Men's Clothing Industry Is Expected To Appear In The Stock Market "Three Leading".

Performance summary: clothing is now differentiated and manufacturing is slowing down. Brand clothing enterprises generally increased their performance in 2011, but 2012Q1 split up: the best performance of the high growth group, the steady growth of men's wear, less than expected home textiles, and the growth pressure of leisure leading companies has not yet been alleviated. At the same time, financial indicators have declined, reflecting the pressure of terminal sales, which is caused by climate anomalies and early spring festival, sub industry slowdown and company operation. Manufacturing enterprises in 2011 slowed down significantly, and 2012Q1 continued to decline sharply.

Brand clothing: Ql growth rate is low over the years, Q2 material will improve. 2012Q1 retail sales of above quota increase by 14.6%, which is the lowest in recent years (except for the 2009 economic crisis), but the growth rate in March has increased to 19.4%, which is in line with the February monthly report. Q2 retail sales growth is expected to return to 20%, the annual growth rate of 19%.

The three line of clothing sales growth is fastest, home textile turning point or in the second half. 2012Q1 three line of urban clothing sales growth is still the fastest, with the 2012 clothing price drop, three line city sales rigidity is expected to continue. Bedding three lines of urban retail sales growth in line with the super line, but affected by the slowdown in real estate consumption and higher price increases, bedding growth is the lowest in the sub sectors, 200 key retail enterprises data show that the 2012Q1 retail sales growth rate is only -3.3%, judging inflection point or in the second half.

Processing and manufacturing: Sales rebounded and performance will be delayed. 2012Q1 textile apparel exports grew by 2.86%, down 21.2pct compared to the same period last year, due to the sharp rise in export prices and the sharp slowdown in the ring ratio. But the fall in prices is conducive to sales rebounded. Meanwhile, the demand for terminal replenishment and the gradual recovery of the US economy have laid the foundation for the recovery of orders in the later stage. Judging the recovery of business performance will lag behind the rise of order volume, and the pressure of Q2 performance will remain.

Industry rating and investment strategy. brand Apparel plate Usually the performance is weak in the first quarter and fourth quarter, and the probability of winning the market in the two or three quarter is higher. It is estimated that the sale of 2012Q2 clothing terminal is expected to rebound. At present, the dynamic valuation of the plate is 2012 20PE, which is at a relatively low level in history, maintaining a "stronger than big city" rating, and recommending active allocation. Men's clothing is recommended. Three dragon head "Nine herd kings, seven wolves, and good news birds. Men's clothing industry The overall growth rate of the most beneficial industries has been rising, and the "high growth four" Pathfinder, search special, card NDI Road, and long Zi shares expect higher performance growth to support their valuation. The manufacturing sector recommends subdivision industry status prominent, capacity gradually released Jiangnan high fiber.