Youngor: To be accused of "doing nothing" should seek industrial capital balance

Estimating the reasonable level of the Youngor shares is a troubling question: Is it a clothing business, a real estate company or an equity investment firm with businesses spanning three major sectors with different P / E ratios for each industry? , How to merge into a reasonable share price range, only benevolence see benevolent wisdom see wisdom. Trouble is not only here. Younger Since its founding in 1979, the main industry of apparel and textiles has actually been growing, but hurriedly broke the real estate business and equity investment so Youngor's main garment and apparel industry appears to be "bleak", the industry's criticism of Younger's "work" in succession one after another . If you look at business performance, Youngor's diversified development strategy has not failed in 2009 Younger exceeded 10 billion yuan of main business income, 6.9 billion from textile and garment, 5.2 billion from real estate, specific to the net profit, real estate and equity Investment business net profit of up to yuan, net profit of textile and clothing business yuan 6.4 times; from the main business development model and profitability point of view, Youngor really lags behind, compared with its rivals, it started early But the gap is huge. As a well-known clothing company, Youngor wants to get rid of the reputation of "doing nothing" and seems to be able to go beyond "dilemma" and seek a balance between industry and capital. In the fifth year after Younger's founding, in 1984, a Japanese clothing retailer named UNIQLO was established. In 1985, INDITEX, headquartered in Spain, was founded. More than 20 years later, UNIQLO and INDITEX flagship clothing brand "ZARA" hot in China, the business in the global market. UNIQLO compiled a list of the world's top ten apparel companies, fiscal year 2009, INDITEX topped the list with sales of 11.084 billion euros (about 102.3 billion yuan); UNIQLO sales 685 billion yen (about 56.1 billion yuan RMB), ranked fifth in the top ten, there is no garment enterprises from mainland China. As China's garment leading enterprises, in 2009, Youngor clothing main business revenue of 5.53 billion yuan, with 1.97 billion yuan of textile business, the sum of 7.5 billion yuan, only one-eighth of UNIQLO income, 7.3% of INDITEX's revenue. It is noteworthy that INDITEX, UNIQLO's main business is only one, that is, clothing, but Younger is not. In 1999, Youngor invested 320 million yuan to acquire 9.61% stake in CITIC Securities, became the second largest shareholder of CITIC Securities, Younger equity investment has taken the first step. Youngor 2009 Annual Report shows that the company holds shares of 14 listed companies such as CITIC Securities, a total investment of 4.67 billion yuan, the market capitalization of 12.6 billion yuan, floating profit of about 80 billion yuan. In addition, Younger also holds, including Hainan Natural Rubber Industry Group Co., Ltd., PE investment and other investment projects 8, a total investment of 706.4266 million yuan. At the same time, Youngor invested 77.98 million yuan in 2002 to acquire 92.78% equity of Ningbo Youngor Real Estate Co., Ltd. and Youngor Youngor Import & Export Co., Ltd., a wholly-owned subsidiary of Youngor, acquired a 7.22% stake in Ningbo Youngor Real Estate Co., Ltd., Officially entered the field of real estate business. In 2009, Youngor achieved revenue of RMB5,195,450,300 and net profit of RMB1,913,430,000, representing an increase of 49.88% and 53.16% over the same period of the previous year respectively. There were 15 projects under construction with a total area of ​​2,246,300 square meters under construction, setting an all-time record high. Youngor Real Estate was ranked 56th among the "Top 500 Real Estate Development Companies in China in 2009" issued by China Real Estate Evaluation Center and ranked fourth in "Top 20 Real Estate Development Enterprises in Zhejiang". Ningbo, Hangzhou and Suzhou become the major areas of Youngor's real estate business. The main "short board" Younger made the above real estate investment and capital investment because the gross profit margin of the main textile and garment industry is too low. Younger opened up the cultivation, textile, printing and dyeing, clothing R & D and production and marketing of all aspects, and mainly with clothing R & D and sales of INDITEX and UNIQLO, the cost advantage Youngor apparel gross margins but not dominant. Compared with 2009 financial data, Youngor garment gross margin 35.5%, UNIQLO gross margin 49.9%, INDITEX gross margin 57.1%.

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