Lining Does Not Give &Nbsp; Orders Continue To Decline Affect Clothing Stocks.
December 24th, two days 4 billion 900 million! Yes, this is the first two trading days of the week. Lining The evaporation of the company's market value. Because Order Falling Price of stock Lining's market value has been greatly damaged by the fall, and the performance of clothing stocks has also been concerned by the market.
Li Ning Co has announced that the second quarter of the 2011 financial year, the Lining product orders will be over. The total value of orders calculated according to the retail tag price is equivalent to that of the same period in 2010. The average retail price of clothing products and shoes products rose by more than 8%, and the order quantity decreased by more than 7% and 8% respectively. The total value of orders was reduced by about 6% year-on-year due to wholesale discounts. Affected by this, Lining's stock price fell 21.88% on Monday and Tuesday. In addition, the research institutions also underestimated the value of its sharp adjustment. Lining said that the house was leaking away for a rainy night.
In addition to Lining, Nike orders growth in the first quarter is also lower than market expectations. Because the market is worried about the risk of the whole plate or undervalued, the short-term trend of the clothing sector is very low. The A share textile and garment sector has received three yin lines this week, which fell more than 2% on Monday, and once fell below 3300 points, down 1.18% yesterday.
The head of garment is hard to stop.
As a matter of fact, the clothing sector began a long bull market rally since the end of 2008. Guangzhou Securities pointed out in its latest research report that the trend of long cattle in the garment sector has continued to the present, mainly from the rigid demand of the clothing sector against inflation and the explosive market growth of the brand clothing this year.
Haitong Securities analyst Qu Zhihang believes that the current operating data show that the entire plate growth slowed down. Judging from the 108 Canton Fair, textile and clothing data are basically flat, indicating that the peripheral economy is still sluggish, supplemented by indicators such as consumer spending and consumer confidence of major exporting countries, and the trend of RMB exchange rate. As a result, it is estimated that textile and garment export growth will drop to around 15% in 2011.
However, Qu Zhihang said that due to the impact of monetary policy, it is expected that the consumption of residents will increase in the future, and the domestic demand of clothing industry will increase significantly. In the first 10 months of 2010, the retail sales growth rate reached 18.30%, and the retail sales growth rate in 2010 was expected to be around 18%, indicating strong domestic consumption capacity. Because the income level of residents is still in the ascend trend, the proportion of Chinese residents' consumption in total income is still relatively low, and the propensity to consume is rising continuously. According to historical experience, money creates consumption. In the 1-2 years after the expansion of M2, social consumption began to enter a period of high growth. In 2009, the growth rate of M2 was maintained at 20%-30%. The over issuance of money, which will be reflected in the consumption field in 2011, plus the expected inflation rate of around 4%, is expected to grow at 18-20% in 2011. {page_break}
Brand and channel are kingly way.
"According to the smile curve, we prefer a listed company with brand and channel, light asset management mode or vertically integrated mode of operation." Guoxin Securities analyst Xu Ke pointed out.
If we compare the domestic brand clothing listed companies with overseas brands GAP, POLO, ZARA and H&M, we will find that our brand clothing is still in the initial stage of growth, and has a bright future. Compared with the second tier cities, the three or four line market of urban and rural areas and rural areas will grow faster in the future, while the industry concentration in the three or four line market is relatively low, which will provide a larger market space for those companies with their own brands and experiencing channel sinking.
In terms of A shares, Xu Ke believes that the United States has a certain brand channel advantage in the market competition, and the company's valuation tends to be reasonable after the recent downtrend. With the acceleration of the construction of the three or four tier cities, there is still much room for us to deepen the MB channel and enrich the product structure.
In addition, a number of gem records have been found, especially due to their differentiated market positioning. In the latest research report, Tian pointed out that the company's spring and summer orders in 2011 had just come to an end, and the order volume exceeded the expected high growth rate, an increase of about 70% over the same period. On the whole, the dividends of listed companies push up the brand benefit of the company, and the new and old franchisees have strong confidence in the future development of the company. Judging from the current trend, it is expected that the number of terminal stores will reach nearly 1150 by the end of 2010, and the number of open shop will reach more than 300. Among them, ordinary stores are still the backbone of expansion strategy, and this year it is expected to reach 1045, an increase of about 52% over the same period last year.
But Xu Ke also pointed out that the stock price is 94 yuan and is still at a high valuation level. Recently, the company's share price has been loosened. I believe that after a fall, the market has returned to a reasonable interval through two positioning. In the long run, the company still has a very high growth potential, coupled with accurate market positioning and long-term trading opportunities.
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