GIUSEPPE(SZ:002687)2022-11-23 07:16Company Overview - George White is primarily engaged in custom professional clothing, with a solid business foundation and continuous growth in revenue and net profit. The company focuses on business attire, with professional clothing accounting for 95% of its main business revenue and retail income at 5% [3][4]. Financial Performance - Revenue increased from 670 million in 2015 to over 1 billion in 2019, with net profit rising from over 60 million to 143 million after deducting non-recurring gains [3][4]. - In the first half of 2020, the company reported revenue of 420 million, a year-on-year decline of 15.89%, and a net profit of 37.24 million, down 31.62% [4]. - The company achieved a weighted average return on equity increase from 6% to 13% [4]. Market Position and Strategy - The company recently won a significant contract for the Moutai Group's uniforms, marking its first large-scale order since going public, which enhances its brand influence and market competitiveness [4][5]. - The professional clothing market is estimated to be around 80 billion, while the school uniform market is projected to be between 100 billion and 150 billion [6][8]. Client Base and Market Trends - The primary clients for professional clothing are in banking, telecommunications, and tobacco industries, with commercial banks accounting for approximately 75% of the client base [6][8]. - The school uniform market is experiencing a shift towards transparency and marketization, with increasing quality demands and reduced price sensitivity [8][9]. Technological Advancements - The company has made significant investments in production and logistics automation, enhancing order-taking capabilities and overall profitability [5][6]. - The current level of production and logistics automation is considered leading within the industry, with ongoing efforts to further improve smart manufacturing processes [5][6]. Future Plans - The company aims to serve 1,600 to 2,000 schools annually and enhance its direct sales system through CRM software to optimize business processes [9][10]. - Plans for 2021 include potential capital expenditures, with production capacity currently operating at full capacity [9][10].