Weekly Report Of Textile And Garment Industry

< p > week review: 1. Industry tracking: 1. In April, 100 a href= "http://www.91se91.com/" target= "_blank" > clothing < /a > sales increased by 1.7%, the growth rate dropped by 18.6 percentage points compared with the same period last year, the ratio decreased by 8.7 percentage points, and the retail sales decreased by 4% compared with the same period.

2. In April, the total volume of clothing industry increased by 9.5%, 17.3 percentage points lower than that of the same period last year, and terminal sales remained weak.

3. The change of chairman of Shanghai Jahwa group: the share price of Jahwa dropped 11.6% in Shanghai this week, which is mainly related to the change of the chairman of the group. Vice president of Ping'an trust, general manager Zhang Liqing, succeeded the chairman of the listed company, Ge Wenyao, as chairman of the Jahwa group. The incident highlighted the intensification of contradictions between domestication and security.

At the meeting of shareholders on Wednesday, GE said he would do everything he could to calm things down, and he also said that he would support family ownership to become bigger and stronger.

We believe that the pfer of conciliation signals at the shareholders' meeting has eased the incident.

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< p > 2, company tracking: (1) investigation of Shanghai Jahwa shareholders' meeting: taking into account the current term of the board of directors for 2012-2015 years, the management team is expected to be able to make a smooth pition under GE leadership.

As a leading national daily chemical company, its brand layout is perfect and its industry status is outstanding. Maintaining EPS for 13-15 years is 2.06/2.76/3.60 yuan, corresponding to PE is 31.7/23.7/18.1 times.

Considering that the contradiction between the two sides has not yet been fundamentally solved, the change of the group's personnel may trigger a short-term fall of the valuation center to about 30-35 times, but if the event does not deteriorate further, the valuation is expected to be gradually restored.

The operation of listed companies is still on the rise, and the future is still expected to continue to grow and keep buying by relying on performance driven.

(2) investigation of the shareholders' meeting of the home textile company: it is estimated that 13 years' autumn and winter orders will be ordered according to the product production cycle, 3 months or even shorter, and the corresponding companies will optimize and pform the supply chain.

At the end of last year, there was an increase in channel inventory under the stimulation of rebate policy, but the inventory level of small and medium franchisees was relatively benign.

Future Ltd pays more attention to strategic direction adjustment, matching program landing, cost control and so on. The trend of operation has gradually improved, maintaining 13-15 years EPS to 3.00/3.60/4.34 yuan, PE to 14.2/11.8/9.8 times, and maintaining holdings.

3. A href= "http://www.91se91.com/" target= "_blank" > dress > /a > research: terminal sales are not stable, it is expected that there will be more pressure in the newspaper, and the performance of 13Q4 will improve from quarter to quarter.

The company's future product design and development will be divided according to the temperature zone, and the experience store mode will be fully implemented in the direct channel from 14 years.

It is expected that the top management team will be adjusted in the near future, and the staff in 13 years are basically in place. We expect that the company equity incentive will be launched as soon as possible, and the improvement will lead to a gradual improvement in performance.

4. Fuan 13 autumn and winter ordering situation: the total volume of orders is expected to increase by about 15%, of which the growth of joining is about 16%, and its direct growth is about 12%.

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< p > last week, < a href= "http://www.91se91.com/" target= "_blank" > textile < /a > the trend of garment plate was stronger than that of the market: last week, the textile and clothing index rose 2.58%, compared with the 0.15% index of the Shen Wan A index.

Among them, the textile manufacturing index rose 2.78%, relative to Shen Wan A index fell 0.36%; clothing home textile index rose 2.37%, relative to Shen Wan A index fell 0.05%.

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< p > industry basic data: 1. In April, sales of 100 clothing increased by 1.7% compared with the same period last year, and the volume of retail sales decreased by 4% over the same period last year.

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< p > April, the total volume of clothing industry increased by 9.5% over the same period last year, and the total volume increased by 11.2% in 1-4 months.

Last week, cotton and chemical fiber prices dropped mainly: domestic 328 spot spot fell slightly last week at 19350 yuan / ton, and Zheng Mian's main contract fell 0.7% to 20165 yuan / ton.

PET staple fell 0.8% to 10140 yuan / ton, viscose staple fell 1.7% to 13200 yuan / ton, nylon yarn rose 0.5% to 19600 yuan / ton.

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< p > our view: the terminal downturn is postponing < a href= "http://www.91se91.com/" target= "_blank" > brand clothing < /a > adjustment time, the leading point of textile manufacturing operation is gradually approaching.

May entered the performance vacuum period, it is expected that short-term brand clothing valuation repair trend will continue, but the terminal sales slump may delay the adjustment time of the industry. It is estimated that the performance of the apparel companies in the three quarter will show a better trend.

Textile manufacturing enterprises are in a fundamental improvement process. A shares have a prominent competitive advantage, and the turning point is expected to be reflected in the two quarter.

Optimistic about the expected performance of the newspaper, Baron Oriental, Huafu color spinning, Lu Tai A, to increase the extension of the space still has the space of the RAND shares, the card slave Road, concerned about the May Luo Lai ordering.

The short-term valuation of Jahwa is affected, but in the long run, it is still optimistic about the high growth of its brand and channel advantages and keeps buying.

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