Semir(002563)2023-10-31 10:28Company Overview - Semir Garment was established in 2002, focusing on casual and children's clothing, with all products outsourced for production [10] - The company operates two main brands: Semir for adult casual wear and Balabala for children's clothing, holding a leading market position in both segments [10] Macroeconomic Data - In the first three quarters of 2023, the national per capita disposable income was CNY 29,398, a nominal increase of 6.3% year-on-year [10] - National per capita consumption expenditure reached CNY 19,530, with a nominal growth of 9.2% [10] - Retail sales of clothing, shoes, and textiles grew by 10.6% year-on-year [10] Financial Performance - For the first nine months of 2023, the company reported revenue of CNY 8.898 billion, a decrease of 0.5% compared to the same period in 2022 [12] - Net profit attributable to shareholders was CNY 832 million, an increase of 206.51% year-on-year [12] - The third quarter net profit reached CNY 316 million, up 89.37% from the same quarter in 2022 [12] Inventory and Receivables - As of September 30, 2023, inventory was CNY 3.653 billion, down from CNY 4.670 billion year-on-year [12] - Accounts receivable decreased by 19.87% to CNY 1.012 billion compared to the beginning of the year [12] Retail Performance - In July, August, and September 2023, terminal retail sales showed a gradual improvement, with cumulative declines of 5.6%, 1.7%, and 1.5% respectively [15] - As of October 29, 2023, cumulative terminal retail sales had decreased by 1.86% [15] Gross Margin - The gross margin for the first three quarters of 2023 was 44.16%, an increase of 3.74 percentage points compared to the same period in 2022 [15] - Online sales achieved a gross margin of 42.34%, while offline direct sales reached 68.83% [15] Store Expansion - As of September 30, 2023, the total number of stores was 8,274, an increase of 134 stores from the beginning of the year [16] - The company plans to open 200-300 new stores, with a net increase of 134 stores in the first three quarters of 2023 [17]