The Design Of Golf Dress Is Better Than The Ralph Lauren?

according to

A report recently released by the textile and garment team, 002832.SZ, or 50% more.

According to the report, reference to domestic and foreign industries is comparable to the valuation of the company, the target price of the ratio is 77.79 yuan, and the rating of "overweight" is given.

Bryin is the largest Chinese golf apparel company. It was founded in 2003 and is mainly engaged in R & D design, brand promotion, marketing network construction and supply chain management of golf apparel.

From 2014 to 2017, the company's revenue and net profit remained about 15%, which is a leading industry in the apparel industry.

According to the financial report, in 2016, the business income of the company was 842 million yuan, an increase of 11.73% compared with the same period last year, and net profit of 133 million yuan, an increase of 7.64% over the same period last year.

In the first half of 2017, revenue reached 490 million yuan, up 21% over the same period last year, and net profit was 83 million 950 thousand yuan, up 21.39% over the same period last year.

The profitability of the company is strong, reflecting the premium effect of the high-end market.

Its net profit margin in the past three years has basically remained at around 16.5%, and the net profit margin in the first half of 2017 has been 16.96%, the highest level in the past four years.

Compared with the sports and leisure apparel companies such as Pathfinder, Sanfo outdoor, and so on, the rate of profit is higher in the industry, reflecting the premium effect and good operation level in the high-end market.

From the balance sheet and cash flow statement,

The terminal receipt is in good condition.

Accounts receivable decreased by 30 million 290 thousand yuan to 40 million 920 thousand yuan in the first half of 2017 compared with the end of the first quarter, and inventories decreased by 25 million 370 thousand yuan to 230 million yuan at the end of the first quarter.

Meanwhile, net operating cash flow increased by 22.6% to 110 million yuan over the same period last year.

Because golf apparel belongs to the niche market, it also tries to open the travel and holiday clothing market to the public.

In August 1st, in Guangzhou, a new series of "colorful tour" holiday tours was held in China, which will be positioned in the fast growing high-end tourist group in China.

The number of Chinese tourists has been increasing for many years.

In 2016, the number of tourists in China was nearly 5 billion, and the scale of tourism consumption was 5 trillion and 500 billion yuan.

The number of citizens travelling within the country has reached 4 billion 578 million, an increase of 14.5% over the previous year, and 122 million overseas visitors, an increase of 4.3% over the same period last year.

Tourism vacation is becoming the mainstream lifestyle of the public, especially the high-end consumers.

At present, there is still no clear positioning in the market on the theme of holiday tourism clothing brand.

Guotai Junan Securities believes that the middle and high-end lifestyle is gradually becoming popular, which is more likely than Ralph Lauren to succeed.

From the development track of Ralph Lauren, we can see that the traditional functional clothing can also gradually grow into the high-end clothing brand of the public relying on the downward trend of the high-end lifestyle. The POLO shirt was originally a professional Polo costume, and later evolved into a public dress.

"We think of the dress of

Strong, brand tonality is suitable for the output of lifestyle.

The domestic consumer market environment is similar to that of the US in the 70-80 era, and it is expected that the Ralph Lauren will go from the small to the public, and open the blue ocean of holiday travel costumes.

Guotai Junan Securities pointed out in its report.

In September 29th, the price closed at 51.16 yuan, up 0.89%.