Summary Report Of 2012 Textile And Garment Industry: Transformation Of Development Mode Of Listed Companies

< p > 2012 is the year when textile industry is facing a href= "http://www.91se91.com" > clothing < /a > the industry is facing too many difficulties. This year, the listed companies in the textile and garment industry are not easy to live. The external demand continues to be depressed, and the demand from Europe and America is insufficient, and the order pfer leads to the consolidation of the industry.

In the four quarter, the textile and garment industry began to show a ray of sunshine, and the terminal sales slump improved in the four quarter.

The good news is that the "national multiplication plan" policy is expected to achieve double income for urban and rural residents. It is estimated that China's per capita GDP will be close to US $10000 in 2020, and the promotion of income will effectively promote the entire brand clothing consumption.

For the whole garment industry, "big consumption and pan fashion" will be the theme of future industry development. Only strong brands who can cope with the demand of "a href=" http://www.91se91.com/news/index_cj.asp "consumption" /a can be born against the trend.

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< p > galaxy securities analysis pointed out that the retail sales growth slowed down, the consumer satisfaction index was repeated up and down, the per capita income growth was slow, and there was no support for consumption.

In 2012, sports a href= "http://fz.sjfzxm.com/" > brand > /a > benefited from capital boosting, experienced a short period of rapid growth, and quickly fell into the extensive black hole of "extensive shops, fast growing stores and large stores", and entered the industry's deep adjustment period, competition pattern or reconstruction.

Rising costs and rents rose at a slower pace of demand growth, resulting in a high inventory and high profit margins.

In the future, only by improving efficiency and increasing the added value of brand, can enterprises ensure higher profit level instead of blindly expanding scale and sales volume.

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< p > < strong > export and domestic trade < /strong > /p >

< p > this year, the textile and clothing industry has experienced the biggest change in external environment and internal pressure for 30 years, and both domestic and export markets have shown a "drop in volume and price".

Galaxy securities analysis pointed out that in October, the euro area retail trade data fell more than expected, the euro area countries and the EU 27 countries retail sales decreased by 1.2% and 1.1%, respectively, down 3.6% and 2.4%, respectively.

With the weakening of peripheral retail, international brands are pushing the Asia Pacific market. The competition between domestic and foreign brands is expected to be more intense in the future.

Domestic brands must abandon the extensive expansion and expansion mode, and learn fine management mode to compete with strong international brands.

In the long run, the real economy is at a weak recovery stage both at home and abroad. Although the recovery is slow, there are signs of recovery.

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< p > from the perspective of domestic sales, the terminal retail industry and key Brand Company in November were significantly recovered than in October. At present, the industry situation is developing in a positive direction. Most brands in 2012 are higher than those in 2012 and spring and summer, but the inflection point of the industry's comprehensive recovery has not been established.

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< p > Jialin Jie announced the first three quarters of 2012: operating income of 639 million yuan, operating profit of 37 million yuan, net profit of 32 million yuan, representing a decrease of 5.2%, 49.3% and 46.8% respectively, achieving EPS0.15 yuan.

Among them, the third quarter single quarter revenue decreased by 4.5%, operating profit decreased 53.1%, net profit fell 44.1% compared to the same period.

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< p > by the influence of overseas demand, Jialin Jie's third quarter income is lower than expected.

Jia Linjie is an international high-end outdoor brand functional fabric supplier, with stable customer resources and a leading position in the technology and scale. It is in line with the "12th Five-Year" industrial pformation and upgrading direction.

However, as an export oriented enterprise, the short-term impact on overseas economy is large, and the income is lower than expected. At present, there is still no demand improvement.

In the late stage, the overseas economy is still unclear, and the downstream customer orders are not optimistic. The company expects net profit to decline by 30%-50% year-on-year.

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< p > Jialin Jie's independent brand investment is large, its income contribution is limited, and the rate of fee increase is obvious. This is the main reason that affects the profit growth.

In the first three quarters, the sales cost of the company was 59 million yuan, an increase of 42% over the same period last year, much higher than the income growth rate. The sales cost rate increased by 3.04 percentage points over the same period, reaching 9.21%.

Management fees increased by 11% compared to the same period last year, and the management fee rate increased by 1.14 percentage points, to 7.75%.

In the first three quarters of the company, the cost rate of three items increased by 4.8%, reaching 16.9% of historical highs. This is the main reason for the decline in profit growth.

