SAINT ANGELO(002154)2022-12-07 08:24Group 1: Company Performance - The company has maintained stable performance compared to peers despite significant e-commerce impact in Northeast and Northwest markets [3] - The brand Haggis is expected to grow rapidly, with plans to open around 240 stores by the end of the year, primarily in the Yangtze River Delta region [3] - The company emphasizes quality improvement of retail outlets and will close underperforming stores [3] Group 2: Customization and Partnerships - The company has over 100 partnerships with wedding dress shops for private customization, which is expected to contribute profit next year [4] - The customization model involves signing agreements with top wedding dress shops to provide samples and decor, with a focus on minimizing inventory [4] - The company guarantees satisfaction with custom orders, offering rework or refunds if customers are not satisfied [4] Group 3: Production Capacity and Efficiency - The current production capacity for suits is 60,000 units, with a maximum potential of 100,000 units [5] - The company has opened up processing services to increase order volume, alongside existing retail channels [5] - Smart production has standardized components, significantly enhancing response speed and production efficiency compared to traditional tailoring [5] Group 4: Financial Metrics - The company operates at a valuation multiple of approximately 7 times [6] - Investment in production lines for 100,000 units is estimated to be under 10 million [6] - The cost of producing 100,000 units is about 10% higher due to increased labor requirements [6]