Semir Apparel (002563): Main business growth accelerates payroll and taxes pays business cash

Semir Apparel (002563): Main business growth accelerates payroll and taxes pays business cash

The incident described that Semir achieved 41 revenue in the first quarter.

1.8 billion, an increase of 63.

90%, net profit attributable to mother 3.

4.7 billion, an increase of 11.

06%, deducting non-attributed net profit 3.

1.3 billion, an increase of 10.


Incident review excludes Kidiliz and strengthens the balance sheet. It is expected that Q1’s main business growth will accelerate.

Taking into account the company’s undisclosed operation of the segment, if it is 18Q4 and consolidated into Table 7.

The estimated revenue of 9.5 billion is similar to the impact of Kidiliz Q1’s consolidation. It is expected that the main business income of Q1 will increase by 32.

3% to 33.

200 million, the growth rate improved by 18 from the previous month.


In 18 years, the main business area increased by 16% to 1.74 million square meters, and the company’s main business still achieved 23 under the background of the weakening retail environment in the second half of the year.

7% growth. The improvement of Q1 growth rate is expected to be mainly due to the improvement of old store efficiency and the contribution of new stores.

Kidiliz consolidation affects gross margin and expense ratio.

Taking the operating data for 18 years as an example, Semir’s original main line offline sales accounted for 11%.

9%, Kidiliz’s direct sales accounted for 41% during the consolidation period.

5%, high direct sales accounted for Kidiliz’s combined operation and affected the gross profit margin and period expense ratio.

Affected by this, the gross profit margin increased by 2 in 19Q1.

6pct, an increase of 0 from 18Q4.

2pct; During the same period, the expense ratio increased by 7.

3pct, an increase of 0 from 18Q4.

6 points.

In addition, Q1 asset impairment losses increased by at least 79.

3% to 1.

300 million, the proportion of asset impairment to revenue also increased by zero.

3pct, down 6 from 18Q4.

3 points.

If 18Q4 and table-0.

The net profit of Kidiliz Q1 is estimated to be 3.6 billion in net profit. The net profit of Q1’s main business is expected to increase by 22%.

4% to 3.

8.2 billion, the corresponding return to the net profit margin fell by 0.

9 points to 11.


Inventories decreased compared with the beginning of the period, and the expected delivery improved, and payment of wages and taxes dragged down net operating cash.

Inventory at the end of the reporting period decreased from the beginning of the period3.

400 million to 40.800 million, 18Q1 inventory increased by 0 from the beginning of the period.

600 million; comprehensively consider the improvement of Q1 revenue end growth, inventory reduction or benefit from improved delivery

In 1Q1, the company’s cash paid to and for employees also increased by 2.

500 million to 5.

400 million, the statutory taxes and fees paid increased by 深圳SPA会所 1.

300 million to 3.

The net operating cash flow of Q1, which was dragged down by the above-mentioned benefits, decreased by 4 as well.

100 million to -0.

3 billion.

We are optimistic about the revaluation of the company’s switch from an adult leisure leader to a children’s wear leader.

Euromonitor data shows that the company’s children’s clothing business market share increased by 0 in 18 years.

7 points to 5.

6%, the 2nd to 5th companies have increased by 0 in total.

3 points to 4.

3%, leading strength is constantly strengthened; leisure store expansion and franchise pick-up improvement, optimistic about the potential of low-line big markets.

In addition, as of Q1, Mr. Zhou Pingfan held 250,100 shares, accounting for 9%.

26%, an earlier October 18 reduction of the pre-disclosure date by 53,339 shares, a reduction of approximately 2%, and the personal reduction plan was completed.

The children’s clothing leader is highly accelerated, and the three core logics of casual wear conversion reset and governance structure optimization are continuously verified.

In 19 years, the mainstream main business is still expected to achieve continuous and steady growth. Kidiliz’s gradual reduction of losses has limited drag on performance.

It is expected to achieve 19 in 19-20.

06 billion, 22.

4.7 billion, corresponding to 0 EPS.

71 yuan, 0.

83 yuan, corresponding to PE is 16.

02 times, 13.

59 times, maintain “Buy” rating.

Risk reminders: 1. The risk of major channel adjustments; 2. The risk of product style adjustments not matching consumer preferences.