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< p > Rebecca was affected by the economic downturn at home and abroad, and the company's revenue growth in the three quarter was down 13.54% compared to the same period last year.

The export market was affected by the economic downturn, and orders fell slightly.

Due to the international economic downturn, the overseas market demand for "a href=" http://www.91se91.com/news/index_s.asp "/a" has shrunk, especially in the middle end product market, and the impact of the high-end consumer market is relatively small.

On the one hand, Rebecca continues to push forward the upgrading strategy of the European and American market structure and the new market development plan; on the other hand, enlarges the breadth and depth of the African market development; at present, the African project has begun to put into operation, and the capacity is expected to be released in large quantities next year, which is the most important aspect of the export market in the future.

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< p > domestic market is the biggest potential market in the future.

Due to weather reasons, the three quarter is the consumption slack season, coupled with the domestic economic downturn, the residents' consumption ability is reduced. This year, the domestic market development progress is lower than expected.

Rebecca is reducing its opening speed this year. At present, there are more than 30 new stores opening, and Rebecca and Sleek double brand development strategy will continue to be implemented, with emphasis on channel quality construction.

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< p > 100 round pants industry achieved the total business income, net profit, net cash flow from operating activities and EPS respectively in the first three quarters of 2012, which were 342 million yuan, 43 million 220 thousand yuan, -1.44 billion yuan and 0.32 yuan respectively, representing an increase of 5.22%, 3.14%, -890% and -61.9% respectively.

The company's performance reflects the continued impact of weak consumption on smaller brand retail enterprises: locating low-end, brand building terminal channels with affiliate mode is the most obvious impact on the weakening of the current round of consumption. In addition, after the listing of the 100 round pants industry, the unit price of products has been substantially increased, the sales volume has declined significantly, the number of terminal franchisees is small, and the ability to resist risks is weak.

The performance of 100 round pants industry reflects the current operation of the industry, and the signs of weak consumption recovery are not obvious during the year. It is expected that with the increase of terminal marketing efforts, the company still needs to increase its support for the franchise system. However, with the slowdown in the second half of the year, the sales volume of the terminal will rise.

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< p > < strong > channel and retail < /strong > < /p >

< p > the analysis of the national maritime security certificate points out that the channel of the brutal growth of the early joining channels of the garment industry has been exploited by layers of profits. In the era of rising manpower and rental costs, the garment enterprises can only rely on the continuous price increase to digest the cost in order to ensure the profits of franchisees and brand dealers.

The rise of channel structure and cost has become a long-term contradiction.

In the face of the economic downturn in 2012, consumers' willingness to consume is low.

At the stage of economic downturn, consumers' willingness to spend on alternative consumer goods has been greatly reduced. At the same time, the rapid rise of e-commerce's low price strategy has also eroded the market share of physical stores to a certain extent. In 2012, the concentrated outbreak of contradictions led to a sharp decline in profitability of listed companies, inventories and accounts receivable increased, and financial statements continued to deteriorate.

The driving force for future development comes from enhancing channel control and paying attention to endogenous growth.

In the development stage of limited extension and limited price increase, garment enterprises can only achieve sustainable development through seeking structural changes such as channels and management and improving endogenous growth. This will undoubtedly be a long and slow process.

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< p > Anxin securities analysis shows that under the background of declining consumption growth, the scarcity of brand channels has led to the change of industry growth mode in recent years. The consumption growth rate has declined in recent years. Under this background, the impact of the scarcity of brand channels caused by external factors has become increasingly prominent.

In the past, the growth of brand clothing enterprises mainly came from the two wheel drive of channel expansion and price increase. Under the current consumption background, the scarcity of brand channels would make the growth mode facing bottlenecks.

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< p > online shopping and commercial real estate volume lead to a decrease in channel scarcity.

The rise of online shopping has two effects: first, the flat channel and the increase of channel markup rate, resulting in a slowdown in the expansion of distribution channels; the other is the scarcity of channels, resulting in downward pressure on terminal prices.

It is estimated that commercial real estate will gradually reach the peak of supply from 2013 to 2015. The commercial real estate volume is estimated to be mainly in the first and second tier markets and the three or four line market. The result is a corresponding reduction in the scarcity of market channels, and terminal prices are facing downward pressure.

The increase of brand at home and abroad leads to the decrease of brand scarcity, the influx of more and more international brands, and the increasing scarcity of brand awareness of domestic manufacturers, and the scarcity of brand names.

