Textile Clothing Or Warm Season In Winter

Shin Wan in the first three quarters of this year

Industry performance continued to decline, and 79 listed companies achieved a total operating income of 135 billion 356 million yuan, an increase of 4.62% over the same period last year, a decrease of 17.6 percentage points over the same period last year, and a net profit of 8 billion 968 million yuan, down 16.32% from the same period last year, a sharp decrease of 54.04 percentage points over the same period last year.

However, from the point of view of the sub sectors, while the textile industry continues to slide, apparel home textiles are still growing, but the growth rate has slowed sharply.

From the specific performance of the company, under the background of weak domestic and foreign consumption and the overall slowdown of the industry, some companies with good operation and sustainable growth can still maintain better growth performance, such as the Bank of China, the cunndi Road, the search for special agents and the Pathfinder.

From the first three quarters of this year, exports and domestic sales data, we expect that the industry's turning point still needs to wait.

In September, the export volume of textile and clothing was 25 billion 126 million US dollars, up 9.33% from the same period last year, the highest value since April this year, a 12.68 percentage point increase from last month.

Although the export situation has picked up in September, exports are still facing severe tests under the influence of weak external demand, expanding domestic and foreign cotton spreads, weakening manpower cost advantages and RMB appreciation. The real recovery of demand still needs long-term observation.

According to statistics from the China National Business Information Center on clothing sales of hundreds of major retail enterprises in the country, the retail sales of apparel in the first three quarters increased by 11.2%, down 0.54 percentage points compared with the first half of this year, 10.8 percentage points lower than the same period last year, and the retail sales of clothing increased by 1.7% compared with the same period last year, a decrease of 5.06 percentage points over the same period last year.

Last year, textile and garment enterprises achieved better business performance through raising prices. This year, under the influence of economic slowdown, consumer confidence index decline and price increase crowding out effect, consumer demand is weak and volume increase does not replace price rise as the driving force for industry growth.

Current part

The company ended the spring and summer order meeting in 2013. Affected by weak demand and inventory pressure, the franchisees' orders were relatively cautious. The order growth rate slowed down compared with the same period last year, and the order of high growth companies continued to grow rapidly.

In the spring and summer 2013, the growth rate of the outdoor products industry is expected to be 50.5%. The growth rate of the fashion casual wear industry is expected to be 35%-40%. The two companies belong to the high growth companies, and the order situation is relatively good.

It is worth noting that the growth rate of orders for men's clothing industry is slightly lower than market expectations, of which the growth rate of card slave road is estimated to be around 26%, and the reported bird is expected to be around 15%.

Expected to be 10%~15%, nine Mu Wang is expected to grow by a single digit.

Obviously, the slowdown in the 2013 spring and summer ordering conference made the market worry about the first half of 2013.

Two tier market, affected by poor industry data, three quarterly results and orders, the textile and garment sector has undergone major adjustments recently.

At present, the overall valuation of the industry is 18 times, at a low historical level.

However, with the advent of cold weather and holiday driven sales season, the consumption situation in the fourth quarter will be better than that in the three quarter, and some of the larger brand clothing companies will have some value fixing opportunities.

We suggest that investors should pay close attention to stocks that are sound in operation, good in performance and sustainable in growth, and be alert to the risk of adjustment of strong stocks and subject shares.