Textile And Apparel Industry Is Leading The Industry.

1. general website At present, there are more than 20 international brands, 1/3 of which are consignment, and three are buyout. At present, the company has 5-6 brands to contribute to its income. In the future, it will diversify and make the ratio of single contribution to the brand decline. 2) in 2013, the pre tax income of Yau can be 320 million yuan. It is expected that the revenue will be 600 million yuan in 2014. The future trend of Korean cosmetics brand will be better, the electricity supplier channel will grow well, the overall investment logic is clear, and the revenue is expected to maintain high growth. In the long run, we should pay close attention to the development of the company's proprietary brand.

2. Shanghai Jahwa tracking: 1) still optimistic about the future of Herborist, Herborist is the most immature and tonal youngest brand of Jahwa, the market space is very large. Tai Chi Dan, March will slow down the production rhythm before the water list; in June, Herborist's "one flower, one wood" brand will only be put into Watsons channel. 3) the adjustment of skin is still in progress, and the new packaging is expected to go public in the second half of the year.

3 Jialin Jie tracking: 1) 2013 annual report EPS was 0.24 yuan, net profit grew 149%, the performance was in line with the expected 2) export rebate led to growth in performance, gross profit margin and government subsidy incentives led to a sharp rise in net interest rates. 3) Future Ltd will increase investment in its own brand KR and export brand SN.

Four Semir apparel Tracking: in January, Semir terminal grew by 30%, balbala terminal increased by 40%, and the electricity supplier to Hangzhou subsidiary. 5. the United States apparel tracking: 1) in January, the company's direct terminal growth was estimated to be over 10%; 2) the WeChat pilot enterprise has 700 thousand micro members, which has the functions of online closed loop transactions, bar code sweep function, GPRS peripheral shops location and so on. It fully embraced O2O and ready to launch. Last week, the textile and garment plate performance was weaker than the market: last week, the textile and clothing index rose 2.33%, compared with the Shen Wan A index fell 0.27%. Among them, the textile manufacturing index rose 3.29%, relative to Shen Wan A index rose 0.69%; clothing home textile index rose 1.36%, relative to Shen Wan A index fell 1.23%.

Industry basic data: last week, cotton prices were rising and falling, and chemical fiber prices rose slightly. Last week, cotton prices went up high and chemical fiber prices rose slightly. Last week, cotton prices rose and mixed, and chemical fiber prices fell slightly: domestic 328 spot spot fell 0.01% to 19448 yuan / ton, zhengcotton main contract rose 0.9% to 20065 yuan / ton. The polyester staple fiber was flat at 9680 yuan / ton, viscose staple fiber increased 0.41% to 12350 yuan / ton, and nylon yarn was flat at 19400 yuan / ton.

Our view: golden week of Spring Festival Clothing category Leading retail sales, clothing price reduction and O2O integration are major trends in the industry. Affected by the warmer winter and Spring Festival in 2013, the winter retail terminal retail is relatively flat and slightly warmer. Warm winter has led to the early listing of spring clothes and some consumption. We believe that the main line of investment for the whole year will be around the two main lines of parity consumption and embrace the Internet: under the background of terminal retail weakness, the overall clothing price reduction is a major trend; O2O integration is no longer a concept, and some forward-looking enterprises are trying to integrate online and offline profit models. In the first quarter, casual wear performed well, and the men's clothing brand Hai Lan's home was still strong. WeChat has 700 thousand micro members, and has achieved the functions of online closed loop transactions, bar code scanning, GPRS peripheral shops location, and so on. It is ready to embrace O2O. In the near future, we recommend mass consumption menswear leading technology, Home Textile Leader Luo Lai home textile, Textile Leader Lu Tai A and China Textile Co., Ltd.