Textile And Garment Industry: The Future Home Textile Enterprises Will Enter The Game Era.

　 Domestic demand and external demand have improved.

In December 12, the export volume and amount of raw materials increased significantly, while the increase in export volume was less than the volume growth rate, indicating that the average unit price of exports decreased. Exports of clothing and accessories also rebounded rapidly, and the export volume of shoes and umbrellas and other textile products increased relatively fast.

Consumer data has recovered steadily. Retail sales of consumer goods and clothing retail sales of clothing, footwear and cap and textile enterprises continued to pick up year-on-year in December.

The main business income and profit of textile enterprises increased continuously year-on-year, and the growth rate was relatively consistent, indicating that profits and revenues grew at the same time; the total sales value of industrial output declined slightly, and the value of export delivery increased slightly, but it was a cliff type fall compared with last year. The profit growth of clothing and apparel enterprises is slower than that of main business income, which indicates that the profit margin is relatively poor, and the value of industrial sales value and export delivery value are relatively stable. In 2012, compared with 2011, it dropped sharply, basically hitting the bottom. The low base effect in 2013 may bring about a faster growth.

　 Market trend

In January, the Shanghai Composite Index rose 6.68%, the Shanghai and Shenzhen 300 index rose 8.41%, the Shen Wan textile and garment industry rose 4.27%, the Shen Wan textile manufacturing industry index rose 5.39%, and the Shen Wan clothing textile industry index rose 3.30%. By the end of 1, the valuation of textile and garment industry was 22.44 times, the value of textile manufacturing industry was 36.90 times, and the value of apparel textile industry was 17.99 times.

　 investment strategy

The market situation in January is better, and the textile and garment industry is slightly behind the market, especially the clothing home textile industry once again experienced stagflation, and the overall valuation declined. The better trend is the concept stocks, such as those involved in Wenzhou gold reform, and the overall rising home textile industry. Home textile companies benefit from the concept of consumption growth before the Spring Festival, the high transfer market and the real estate sector, and the best trend after the deep fall in the second half of 2012. However, a large increase has already accumulated some risks. The excellent performance that may appear in the first quarter has been digested by the market, and the trend of home textile companies may weaken in the future. At present, the market is entering a period of intensive performance forecast. The market will be dominated by performance forecasts and other news in the coming period. What we can focus on is the company whose performance is upward revision or loss making.

Based on the industry character of optional consumer goods and the recovery of consumption data, the "neutral" rating of the textile and garment industry as a whole is maintained. Recommending the announcement that the cashmere industry, which will expand production capacity and expand product lines and consolidate the leading position of the industry again, will become the US state dress, which has resulted in a one-time cost and a drop in price due to the cancellation of the stock incentive plan, and the success of inventory management.