Sou Yute (002503): a robust and expanding supply chain management expert

Sou Yute (002503): a robust and expanding supply chain management expert

This report reads: The company’s three major businesses go hand in hand, supply chain management has become a core growth point, financial performance is stable and controllable, overall performance has improved, and a neutral rating has been given for the first time.

  Investment points: Neutral rating for the first coverage: The company’s EPS is expected to be 0 in 2019, 2020 and 2021.

09, 0.

10, 0.

11 yuan, an annual increase of -19% / 12% / 10%. Considering the rapid growth of the 武汉夜网论坛 company’s supply chain management business, other businesses have gradually stabilized, giving the company 24 times PE in 2019 with a target price of 2.

37 yuan, the first coverage given a neutral rating.

  The three major businesses are developing concurrently, and the scale of supply chain management business is competing.

The company is an expert in the supply chain management of the domestic textile and apparel industry. After the expansion of its revenue scale and the completion of business transformation, its revenue has shown an expanding trend. In 2018, its total revenue reached 185.

1.9 billion.

Among the three main industries, brand clothing operation, brand management and other businesses have developed steadily, and supply chain management has grown strongly. In the past three years, it has become the company’s main source of revenue, and its proportion has continued to increase.


  The supply chain management business has become a core growth point, and the customer optimization overlap model helps drive performance growth.

The company provides integrated services of centralized procurement, R & D design, and procurement planning to create a B2B manufacturing procurement platform with a customized focus.

The new consumption trend in the textile and apparel industry requires improved supply chain management capabilities. The company is currently optimizing customers and establishing new subsidiaries to promote the development of the model, and the company’s supply chain management business performance promotes further expansion.

  Financial performance is stable and controllable and is expected to improve in the future.

Affected by the macroeconomic downturn, rising raw material prices, and adjustments to the company’s operating strategy, the growth rate of the company’s revenue and net profit attributable to mothers improved in 2018, and its gross profit margin declined slightly.

61%, but during the period, the expense ratio remained at the lowest level, and the profit performance was stable and controllable; the turnover situation 北京体验网 changed slightly, and the overall stability improved.

  Risk factors: The development of the supply chain management business is less than expected, the sales revenue of brand apparel changes, and the prosperity of the apparel industry is less than expected.