Semir Apparel (002563): Core Management Team Increases Shareholding, Demonstrates Conversion Confidence

Semir Apparel (002563): Core Management Team Increases Shareholding, Demonstrates Conversion Confidence

The main points of the report describe the announcement of Semir Apparel, and the controlling shareholder Qiu Guanghe transferred their 537 holdings to Xu Bo and Shao Feichun in a block transaction on September 12.

130,000 shares, 268.

560,000 company shares, each accounting for 0 of the total share capital.

1990%, 0.

0995%, the average transaction price of 10.

45 yuan / share.

  Incident review launched an intensive internal incentive plan, showing long-term development confidence.

Since 2018, the company has successively launched the “Second Phase Supplementary Stock Incentive Plan”, which has expanded to cover a total of 513 core backbones with 14.47 million shares, accounting for 0 of the total share capital on the date of announcement.

54%; At the same time, the “Phase I Employee Shareholding Plan” was released. Participants included 5 directors, executives, and 93 middle managers and core backbones, with 8.32 million shares held.

At the same time, actively promote the leadership of direct shareholding incentives.

In November 2018, controlling shareholder Qiu Guanghe transferred to Xu Bo and Shao Feichun about 5.37 million shares and 2.69 million shares respectively, each accounting for 0 of the total share capital.

20%, 0.

10%; In September 2019, the controlling shareholder Qiu Jianqiang transferred to Chen Xinsheng and Zhang Wei respectively the 300,000 shares held by them, each accounting for 0 of the total share capital.

0111%.

After the completion of the transaction, Xu Bo and Shao Feichun each held 0 shares of the company.

4031%, 0.

2287%.

Continue to promote the leadership’s direct shareholding incentives, demonstrating the confidence of professional manager models to change.

  A rich matrix of children’s clothing brands and categories, trying to upgrade the “new basic” products for casual wear.

In order to further expand the advantages of the children’s clothing business, the company has tried in many ways: (1) The Barabara brand has gradually expanded its product lines for young children (1-6 years old) and infants (0-1 years old) based on the original Chinese children’s product line.Expanding the coverage of the preschool toddler and newborn baby market; (2) Promoting the entrepreneurial partnership project Makale baby brand with the Group’s resources efficiently, achieving effective synergy in information upgrading and supplier resource sharing; (3) Trying TCP And Kidiliz are brand extensions.

At the same time, in the casual wear brand remodeling products, the company set up a Semir brand positioning task force in the second half of 2018. Based on user changes and unmet needs, it proposed a “quality in everyday” brand value proposition, and launched it in the winter of 20北京夜網19.The “new basic” product line broadens the target customer age group and improves product texture.

  The three core logics of the acceleration of children’s clothing are highly accelerated, the conversion and reset of casual clothing and the optimization of the governance structure are continuously strengthened. We are optimistic about the revaluation of the value brought by the company’s switch from casual to children’s clothing.

In the first half of 2019, the children’s wear business achieved a rapid growth of 30%, and the casual wear business maintained a growth of 12%. The Kidiliz business channel adjustments and internal new store openings have dragged down profit performance in the short term.

At present, the shareholding ratio of Luguantong accounts for about 12% of the free float market capitalization, and excess expansion is expected to bring incremental funds.

It is expected to achieve 19 in 19-20.

0 billion, 22.

800 million, corresponding to PE of 16.

9 times, 14.

Double the risk of maintaining the “Buy” rating: 1. Risk of deterioration of the terminal retail environment; 2. Risks of less-than-expected development of emerging channels; 3. Risks of less-than-expected merger and acquisition integration.