Retail Sales In Autumn And Winter Are Getting Warmer, And The State Has Introduced Policies To Promote Foreign Trade.

Plate manifestation.

The Shanghai and Shenzhen 300 (2293.106,41.39,1.84%) index fell 2.6% in September, a 5.6% decline in the year; the Shen Wan textile and garment industry index decreased by 6.8% in September and a 11% decline in the year; the Shen Wan textile manufacturing industry index fell 4.5% in September, and the total decline in 6.8% during the year; the number of clothing industry in Shen Wan decreased by 8.5% in September and 14.3% in the year.

The negative valuation was eliminated in September 24th: the textile and apparel industry was valued at 19.25 times, the textile manufacturing industry valued 20.25 times, and the apparel home textile industry valued 18.72 times.

Key company research and tracking.

In the first half of this year, EPS was 0.21 yuan, and the growth rate of revenue and net profit was 25.02% and 35.8% respectively. The company's scale and gross profit margin double drive strategy continued to push forward, and strengthened the endogenous growth strategy. The multi brand strategy was also advancing rapidly. It was estimated that the EPS was 0.81/1.03/1.32 yuan, corresponding to PE 13/10/8 times, and maintained the "recommended" rating; (2) the American state dress (19.10, -0.06, -0.31%): EPS in the first half of the year was 0.43 yuan, the income and net profit increased by 21.21% and 14.83% respectively, and the stock amount dropped to 1 billion 750 million yuan in the same period. The gross profit margin of the new quarter reached a record high of 1. (1) happy bird (10.47,0.10,0.96%)

(1) in August, the retail sales of 50 large retail enterprises increased by 9.14% over the same period last year, and the growth rate was better than that of the previous month. The retail sales of clothing increased by 12.04% over the same period last year. (2) in August, the sales growth rate of hundreds of large retail enterprises in the country rebounded from the previous month, and the retail sales grew by 8.41% in that month. The growth rate of clothing retail sales and retail sales rebounded. The retail sales and retail sales increased by 16.72% and 5.03% respectively in that month.

And so on, clothing retail volume has achieved positive growth; (3) the state started the cotton temporary purchase and storage in 2012, priced at 20400 yuan per ton, increased by 600 yuan over the previous year; (4) the State Council issued opinions on promoting steady growth in foreign trade, further accelerated the export tax rebate schedule, expanded trade financing scale, reduced trade financing costs, increased export credit insurance support, accelerated export tax rebate, reduced financing costs, and optimized trade structure.

Investment point of view.

(1) textile plate, domestic and foreign cotton price difference narrowed, the state promulgated the policy of promoting foreign trade, QE3 has certain help to boost external market demand, we can expect the prospect of foreign trade will be better, but the turning point of performance is not yet coming. It is suggested that we should focus on the improvement of the industry's leading performance and the overall lifting effect of the foreign trade policy on the foreign trade sector, focusing on A (6.33,0.09,1.44%).

(2) the clothing and home textile industry, the textile and garment retail sales of the above quota enterprises increased by 17.5% in the 1-8 months of August. The clothing sales in August continued the trend of warming in the two quarter. However, some brands of clothing 2013 spring and summer ordering data will be somewhat less effective than expected. However, we are still optimistic about the brand clothing enterprises determined by the annual growth performance, such as AOKANG international, 23.08,0.37,1.63%, and bird.

Risk warning.

Terminal consumption continues to be weak; product order meeting data and

Execution is not as good as expected.