Slowdown In Textile And Apparel Performance In The Three Quarter

The 25 companies are worse off in the single season than in the first half.

The stock situation has been improving, the inventory accounts for 3 consecutive quarters lower than the same period, the other sub sectors of the inventory problem is increasing, but the home textile and men's stock increase in the Q3 quarter slowed down, while outdoor / women's clothing, shoes and hats inventory problems began to accelerate in the Q3 season.

From the point of view of revenue, 25 enterprises in the first three quarters achieved a total revenue of 4 billion 495 million, an increase of 7.3%, which was 30.2% lower than that of the same period last year.

The first three quarters of revenue growth: outdoors / women's clothing the fastest, up to 38.9%, while casual wear and textile manufacturing increased by 1.3% and 1.5%.

Single quarter growth: home textile industry, outdoor / women's clothing, textile manufacturing growth rate is increasing, men's clothing unchanged, while casual wear, shoes and hats growth rate is declining.

In the first three quarters, the net profit of 25 companies dropped by 6.3%, and the decline in the single quarter reached 6.9%, an improvement of 5.8% over the 12Q2 quarter.

Net profit decline has begun to show signs of stabilization.

Net profit growth in the first three quarters: outdoors / women's clothing reached 42.8%, the fastest growth, men's and footwear's growth rate reached 26.2% and 12.9%; its average retail price and order quantity respectively had low unit number and low double-digit decline.

In terms of clothing, the volume of orders was recorded over 20%, and the average retail price and order volume were recorded at low unit numbers and over 20% respectively.

Textile manufacturing declined by 23.8%, casual wear fell 6.9%, and home textiles slipped 6.1%.

In the first three quarters, the net interest rate of 25 companies was 11.4%, outdoor / women's clothing was 20.6%, men's wear was 18.7%.

The lowest is only 7.1%.

From the trend of ring ratio, the net interest rates of home textile, men's wear and leisure 3 sub sectors are improving.

Enterprises with high gross margins and high net interest rates are still concentrated in garment enterprises, such as 67.4% of the card road, and the shares of the group, the Phoenix bird and the nine herdmen. At the same time, the top three net interest rates are 26.6, 26.4%, and so on.

The three rates in the first three quarters combined: 25 companies fell 1.7%, but up 2.8% over the same period.

From the aspect of the chain, shoes and hats and textile manufacturing increased, while the rest declined. However, from the same period of view, only outdoor / women's wear decreased year-on-year, and the rest increased year-on-year, especially the largest increase in home textiles.

From the change of inventory proportion in the year to year, the situation of the 25 companies in the single season is even worse than that in the first half.

The stock of casual wear has been improving, and inventory accounts for less than 3 consecutive quarters. The inventory problems of other sub sectors are all increasing. However, the increase of home textile and men's clothing has slowed down in the Q3 quarter, while the outdoor / women's clothing and shoes and hats inventory problems began to accelerate in the Q3 season.

In the past three quarters, the proportion of accounts receivable in operating income was: the highest value of shoes and hats was 50%, while the value of outdoors / women's clothing was the lowest, only 7.9%.

Leisure, textile manufacturing and home textiles are 33.8%, 16.8%, 13.4% and 9.4% respectively.

Compared with 12H1, the cash flow of 25 companies in the first three quarters was the same. The cash flow improvement of casual wear was the biggest, which was consistent with its smooth progress in inventory, followed by home textiles, textile manufacturing, men's clothing, and cash flow worsened in shoes and hats, and cash flow declined slightly in outdoor / women's clothing.

Summary: the decline of plate income and net profit in the single season has begun to narrow and is approaching the bottom.

At present, the plate already has medium and long-term investment value. It can pay attention to the men's clothing that has been overly overshoot in the early stage, the steady increase in gross profit margin next year, and the leisure clothing stocks that are moving faster in inventory, such as nine Mu Wang and Semir costumes.