1 - special topics of this week
The national economy continued to recover, and terminal consumption grew steadily throughout the year. According to the data disclosed by the National Bureau of statistics, the total retail sales of social consumer goods in 2021 was 44082.3 billion yuan, a year-on-year increase of 12.5%, the average growth rate in the two years was 3.9%, and the terminal demand recovered steadily.
In terms of sectors: 1) gold, silver and jewelry performed well, and the annual retail sales of units above the quota increased by 29.8% year-on-year. 2) Clothing, shoes and hats, knitwear and textiles grew steadily, and the annual retail sales of units above the designated size increased by 12.7% year-on-year.
By channel: in 2021, the national online retail sales reached 13088.4 billion yuan, a year-on-year increase of 14.1%. Among them, the online retail sales of physical goods were 10804.2 billion yuan, an increase of 12.0%, accounting for 24.5% of the total retail sales of social consumer goods; Among the online retail sales of physical goods, food, clothing and consumer goods increased by 17.8%, 8.3% and 12.5% respectively. 3 - this week's view
Brands: at the beginning of 2022, the retail environment is still impacted repeatedly by the epidemic, and the stability of medium and high-end clothing is better than that of mass clothing brands. The market environment in the medium-term dimension is becoming more and more complex, but due to the rising consumer sentiment and the product power and brand power of domestic brands, high-quality domestic brands are still in an upward trend in the medium and long term. It is recommended that [ Biem.L.Fdlkk Garment Co.Ltd(002832) ] with stable operation and still room for improvement in valuation level corresponds to 17 times of pe22 years. From top to bottom, we are optimistic about the track of sports shoes and clothing with high scenery, and recommend [Li Ning, Anta sports and special step international], corresponding to 38 / 29 / 26 times of PE in 22 years.
Manufacturers: there is still uncertainty in the short-term environment. The recent repeated epidemic has also hindered the release of manufacturers' production capacity, but there is a shortage of orders from brands. We believe that the optimization of the industry competition pattern has become a trend, the epidemic has accelerated the clearing out of backward production capacity in the industry, and companies with differentiation barriers are expected to stand out in the long-term competition. It is recommended that the target [Shenzhou International] with marginal improvement and long-term upward competitiveness corresponds to 32 times of PE in 22 years. Focus on manufacturers with excellent fundamental performance and steady growth [ Huali Industrial Group Company Limited(300979) ], corresponding to 29 times of PE in 22 years.
4 - recent announcements of key companies
\u3000\u3000[ Biem.L.Fdlkk Garment Co.Ltd(002832) ]
The company issued a suggestive announcement that biyin convertible bonds may meet the redemption conditions. During the period from January 4, 2022 to January 17, 2022, the closing price of the company's stock price for ten trading days shall not be lower than 130% of the current conversion price of "biyin convertible bonds" (i.e. 14.60 yuan / share). If the closing price of the company's shares for five trading days in the next 20 trading days is not lower than 130% (including 130%) of the current conversion price, the conditional redemption clause of "biyin convertible bonds" will be triggered. At that time, according to relevant regulations, the company has the right to decide to redeem all or part of the "biyin convertible bonds" that have not been converted into shares at the price of bond face value plus accrued interest in the current period.
\u3000\u3000[ Shenzhen Ellassay Fashion Co.Ltd(603808) ]
The company issued an announcement on the completion of the grant registration of the stock option incentive plan in 2021. The grant date of stock options is December 10, 2021. The number of stock options granted is 13 million, accounting for about 3.52% of the company's current total share capital of 369092900 shares. There are 6 people granted, and the exercise price is 15.12 yuan / share. The stock options authorized in this incentive plan involve two exercise assessment periods:
Assessment objective of the first exercise period: meet one of the following two conditions: 1. The net profit in 2025 shall not be less than 700 million yuan (including 700 million yuan); 2. The cumulative net profit from 2022 to 2025 shall not be less than 2.21 billion yuan (including 2.21 billion yuan).
The assessment objective of the second exercise period: meet one of the following two conditions: 1. The net profit in 2026 shall not be less than 820 million yuan (including 820 million yuan); 2. The cumulative net profit from 2022 to 2026 shall not be less than 3.03 billion yuan (including 3.03 billion yuan).
\u3000\u3000[ Ningbo Peacebird Fashion Co.Ltd(603877) ]
The company issued an announcement on the conversion of Taiping convertible bonds into shares. On July 15, 2021, the company publicly issued 8 million convertible corporate bonds with a face value of 100 yuan each, with a total raised capital of 80 million yuan and a term of 6 years. According to relevant regulations and the Ningbo Peacebird Fashion Co.Ltd(603877) prospectus for public offering of convertible corporate bonds, the "Taiping convertible bonds" issued by the company can be converted into shares of the company from January 21, 2022.
