Multi Brand Expansion Strategy Layout, Sub Brand Development Is Accelerating.

At present, China's high-end women's clothing is in the growth period of the industry's life cycle: the growth of urban residents' income, the continuous expansion of the middle and high income groups; the promotion of women's education level and employment opportunities and the significant increase of economic income and other factors to promote the rapid growth of the industry. P

At the same time, under the background of the government's efforts to promote simple and fresh air and promote domestic products, recently, Chinese "first lady" Peng Liyuan has been wearing the Chinese brand's < a target= "_blank" href= "//www.sjfzxm.com/" > dress < /a >, which has aroused the sense of pride among Chinese people.

The exemplary role of state leaders and family members can not only boost the domestic brand clothing in the short term, but also be a great benefit for the development of Chinese local brand clothing enterprises in the medium and long term.

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< p > strong > brand power: multi brand expansion strategy layout, sub brand development is increasing rapidly < /strong > < /p >

< p > because the middle and high level mature women's clothing is more sensitive to design and fashion, and many brands rely on the expansion of middle and high grade department stores. The single brand has limitations in positioning, and multi brand operation provides a good opportunity for high-end women's clothing enterprises.

At present, the company's five major brands include "brand", "Rhine", "Marian Mary", "Leah" and "brand".

At present, the company is speeding up the development of its sub brands. In 2012, Rhine's revenue grew by more than that of long.

The newly signed Korean brand "lucky" will expand its stores this year.

At the same time, Future Ltd or through mergers and acquisitions, cooperation and other ways to introduce more brands and existing brand matching.

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< p > < strong > product strength: R & D design is the core competitiveness. The New South design team promotes regional competitiveness < /strong > /p >

< p > R & D is the core competitiveness of high-end women's clothing enterprises.

In Beijing and Seoul, a has set up R & D design centers respectively, and now has 216 outstanding Chinese and Korean target= _blank href= href= //www.sjfzxm.com/ designers. The designer has designed about 4000 new products every year, of which about 2/3 can be launched into the market.

Correspondingly, the company's investment in research and development has also increased year by year. In the past 3 years, the compound annual growth rate of R & D expenses is over 60%.

Recently, the company has set up a R & D design team for South market, which is conducive to South market's development.

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< p > < strong > Channel Power: to increase the proportion of direct cities in second tier cities, and to expand to two or three line cities < /strong > < /p >

Under the background of the downward movement of consumption, the consumption channel of high-end women's clothing is the trend of the times. < p >

The rapid growth of high-end women's clothing sales in non provincial cities shows that the two or three line consumer market is clearly rising.

The creation of Marian Mary, the company's brand name, is ready for channel sinking in positioning and pricing.

At the same time, the company plans to increase the proportion of direct and secondary businesses in the next few years, and strengthen the terminal control and profitability.

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< p > < strong > profit forecast and investment rating < /strong > /p >

< p > we calculate that EPS is divided into 1.39/1.82/2.34 yuan in 2013-2015 years, and PE in current share price is 17.06/13.02/10.10 times.

At present, the valuation is in a relatively low historical position and has a strong margin of safety. In the medium and long term, we are optimistic about the high-end women's clothing industry and the core competitiveness of the company's "multi brand and strong design" so as to maintain the company's "overweight" rating.

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