Di Su Fashion (603587): Small and beautiful multi-brand fashion group

Di Su Fashion (603587): Small and beautiful multi-brand fashion group

Report Summary: Multi-brand mid-to-high-end women’s fashion operation group, expanded to men’s clothing brands.

Disu Fashion was established in 2002 in Shanghai. It is a multi-brand apparel fashion group. It has three core women’s clothing brands, DAZZLE, DIAMONDDAZZLE, and d’zzit, which respectively cover the mid-to-high-end, high-end and mid-end women’s clothing markets, forming aThe women’s market is multi-dimensional and penetrates deeply.

In the second half of 2007, the company launched the men’s clothing brand RAZZLE, which further enriched the company’s brand connotation and expanded its coverage.

It is said to be Euromonitor. The company’s main brand “DAZZLE” ranked third in the mid- to high-end women’s market in 2014 and third in 2015.

The market for mid- to high-end women’s clothing is large, and design will be the focus in the future.

Women’s spending power has improved, consumption concepts have improved, and the growth of high-net-worth individuals has driven the development of mid- to high-end women’s wear.

According to Euromonitor’s forecast, the retail sales of the women’s clothing market in the whole year of 2020 will reach US $ 112.5 billion, and the retail sales of the mid-to-high-end women’s clothing market will reach US $ 178.7 billion.

Women’s constant demand for clothing personalization, design is the most important trend.

Focus on design and pursue quality.

The company has a team of experienced, energetic and innovative design R & D teams. We always strictly select the designer team and attach importance to all aspects of independent training. It has both an international fashion sense and a deeply localized beauty.

R & D investment has continued to increase, attracting international design 佛山桑拿网 talents, and focusing on training designers.

Grasp the supply chain and cooperate with foreign high-quality fabric suppliers to pursue quality.

Strong profitability, improved channels, and great room for expansion.

The company’s gross profit margin and net profit margin are significantly higher than those of mid-to-high-end women’s wear companies in the same industry. ROE is high, and its profitability is among the highest in the industry.

Compared with comparable company benchmarks, the company’s store efficiency has a lot of room for improvement, and the VIP customer base has increased significantly.

With the completion of the channel adjustment, the company entered the stage of channel expansion, and the retail space of each brand was subdivided.

Profit forecast: It is expected that the company’s revenue 杭州夜网论坛 for 2019-2020 will be 23 respectively.

8.1 billion, 27.

600 million yuan, an increase of 13.

36%, 15.

91%.

EPS are 1.

60 yuan, 1.

84 yuan, currently corresponding to the company’s PE in 2019 is 13.

3 times, give overweight rating.

Risk warning: terminal consumption continues to weaken, store efficiency increases and store expansion is less than expected