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"Man's wardrobe" too much inventory Sea Orchid House off Sheli stuck dilemma

With "man's wardrobe" itself Sea Orchid House, both in performance and decline in the growth rate continued repression of high inventory, slow breath in the final approved background, but still was able to escape the fate of institutions selling。  March 20, Sea Orchid House announced that the company issued convertible bonds application has been reviewed by the Commission。The issuance of convertible bonds to be raised no more than 30 billion yuan for the industry chain information technology upgrades, logistics park construction, Habitat love rabbit R & D office building construction project。However, just before the company's convertible bonds approved the day, there are institutions by selling stock。  The past two years, Sea Orchid House sprawling stores plight and seek multi-party cooperation, but the development of the plight of the high inventory is still not alleviated, which in the end is why the?Behind encounter institutional and retail low-key escape, Sea Orchid House in the end suffered what kind of development dilemma?  Convertible bonds approved capital to flee but was active layout and continued to build the industrial chain of Sea Orchid House seems to have a bigger trend, however, institutional investors and retail investors do not buy it like。  3 billion fund-raising has 6 Sea Orchid House announcement, no more than the.2 billion company plans to invest in industrial projects to upgrade the information chain, including 5,500 stores "smart service system" and a cover of which 1,000 stores of "precision marketing system"; 4.It plans to invest 3 billion Habitat love rabbit research and development office, 19.5 billion plan to invest in the logistics area construction projects, lay the foundation for the company's electric business and love living rabbit the rapid development of the brand in the future。  Statistics show that Sea Orchid House is the Sea Orchid House Co.'s clothing brand, mainly retail chain model, selling men's apparel, accessories and related products。April 11, 2014, Sea Orchid House official landing A-share market。  After the usual development ideas, to obtain the issuance of convertible bonds, Sea Orchid House will not only improve the company's balance structure; but also lay a solid foundation for the future development of enterprises。However, for this great news, does not seem to make retail and institutional interest, not only institutions have begun selling low-key withdrawal, but retail investors also began to vote with their feet。  According to statistics, on the day, institutions dedicated seats to sell Sea Orchid House 125 through block trades before the Sea Orchid House announcement of convertible bonds approved.74 million shares, turnover 1532.770,000 yuan, price 12.19 yuan / share。  Interestingly, in the Sea Orchid House of convertible bonds approved the day before, the stock has slipped began。Sea Orchid House reporter access to the share price found March 19, Sea Orchid House opened 12.35 yuan / share, the closing price 12.19 yuan / share, down amounted to 0.19%; and 20-day trend is to let the industry's surprise, the day lower opening 12.05 yuan / share, eventually closing price of 11.6 yuan / share, a drop of up to 2.71%, the maximum decline since the record years。March 21, Sea Orchid House downward trend continues, the day down 1.01%。  Sea Orchid House "bottleneck" For the biggest reason for institutional investors disappointed, there are long-term observation of the garment industry analysts told reporters, resulting in institutional and retail investors continue to vote with their feet it is mainly due to the continued weakness of the Sea Orchid House growth performance, investigate the root cause, although operating income and net profit were achieved varying degrees of growth each year, but its main business Sea Orchid house menswear brand's performance has entered the "bottleneck"。  Sea Orchid House according to the latest earnings reports show that in mid-2017 full-year total revenue of 182.0 billion yuan, an increase of 7.06%; net 33.2.9 billion yuan, an increase of 6.6%。  And this growth rate, much lower than the growth of the entire apparel industry。According to statistics, as the domestic apparel industry's recovery, the domestic men's brand leader in performance reporting and refreshing, which, net profit more than seven wolves, Lee Lang, carbenes and other listed companies Min faction have achieved double-digit growth。  In fact, the Sea Orchid House this weak growth has been going on for many years。According to earnings data Sea Orchid House show that in 2014 – 2016, Sea Orchid Sea Orchid House master of the house brand of annual revenues were 101.2.5 billion yuan, 128.7.4 billion yuan, 140.3.1 billion yuan, an increase of 49 over the previous year respectively.58%, 27.16% and 8.98% showed a downward trend year by year。  By mid-2017, the data continues to decline。Results of Letters show that during the reporting period, major brands Sea Orchid Sea Orchid House main business income of 147.5.8 billion yuan, compared with 2016 annual revenues of 140.3.1 billion yuan increased by only 5.18%。  March 22, "China Times" reporter on the share price continued to fall and escape from the agency business, call the Sea Orchid House Deputy General Manager again, a man told reporters that a lot of reasons for this problem is not specific on the matter responded。As "China Times" correspondent of press time, the company has to face the problem and did not reply。  The key to high inventory pressure obscure "high inventory and Sea Orchid House aimless diversified, perhaps institutional and retail investors voting with their feet。"There is capital industry, industry analysts told reporters。  Results, as of mid-2017 home inventory in the third quarter nearly 89 Sea Orchid.9.6 billion yuan, compared to 86 at the beginning of.3.2 billion yuan have increased in the first half of 2017 announcement, the Sea Orchid House figure was 86.7.5 billion yuan。  And this data is much higher than peers。Reporters found that access to information, Lee Lang has been shouting to the inventory, the company stock only 3.2.3 billion yuan; moreover relatively large trade dispute Smith Barney, its inventory data end of September 2017, climbed to 22.1.9 billion yuan。As of the end of September 2017, seven wolves inventory 10.8.1 billion yuan, Angelo 8.0.9 billion yuan。  Industry sources pointed out that the clothing business, stock index is an important consideration, due to the nature of the apparel industry, the annual fashion trends may be different, once formed a large inventory of clothing enterprises will be fatal。  Industry analysts said that although the past two years, the Sea Orchid House Foreign actively expand, but high inventory problem can not be fundamentally resolved, but the more serious problem。  There is also the diversification of the Sea Orchid House of question is experiencing。Eager to get rid of the image of "man closet", and to "family closet" change, not only non-stop expansion of women, children, home, and other overseas markets more aspects of the business, but also women's brand love living rabbit, rabbit children's clothing brand love living children, are covered on business wear Sheng Kainuo。  Data show, August 14, 2017, Sea Orchid House announced its intention to shares of the local fast fashion brand UR, September 23, its lifestyle brand HAILAN preferred home living museum opened, followed by on-line shop online。  In early February this year, Tencent invested nearly 2.5 billion yuan stake in Sea Orchid House, and get 5.31% stake。Then, Sea Orchid House has entered the US group comments, be the only company to be responsible for take-away clothing brand。  Sea Orchid House but cooperation with the US group was not successful。Statistics show that went on sale the same day in the face of numerous complaints。February 26, the US delegation responded that the review, communication and cooperation are still details Sea Orchid House, and is currently in trial operation and testing phase。  "If there has been a sustained high inventory, then it will also drag on the future development of the Sea Orchid House。"Some observers analysis, told reporters that if given the company its net profit growth to match the valuations that give 12 times PE, the company's share price is so reasonable 9.96 yuan。March 22, Sea Orchid House shares closed at 11.68 yuan。Obviously, compared to the current share price and the price still seems too high。  Weakness in the face of high inventories and continued growth in Sea Orchid House, how to break the plight of the industry has become a concern, this reporter will continue to focus on this。(Original title: "A man's wardrobe" too much inventory Sea Orchid House stuck off Sheli plight) (Editor: DF309)