China'S Clothing Consumption Will Continue To Maintain High Growth

In the current weak market environment, the seller's research institutions with brand name apparel enterprises with good performance growth are optimistic.

Analysts believe that the second half of the year, the second half of the year

In the long run, brand clothing enterprises still enjoy the "demographic dividend", and the valuation center has gradually increased.

Despite maintaining a "neutral" rating on the industry as a whole, Orient Securities continues to be optimistic about the strong growth of brand clothing enterprises, and the textile manufacturing export enterprises.

According to the molecular industry, Orient Securities believes that men's clothing, high-end women's clothing and outdoor investment value is more determined, and home textiles and public leisure has entered an important observation stage or initial layout stage, the future economic resilience is greater.

According to the business situation in April and May, Orient Securities initially predicted that half a year's growth rate was over 50% for the key coverage companies: the Pathfinder and the card slave road. The half year growth rate was around 50% with the shares of the blue and the birds, and the half year growth rate between 30% and 50% was seven wolves, Shanghai Jahwa, search for special, and nine herdmen.

The half year growth rate is between 0% and 30%, including fuanna, Mei Bang dress, Hinur, Meng Jie home textiles, AOKANG international and Rebecca.

CICC believes that the outlook for the second half of the year is brand.

In the second half of the year, orders will be partially locked, outdoor growth is still ahead, men's clothing will grow steadily, differentiation of home textiles and youth casual wear, and the growth of terminal sales will obviously rebound until the fourth quarter.

Textile manufacturing sector, global cotton is still oversupply, through the promotion of cotton prices to stimulate the possibility of product price increases, the industry inflection point may be delayed, need to continue to improve downstream and overseas demand.

It is estimated that the stocks with annual growth rate exceeding 30% in 2012 will have Pathfinder, card slave Road, long posture, search special, seven wolves, nine Mu Wang, fuanna, and good news birds.

Dongxing Securities believes that in the long run, the brand clothing sector will show an appreciation trend under the influence of consumption bonus, residents' income growth and the acceleration of urbanization process.

From the valuation point of view, brand clothing enterprises still have room for improvement.

Dongxing securities has compared the valuation of the two sectors of manufacturing textiles and clothing and terminal brands in the past ten years.

Due to the poor performance of listed companies and the low performance of most companies, valuations in the past ten years have fluctuated around the dynamic PE center of 33 times.

In contrast, the valuation center of brand plates has increased significantly since 2003, and the plate valuation center has been 23 times since 2003, and the PE dynamic center of the plate has moved up to 26 times since 2008.

Northeast Securities Industry still optimistic

Wait for the dawn.

China's clothing consumption will continue to maintain high growth, based on: first, the garment industry will further benefit from the acceleration of the household registration system reform and urbanization process; the two is the upgrading of consumption brought by the continuous increase in the income of urban and rural households; the other two generation of "baby boom" has led to the rise of urban fashion, business and leisure and children's clothing, specifically referring to the growing demand for the brand clothing market of urban fashion and business casual series as the only child generation enters the age of marriage and childbirth, and the new baby boom has led to a new round of growth opportunities for children's clothing market.

Dongxing Securities said that because of the long-term policy, valuation trend and the driving force of price volume in the second half of the year, the brand sector should be optimistic in the medium and long term and maintain the "optimistic" rating.

The stock selection will follow two main lines: first, choose the outdoor, high-end women's wear and men's shoes plates that are in the industry growth cycle and enjoy overvalued value, corresponding varieties such as Pathfinder, LAN Zi stock and AOKANG International; two, choose the strong varieties with strong internal strength and continuous growth strength in the first half of the mature period, corresponding to nine herdmen and seven wolves.