Lining'S Brand Remodeling Promotes Growth Of Business Performance
July 15th, Merrill Lynch published research report, referring to
Lining
The brand remodeling program will promote
enterprise
In the longer term, the performance will continue to grow, and the 17 times earnings valuation is the best time to enter. This will give the stock a "buy" rating with a target price of 38 yuan to reflect the 2011 forecast earnings ratio of 22.8 times.
Merrill Lynch reports that Lining is the first choice among consumers of similar brands.
brand
The adverse effects of competition have been exaggerated, and the bank expects Lining to maintain some 20% growth over the next few years.
Merrill Lynch refers to the brand remodeling that Lining started in May 2007. The purpose is to cultivate high-end market for the advantage of intermediate price products. At present, the proportion of high-end products of footwear and clothing accounts for less than 10% and 20% respectively.
The average selling price of products has also increased due to the rapid growth of high priced products and the improvement of product quality and design.
The bank pointed out that Lining ranked second in the Chinese sports apparel industry, while sportswear ranked first in all cities, and less than Nike and Adidas in sports shoes.
remodeling
Brand is the key factor that Lining gradually narrowed the gap with overseas famous brand prices.
The bank indicated that although the average selling price of the products increased, the gross profit margin of Lining would remain between 47% and 48%. Merrill Lynch indicated that the order of Lining increased by about 2 in the second half of the year, reflecting the market's ardent demand for new trademark products.
Merrill Lynch predicts Lining's share from 2010 to 2012
profit
They are 1.092 yuan, 1.373 yuan and 1.671 yuan respectively.
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