High Quality Textile And Clothing Enterprises Are Popular Again

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　　1、 spin clothing The performance of the sector was weaker than that of the market. Last week, the Shenwan Textile and Clothing Industry Index fell 6.71%, and the Shanghai Stock Exchange Index fell 4.57% Brand clothing The company made up obvious losses, such as Luolai Home Textile, Lucie, and Meibang Clothes & Accessories The weekly decline of stocks such as Baoxiniao, Jiumuwang, Seppelang and Kanudi Road was between 5-9%. suffer GEM Influenced by the arrival of the peak of the lifting of the ban and weak macroeconomic data, the market accelerated its bottoming, especially the small and medium-sized board and the GEM, whose decline significantly exceeded the Shanghai Stock Exchange Index. In the short term, the downward movement of the valuation level and the pressure of lifting the ban will still be the main factors to continue to suppress the rebound.

2. The international fast-moving consumer giants grew against the trend, and the European economic downturn led to the slowdown of the growth of international fashion brands. The Swedish brand H&M expected its revenue to fall 4% in August, lower than expected. However, H&M launched the sub brand "Monki" in the mainland market of China to stop the decline, which was previously listed in Hong Kong. This year, it plans to open stores in Shenzhen, Chengdu and Nanjing. Inditex, Spain's largest textile and clothing group with brands such as ZARA, disclosed its performance in the first half of the year: operating revenue of 7239 million euros, a year-on-year increase of 17%, net profit of 944 million euros, a year-on-year increase of 32%, gross profit margin increased by 1.2 percentage points, and the proportion of sales in Asian markets, including China, increased from 12% in 2010 to 20% at present, The proportion of Spain's domestic market dropped from 30% to 22%.

In the context of the global economic slowdown, Inditex has still made remarkable achievements. On the one hand, the mature supply chain ensures its leading edge. On the other hand, the Asia Pacific market represented by China has brought great performance contributions, which in turn indicates that the survival space of local brands has been constantly compressed in recent years.

3. Touching the phased ceiling, channel optimization is the trend Brand clothing This year, in order to cope with the decline of market prosperity, we have taken initiative measures to reduce costs. In order to ensure the sustainable development of stores and obtain greater profits, the trend of controlling the size of franchise channels will be more obvious. The sports brand hit 8000 stores, which may reach a stage peak. In the first half of this year, Li Ning closed 1200 stores, and will continue to shrink in the second half of this year. In the first half of the year, the direct business of Meibang Garments accounted for 50.8%, and the increase of 192 direct stores exceeded the increase of 154 franchise stores. Daphne will continue to reduce the number of franchise stores and implement the strategy of developing direct stores more resolutely after the number of stores reaches 5500. The good performance of profitability and turnover level under the direct marketing mode of international brands has set a benchmark, which will be the development direction of local brands in the long run.

Investment suggestions: In August, the retail sales of one hundred key large enterprises in China increased by 8.41% year on year, of which the retail sales of clothing increased by 16.72% year on year, 5.2 percentage points higher than that of the previous month. The concentrated discount promotion of various brands has a significant incentive effect. From the perspective of autumn clothing listing prices, the prices of new clothing in first tier cities have declined or slowed down significantly year on year, The active price reduction of international brands to compete for market share in the peak consumption season will further lower the terminal price. Although the overall growth rate of consumption is declining, we have no doubt about China's position as the most active consumer market in the world. In recent two years, brand companies in such market segments as outdoor products and high-end men's and women's clothing have achieved good growth, which gives us confidence in the future of investment. Brand clothing Home textiles Continuous adjustment of the sector can bring opportunities for "falling out" in the next stage of layout, and high-quality companies deserve long-term attention.