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Textile And Clothing: Developing Differentiated Competition &Nbsp; Pursuing Growth Certainty

2012/3/11 20:57:00 18

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Recently,

Textile and clothing

Plate rose slightly, or up to 1.59%.

The increase has been 2.24% since March.

From February, textile and clothing, textile manufacturing and clothing home textiles rose by 11.68%, 13.01% and 10.61% respectively, compared with other industries in the upper and middle reaches.

From the valuation point of view, the current P / E ratio of textile and garment sector is 20.37 times, and the premium rate of 13.81 times earnings ratio of all A shares is 1.48 times, which is higher than the historical average premium rate of 1.38 times since 2005.

From a basic point of view, the price of cotton purchase and storage in 2012 is 20400 yuan per ton, an increase of 600 yuan / ton compared with last year.

On the eve of the spring sowing of cotton, the announcement of the purchase and storage plan and the raising of the storage price will help protect cotton farmers' enthusiasm and stabilize the cotton production this year.

At present, price spreads still exist at home and abroad. At the same time, the start-up rate of the downstream cotton textile industry is still low and the market demand is lacking. Therefore, although the increase in the storage and purchase price may continue to drive domestic cotton prices to rise slightly, the trend is unlikely to increase.

In addition, clothing in January 2012

retail

The volume growth slowed down and retail sales grew negatively.

According to the China Business Information Center, in 2012 January, the number of retail sales of major retail enterprises increased by 12.3% over the same period last year, 7.52 percentage points lower than the fourth quarter of 2011, and the retail sales of clothing decreased by 0.18% compared to the same period last year.

Among them, the sale of high-end shopping malls is particularly evident.

From the point of view of urban distribution, sales growth of first tier cities is relatively low, with a year-on-year growth rate of 2.78%, which is nearly 10 percentage points lower than the overall growth rate of 12.3%.

The slowdown in clothing retail sales in January is related to the factors leading to the Spring Festival. It is expected that the growth rate will rebound in March.

at present

A share brand

Enterprises are facing pformation.

Referring to the growth path of foreign and domestic brands, when the number of stores is over 4000, the expansion of single brand is facing the problem of growth and deceleration.

At present, some A share Brand Company have approached or already entered this stage of development. The industry should pay attention to the change of growth quality and growth mode in the next 3 years.

Therefore, the industry's stock selection ideas are mainly based on differentiated competition, and more should be pursued for the certainty of growth.

It recommends sub sectors with larger market space and unique listed companies.