Casual men's brand seven wolves steady performance growth

Septwolves is the leading leisure men's brand leading enterprises, mainly to casual jackets jacket is its main source of income. Septwolves jackets for eight consecutive years won the first place in the market share of similar products, T-shirts ranked fifth in market share. Domestic products, mainly exports accounted for only 1% 2%. In the long run, consumer upgrades will push the middle class to pay more attention to the brand effect, and brand apparel will maintain a higher growth rate than other general apparel industries. The company established the red wolf, green wolf, blue wolf, children's clothing, women's and St. Worth six product lines, the current sales to the red wolf, green wolf series, accounting for 93.5% of sales. In 2008, the company has a total of 2,769 outlets of retail terminals, which is expected to slow down the expansion of outlets in 2009. Open big shop is the industry's future direction of development, the company's future network construction will focus on the development of living museum, living museum from the pilot phase into the promotion period, is expected to open about 20 new in 2009. In terms of channel management, the Company pushed forward the flattening of the distribution system and the construction of direct management system. The ERP software will be launched in 2009 and 2011 in succession, which will effectively improve operational efficiency. We expect the company's 2009E-2011 EPS was 0.64 yuan, 0.81 yuan, 1.01 yuan, three-year net profit compound growth rate of 25.8%, steady growth can be expected. The current price of 14 yuan, corresponding to 2009 2011 PE 23 times, 18 times, 15 times the current PE only 0.8, and the relative valuation of the broader market at historic lows, the proposed holdings.

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