Haining Leather City Actively Seeks Expansion Elsewhere

"P", "the price of furs at the end of last year was doubled than that in the winter."

A a target= "_blank" href= "//www.sjfzxm.com/" > clothing < /a > sales terminal boss winter told the first reporter.

In the past few years, the fur market of "a target=" _blank "href=" //www.sjfzxm.com/ "leather" /a "clothing sales volume and price has been promoted. The fur market, which is highly heated, has also promoted the fur market, Haining leather city. At the same time, Haining leather city is actively seeking different places to expand.

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< p > according to the quarterly report of the company, the social security fund substantially increased the stock market at the end of the first quarter, of which the 117 national social security fund and the National Social Security Fund Board held 2.6% and 2.48% of the company's shares respectively, third and fourth of the ten major tradable shareholders respectively.

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< p > "customers' demand for fur has been increasing in recent years, so fur clothing is going up every year."

Winter told reporters.

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< p > according to the National Bureau of statistics, from 2008 to 2012, domestic sales of leather garments increased from 34 million 210 thousand to 45 million 750 thousand.

The year-on-year growth rate from 2008 to 2012 was 49%, 9%, 18%, -6% and 11% respectively.

Over the same period, the output value of fur clothing and fur clothing increased by 12.7%, 6.5%, 25%, 12.5% and 22.8% respectively.

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< p > according to the latest statistics of China Leather Industry Association, the cumulative industrial output value of China's < a href= "//www.sjfzxm.com/news/" > leather clothing < /a > in 2012 was 62 billion 235 million yuan, an increase of 17.61% over the same period last year, and the gross industrial output value of fur clothing industry was 22 billion 158 million yuan, up 23.03% over the same period last year.

Conservatively calculated by gross margin of 40%, the market space of China's leather industry is about 120 billion yuan, and the industry is expected to maintain an average annual growth rate of 15%.

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< p > in fact, Haining leather city is not directly engaged in the sale of "a href=" //www.sjfzxm.com "fur clothing" /a ", but is mainly engaged in the sale and lease of the" Haining China Leather City "market shops and supporting properties.

Haining leather city is the largest leather professional market in the country. The volume of merchandise trade ranks second in the leather professional market in China. It is the largest luggage trading area in East China, and the leather garment trade in the market radiated the whole country and overseas markets.

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"P", according to the company's annual report in 2012, the main profit of Haining skin city is from the rental and sale of the shops and supporting property, and the profit is 82.53%.

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< p > results show that the company has achieved steady growth in the past five years.

The net profit of the company climbed from 85 million yuan in 2008 to 705 million yuan in 2012, and the main business income climbed from 646 million yuan in 2008 to 2 billion 262 million yuan in 2012.

The company has achieved a year-on-year increase in operating income over the past three years, while net profit has risen steadily in the past five years.

Over the past five years, the net profit of Haining has increased by 4.61%, 15.04%, 157.68%, 110.07% and 33.69% compared to the previous year. The growth rate of operating income is -0.23%, -13.35%, 82.23%, 82.03% and 21.82% respectively.

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< p > in the first quarter of this year, the company achieved a main revenue of 595 million yuan, an increase of 51.39% over the same period last year, and realized a net profit of 198 million yuan (basic earnings per share of 0.35 yuan), an increase of 88.47% over the same period last year.

According to the company's performance forecast, the company's net profit interval in the first half of 2013 was 565 million 584 thousand and 600 yuan to 654 million 887 thousand and 400 yuan, an increase of 90% to 120%.

The company said: "because of the higher gross profit margins and the steady increase in the rental income of supporting property, the profitability of the company is enhanced."

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< p > according to wind data, a total of 16 institutions have predicted the annual performance of < a href= "//www.sjfzxm.com > > Haining city" /a "> 2013, with an average forecast net profit of 1 billion 4 million yuan, with an average forecast earnings per diluted share of 1.7926 yuan (the highest 2.0107 yuan, the lowest 1.5464 yuan), with an average forecast increase of 42.48%.

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< p > in fact, the most worrying thing for commercial real estate in recent years is that it is seriously squeezed by the electricity supplier.

The performance of Haining's leather city has not declined in recent years.

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< p > Fan Junhao, an analyst with CIC securities, pointed out in his report: "leather clothing is non standardized (subject to different skin), the unit price is more expensive (more than 1500 yuan), the customer experience requirements are high (wear only know) products, and the Haining leather city can make the real products cheap, and the styles are rich, so the electricity supplier of the" retail business "in the retail sector has a limited impact on the company.

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< p > < strong > the pace of expansion in other places is faster than < /strong > /p >

< p > at present, the income growth of Haining city is largely due to the increase in the rental of shops.

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< p > "the rapid growth of rental income and the substantial increase in gross margin are the key to the expected first quarter results."

CITIC Securities analyst Zhao Xueqin in his report so that the company's first quarter growth exceeded expectations.

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< p > in the first quarter of 2013, the rental income of Haining Leather City (including integrated management fees) increased by 75% over the same period last year, and the settlement of shops and residential real estate was flat compared with the same period last year.

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< p > Zhao Xueqin pointed out: "the rent increase has led to an increase of 8 percentage points to 67%.

Net profit and annualized net assets yield respectively increased by 6.7, 8.8 percentage points to 34.1% and 26.3%, and profitability significantly surpassed that of peers.

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< p > however, after the stabilization of the Haining stronghold, the company's next strategy is expanding elsewhere.

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< p > in fact, although Haining is the largest leather market in the country, its market share is still below 15%.

"The opening of the Chengdu market will bring prosperity to the next year, and the expansion of the country will speed up in the future. 2~3 new markets will be built in the next three years. By 2015, the market area will reach 950 thousand square meters, up 110% from 450 thousand square meters in 2012.

It is estimated that the market share will increase to 20% in 2015 and increase to more than 30% in the next 5~10 years.

Zhao Xueqin pointed out in his report.

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< p > the company has started the pace of national expansion since 2010. The other projects have been opened in Shuyang, Jiangsu (2006), Liaoning Tong Er Bao (2010), Henan Xinxiang (2011), Sichuan Chengdu (2012), Hubei Wuhan (2013) and other places. The construction projects have been Beijing and Beijing, and there are also items such as "Beijing,", "and" and so on.

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< p > according to the construction cycle of these projects, Fan Junhao predicted: "there are more reserves in different places, and there is no need to worry about the extension of the ceiling in 5 years".

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< p > 2013: the project of the skew bridge processing area will open, and the Wuhan project will contribute to the revenue. In 2014, the Harbin market, Beijing market and Tong Er Bao are expected to open in the three phase; 2015: Chengdu two and Haining six are expected to open.

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< p > besides, there are many other projects in the company (such as Xi'an, Urumqi, Hohhot, Shandong).

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< p > the rent increase of new shopping malls is faster than that of our local shopping center.

In 2012, the passenger flow in the port market increased by 15.1%, while the Chengdu / Tong Second Fort passenger flow grew by 55.6%.

Zhao Xueqin expects the port to have a robust tenancy of 5% in June 2013, and the Chengdu / Tong Second Fort market will rent 30% or 20% respectively.

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