Lining Was Washed Out Of &Nbsp By The Fund; The Market Value Evaporated More Than 3 Billion 500 Million Yuan A Day.

December 21st, according to Hong Kong media reports. Lining 20 days ago fund Warehouse cleaning Price of stock Storm diarrhea nearly 16%, the largest single day decline since the 04 year listing, and the market value evaporated more than 3 billion 500 million yuan a day. In the face of the myth of the growth of sales, brokers are singing the future of Lining.

According to Hongkong's report, house leaks and rainy nights! Lining, a gymnast prince, has played a big role in making money, and has failed to start with the Li Ning Co's (2331) wishful thinking of the gem company. Now, he met Lining's brand of sports products. His sales situation was bad for the first time in two years, and the fund had been washed up for the first time in the past two years. The stock price had dropped nearly 16% yesterday, the biggest one-day drop since the 04 year's listing, and the market value evaporated more than 3 billion 500 million yuan a day. In the face of the myth of the growth of sales, brokers are singing the prospect of Lining in a chorus. They believe that Lining has fallen into brand positioning and sales crisis.

Lining's final closing market fell 15.9% to 17.88 yuan, and the turnover increased by nearly 4 times to 27 million 880 thousand shares compared with the 50 day average. While Lining's turnover increased rapidly, the amount of short selling increased significantly to 94 million 570 thousand yuan, which accounted for 18.4% of the total turnover. As for the extraordinary China (8032) who failed in the acquisition of Lining, it also shared the same illness. The stock price plunge 20% to 0.315 yuan, and the market value evaporated 1 billion 540 million yuan.

　 Extraordinary China was dragged down by 20%

Lining announced the product booking data for the second quarter of next year on Friday (17) after being closed. It was overly dependent on distributors to open stores to promote growth and the cost of retailers was dragging up. Orders for the second quarter of next year will fall 6% after calculating the discount. For the first time in the past 2 years, the fund owners are selling off Lining. Brokerages generally believe that sales are not related to Lining's corporate governance.

Goldman Sachs believes that Lining has fallen into brand positioning and sales of the two major crises, especially Lining's position in the world's top brands and local brands is not clear, and Lining is not selling products through exclusive distribution channels, is another major crisis. Chen Zhaochang, an analyst with Jiayin international, told our reporter that Lining will not perform well in the second quarter next year. It is not the problem of the whole sports industry. Because of the growth of the industry itself, Lining will not compete well with other companies in the market share.

　　 The top line is no match for foreign brands.

He also pointed out that Lining raised the price to close to the level of NIKE and Adidas, but the product level did not reach the two foreign brands, so the order meeting result was not satisfactory. Goldman and Lining cut their target price by 18% and 23% respectively, from 28 yuan and 25.1 yuan to 23 yuan and 19.4 yuan respectively. As for Jiayin international, the most pessimistic view is that the target price of Lining is reduced from 21.9 yuan to 30.6% yuan to 15.2 yuan, which is equivalent to 12 times earnings price forecast next year.

Haitong international analyst pointed out that compared with other major sporting goods companies, which are attacking the mass market, Lining's order meeting with the high-end line is obviously worse. He believes that Lining will integrate the distribution channels to trigger zero growth in orders, and Li Ningmingnian will close some stores and influence the confidence of distributors. It is difficult for the analyst to confirm that the sale is not satisfactory because Lining has to give due consideration to the internal housing business of the extraordinary China.

Unlike Anta sports (12.64, -0.12, -0.94%, economic real time quotes) (2020) and other companies, Lining sells products in the form of exclusive distribution, that is, distributors will not set up special stores with "Lining brand", but sell other brand products at the same time. In the face of Lining's increase in product value and retail cost, distributors will not dare to rush into goods, resulting in a retrogression in Lining's product sales.