In particular, the market segments of middle and high-end men's clothing and public leisure are facing the price pressure brought by international brands with more brand influence, and terminal prices are facing downward pressure.

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< p > galaxy securities analysis, the search company's three quarter performance continued to grow at a high level, which is in line with expectations.

Channel expansion has become the main driving force of the company's performance growth.

In 2012, the company continued to expand sales channels, encourage franchisees to "open large stores" and "open more stores". The average area of newly opened shops was more than 500 square meters. At the same time, the support for franchisees increased in brand promotion, and the willingness of franchisees to open more shops and increase their investment in shops was enhanced. The number and efficiency of terminal stores increased steadily, and sales revenue increased steadily.

At the same time, with the rapid expansion of the channel, the store rental fee and depreciation and amortization expenses increased significantly in the first three quarters, and the expenses related to the sales related staff also increased significantly, resulting in an increase of 61.28% in sales expenses over the same period, exceeding the income growth rate.

In terms of management fees, the company grew by 29.42% over the first three quarters of the year, lower than the growth rate of revenue. The main reason is that the company has strengthened internal management, and the management benefits and scale benefits have gradually emerged.

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< p > inventory control is effective and operating cash flow has improved significantly.

National Day and Mid Autumn Festival holiday shipments larger, giving credit policy customers and credit lines have increased, the company statement closing date of operating cash flow net 62 million 680 thousand yuan, half a year's -1785 million improved significantly, mainly the company's sales in good condition, the franchisee refund and time.

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"P >" card Nu Di Lu "recently signed the China general agent brand SIEG and SIEGFAHRENHEIT with the Korean yuan. These two brands are younger than the main brand of the card slave Road, the design is more casual and fashionable, and can form a good complement with the main brand of the company.

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< p > it is also known that SIEGFAHRENHEIT has a high degree of acceptance in China's high-end consumers. In view of the fact that the company holding subsidiary Hanford Hangzhou now has 5 regional and national agents of international brands, it is expected that the company is expected to create a new growth point through its excellent marketing channel management capabilities.

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< p > card slave road terminal management capability is strong, and positioning high-end, the impact of economic downturn is relatively small.

Therefore, the total sales volume of card slave road from 1 to November this year can still maintain a certain growth.

The first three quarters of the same store growth rate is expected to be around 8%, and mainly sales growth, the overall situation is better than high-end business men's clothing listed companies.

Analysis of Dongfang securities estimated that revenue growth of card slave Road next year is expected to reach more than 40%.

Card Nu Di road currently has 407 stores in the 3 quarter, and there will be much room for expansion in the future. It is estimated that the company will open more than 100 new stores next year, and it is understood that the new shop and new department store in the first half of next year are in good progress.

Advanced orders and international second tier brand agents are expected to contribute about 1 hundred million more revenue to the company in 2013.

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P, a high-end women apparel operator, has many brand management capabilities, and has wide space for channel expansion. In 2012, the design and terminal investment were increased, and the south area channel development and single store fine management were highly valued.

It is estimated that the 2012-2014 year performance will increase by 31% annually.

Its brands include "long Zi", "Rhine", "Zo Ke", "Marian Mary" and "Li Ya LAN Zi" and so on. There are about 460 stores, which are distributed in the middle and high-end shopping malls. The compound annual growth rate of revenue and net profit in 2008-2011 years is 55.45% and 41.21% respectively, and the growth is good.

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< p > design, channel and multi brand operation are the core competitiveness of high-end women's clothing.

China's high-end women's clothing brand presents a distinct regional character, while consumption gradually spreads from front-line and provincial capital cities to other regions.

Design, channel and multi brand operation capability determine the long-term development of enterprises, and optimistic about brand operators who have strong financial strength, strong R & D capability, rich channel resources, multi brand operation capabilities, can break through the regional restrictions, and attach importance to the development of the two or three line market.

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< p > extension and expansion space is broad, and design and channels should be combined to open up South market.

The existing channels are distributed mainly in North China and Northeast China. This year, the company set up a special design team and adjusted the channel development personnel to expand the southern region. The company still has the financial strength to expand channels.

At the same time, the strategy of "selling to self" can give play to the dominant position of the main brand.

The main brand of the company's "brand" self operated store is excellent, with a single store income of 4 million 90 thousand yuan higher than that of the same industry, but the proportion of self owned stores is only 37%.

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