Southwest Securities 361 at HK $3.29 to maintain overweight rating zngay

Southwest Securities: 361 at HK $3.29 to maintain overweight rating hot column capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulated trading client sina finance App: Live on-line blogger to tutor Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future of the way out? Sina launched the "Hong Kong Hong Kong stocks as well as unattractive" discussion, with a rational and constructive attitude, welcome attention to Hong Kong stocks, concern of the capital market, Hong Kong stocks together for suggestions, seek the Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Reported revenue increased by 15.7%, net profit increased by 1.3%:2016 in the first half of the company achieved revenue of $2 billion 560 million, with an increase of 15.7%, net profit of the parent with the increase of 1.3% to 270 million yuan. Company revenue growth in line with our expectations, net profit growth is lower than expected. The company’s gross margin rose 0.1pp to 41.4%, operating profit 2.2pp rate fell to 19.8%, management fee rate rose 1.7pp to 8.6%, mainly is the management staff of research and development expenditure increase, the development of overseas business and raise the headquarters in Xiamen produced depreciation cost. Net profit margin decreased from 1.5pp to 10.7%. Operation, improve the company inventory turnover days from 8 days to 70 days, accounts receivable turnover days increased from 3 days to 163 days, 26 days to improve the overall operating cycle. Net cash flow from operating activities of 370 million yuan, recorded a total cash of $6 billion 550 million, net cash of $2 billion 500 million. Interim dividend 0.05 yuan, 0.05 yuan special dividend. Reduce the number of stores, the same store growth stability, channel inventory and terminal discount health: as of the first half of 2016, the main brand 361 6853 stores, a net decrease of 355 compared to the end of 15. Mainly affected by urban planning and construction, as well as the impact of heavy rain on the street shops in the south. The company in the first half of the main brand 361 same store growth of about 7%, the company maintained more than 4.2 times in the channel inventory. 3Q4Q16 orders will be recorded high singular growth, compared to 1Q2Q16 orders will be 15% growth in the second half of sales under pressure. The company is expected to maintain the number of stores in 7000 or so, to optimize the store to help brand building, the same store growth and channel health. Children’s clothing business growth is gratifying, accelerate the pace of overseas expansion, enhance the brand influence: 361 brand stores number 2416, increased 66 compared to the end of 15, same store growth of about 7.5%. Company 3Q4Q16 children’s orders will be recorded high Singular Growth (1Q2Q16 orders will increase by 16%). The company’s children’s clothing business layout is more perfect, channel layout and brand promotion efforts steady growth, thickening profits and increase相关的主题文章: