Conclusion:
1. High-quality varieties under the background of gradient extension of brand consumption to third-and fourth-tier cities. Based on the investment logic of gradient transfer of brand clothing consumption upgrading in our industry semi-annual strategy report, we are optimistic about enterprises with channel, brand power and certain product price advantages in third-and fourth-tier cities. According to the company's current product positioning and channel structure, we believe that the company belongs to the high-quality investment varieties derived from the above logic. as the company can be put into use one after another, the market share of the products is expected to increase explosively. The product structure will also be significantly optimized, and the industry status and brand image are expected to be greatly improved.
two。 Based on the overall strength of the brand to enhance the consideration of the group hosiery industry assets into the imagination. The group company has the strongest profitability, the highest market awareness, and the largest asset is the hosiery industry assets. From the point of view of the overall construction of Langsha big brand, we think that it is possible for the group company to inject hosiery assets into listed companies in the future. Judging from the current strength of listed companies, we think that we do not have the ability to independently undertake the establishment of brand image and the integration of channel resources. If the brand building and channel integration of hosiery industry and underwear are implemented as a whole, it will improve the utilization efficiency of marketing resources and achieve twice the result with half the effort. If the hosiery industry assets are injected into listed companies, it will play a very positive role in this work.
It is understood that the income of the hosiery industry assets of the group company exceeded 2 billion yuan in 2009, about ten times that of listed companies. Judging from the current share capital of the listed company and the shareholding situation of the group company, if the hosiery assets are injected into the listed company by way of directional additional issuance to major shareholders, it will not meet the listing standard because the shares held by public shareholders will be less than 25%. Therefore, we infer that after the fund-raising project reaches production, the company may learn from the experience of listed companies such as Supor and first expand its share capital by means of dividends, so that the total share capital after the private placement of assets will exceed 400 million shares. as a result, the bottom line required by public shareholders to hold shares will be reduced to 10% (according to the relevant provisions of the Company Law and Securities Law).
3. Earnings forecast and investment rating: based on the above analysis, we expect the company's EPS for 10-12 years to be 0.39,0.7,1.07 yuan respectively, and the current price-to-earnings ratio corresponding to the stock price is 38.1,21.5,14.1 times, respectively. Considering the brand advantages of the company and the optimistic about the consumption upgrading of the low and middle consumer groups, we think that it is more reasonable to give the company 25-30 times PE, corresponding to the 11-year forecast data of the stock price range of 17.5-21 yuan, given a "recommended" investment rating.
