Textile And Garment Industry Still Has Downside Risks After Its Performance Decline.

We think the first half of the year.

The company's share price fell sharply, mainly from the difference between the performance of listed companies and market expectations.

After the announcement, the market made a new round of adjustment to the performance expectations of the companies in 2012. The focus of this report is to discuss the performance expectations of the adjustment and discuss the completeness in the second half of the year.

The relationship between the performance expectation and the realization size will play a certain hint role in the investment opportunities and investment risks of the textile and garment industry.

After the home textile industry's performance is down, there is still a downside risk.

The performance of the home textile industry has generally been greatly reduced, but the market still believes that the sales of home textile companies in the second half of the year should be better than the first half.

We believe that the performance of home textile companies in the second half of the year is more difficult than expected.

If the end consumer sentiment is not strong in 9-10, there will still be a risk of downgrading performance again.

Generally from real estate purchase - delivery - Decoration - Soft loading, there are more than half a year lag.

Although the number of real estate pactions in the 6-7 months is getting warmer, it needs further verification.

6-7 month real estate paction data improvement, at least in the first half of 2013 to be able to reflect, home textile industry short catalyst.

Men's performance in the first half of the year was stable, the performance in the second half of the year was high, the order data declined, and the performance remained under pressure.

But we think that the second half of 2011 is a high performance point, and the growth pressure in the second half of 2012 is higher than that in the first half.

It is not easy for a listed company to achieve its current performance expectations.

At present, there is no obvious improvement in the downstream terminal consumption. Compared with the first half of the year, the data of the order meeting, the growth of terminal consumption and the mood of the franchisee reflect that the men's clothing will also face downward pressure on performance.

Leisure time

Industry - inventory rationalization and internal management.

Judging from the current situation, the United States and costumes and search in the current library is constantly improving, handling the negative impact of inventory on gross margin has been gradually released.

At present, Semir clothing is still in the initial stage of inventory handling. In 2012, China's stock market is still in the growth stage, and its income has a negative growth.

Although the gross profit margin of the company's report remains stable, we believe that in the future, as the company's inventory stability is resolved, its gross profit margin will also face downward pressure.

In the first half of the year, the performance of textile companies declined sharply, while the performance in the second half of the year was low, but the industry inflection point still had to wait.

We believe that in 2012, the turning point of the textile enterprises' performance has arrived, but the turning point of the demand still needs to wait, which means that the textile industry's investment opportunities are yet to come.

Due to the low level in the second half of 2011, the pressure of textile enterprises in the second half of 2012 was smaller than that of the previous year.

The performance of some textile enterprises in the second half of this year is likely to be expected by supermarkets, which will bring investment opportunities for individual stocks.

Investment proposals and whether the performance of listed companies can be achieved after downgrading still needs further examination.

Next, the valuation will be switched to 2013. We believe that only the companies with stable performance can get the corresponding benefits in the handover.

We are concerned about the stable performance of clothing listed companies: Pathfinder, card road, AOKANG international.

In the second half of 2011, the performance base of textile enterprises was relatively low, and the year-on-year pressure of the second half of 2012 was smaller than that of the second half of the year. However, the export market and domestic demand market still did not show marked improvement, and the chances of large-scale recovery of the industry were relatively small.

We are concerned about the company's performance in the second half of this year and its expected market share.

We are concerned about: