.　　See here, perhaps investors can not feel the performance of the U.S. state apparel how to face, then may wish to read the following set of data. If the performance express as the benchmark, the fourth quarter of 2010, the U.S. state Apparel income of 2.65 billion yuan, the chain growth of 15%, net profit of 440 million yuan, the chain growth of 56%. Throughout 2010, we can find that the performance of American Apparel in the second half of the year began to accelerate growth, the 2010 quarter to three quarters, its income is 1.4 billion yuan, 1.1 billion yuan and 2.3 billion yuan, the net profit is 15.35 million yuan, 24.99 million yuan and 280 million yuan respectively.　　That means net profit rose by more than 10 times times in the third quarter.　　The flash growth of performance can also be seen from changes in stock prices and brokerage attitudes. In the first half of 2009, the U.S. apparel stock price has fallen 15%, the performance is flat in SYWG Textile clothing index. But in the second half of last year, the share price soared 84%, far exceeding the same time industry index of 57%, of which only rose by 23% in the third quarter.　　This year, the U.S. state apparel stock price has fallen 16%, ran a loss of about 21% in the same period. Interestingly, as the performance of the news, the brokerage attitude is gradually "warm." According to statistics, in the first half of last year, a total of 32 agencies on the U.S. state Apparel Research newspaper, of which 3 of the U.S. apparel rating downgrade, the same period only 1 of the East China Sea security rating.　　In the second half of last year, there were 47 papers, 6 of which raised their investment ratings, without a single downgrade.　　Answer: Reduce the direct occupation ratio + seasonal factors if the chemical or agricultural enterprises because upstream product prices and performance soared, it is understandable, but the United States and clothing is a brand clothing company. The daily economic news reporter this week called the U.S. state Apparel, the company's securities officials said that the results from the beginning of the second half of the main reason is the company's product development capabilities and product quality continues to improve, store Terminal Services management level of continuous improvement, the company's products and Terminal Services by the market and consumers generally recognized Direct shop and joined the store can achieve continuous growth of income, margin stability in the, thus the company's overall revenue and performance continued to grow. "The higher income in the second half is mainly due to increased income elasticity." "A new wealth ranking of the top three of the apparel industry researcher told the Daily Economic news reporter," because the United States apparel quarterly close to 400 million yuan fee, with the second half of the year into the industry season, direct and joined the income of the performance elasticity is also significantly improved. In addition, the United States apparel in the last year also slowed down the pace of direct shop opening and speed up the addition of new franchises. This will reduce the rate of sales costs by reducing the proportion of direct battalion. As a result, performance will naturally go up.　　"Adjust the structure of the channel and seasonal factors, it is the United States in 2010 to achieve performance reversal of the two powerful weapons?" According to the Dongxing Securities forecast, 2009, the U.S. state apparel MB Brand Direct shop number 438, accounting for the total number of channels 16%, direct revenue accounted for the total channel income 43%. 2010, the direct sales growth of 20% to 526, accounting for the total number of channels decreased by 1% to 15%, the same period of direct revenue, the year-on-year increase of 30%, accounting for total channel revenue rose 4% to 47%.　　This shows that, although the proportion of the direct shop is declining, the income contribution has gradually increased. The decline in the proportion of direct marketing also drives sales costs to a lower proportion of total costs.　　Data show that 2009 of the year the United States apparel sales costs accounted for three of 84%, as at the end of last September, the ratio has fallen 1% to 83%. In addition, the seasonal factor is also the U.S. state apparel performance rebound in one of the driving force. Net profit accounted for 25%, 13%, 11% and 51% respectively in the 4 quarters of 2009, compared with 2%, 3%, 37% and 58% respectively last year.　　As can be seen, the second half of last year's income ratio has risen 33% from 2009. Xiang Wealth Securities researcher Wu Yuyu that, because the U.S. state apparel slowed down the speed of direct shop, and through the "merge" to some of the big shops to make adjustments. On the one hand, help reduce the sales cost rate. On the other hand, the efficiency of the channel is improved. However, it should be noted that at present, the U.S. state costumes under the MC and MB brand differentiation is still not obvious, at the same time, the MC product line level is not strong.　　This is one of the problems that the MC needs to overcome in the future.　　Future attention to MC adult outfit to join investors may really want to pay attention to IS, what is the future of the United States dress?　　According to Dongxing Securities Research Report, the United States and the state apparel MC Brand now has a direct shop 120, more than 120 franchise stores, including all of the direct marketing channels for adults, and joined the channel all for children's wear, is expected to 2010 MC Terminal sales revenue than 2009 Year-on-year increase 1 time times. U.S. state Apparel Securities officials said that the MC adult outfit currently has no expansion of the plan to join the market.　　At present, because the MC and MB two big division completely independent operation, the design department and so on the related functional department also completely separates, anticipates two big brand difference effect will gradually appear, the brand localization is clearer. Dongxing Securities believes that the MC adult outfit plans to emulate the MB brand's successful experience last year,The introduction of the seasonal product line of the main. MC adults are expected to be installed this year will be a significant increase in the 2012, may officially expand the MC Adult installed franchise channels.