Textile And Garment Industry 2013 07 Monthly Report

Plate manifestation. The Shanghai and Shenzhen 300 index fell 0.5% in July, a 13.2% decline in the year, and Shen Wan Textile and garment industry The index rose 2.3% in July, a 11.4% decline in the year, 2.3% in the Shen Wan textile manufacturing industry, 3.1% in the year, and 2.3% in the Shen Wan clothing and textile industry, with a decrease of 18.6% in the year. As of 07 February 30, the negative valuation was eliminated: the value of textile and apparel industry is 16.57 times, the textile manufacturing industry is 20.50 times the value, and the apparel home textile industry is worth 14.72 times.

Key company research and tracking. 1) Xingye science and technology: the rate of cost decrease and the increase of gross profit margin promote the steady growth of performance. We continue to view the company as a leader in the industry for a long time to benefit from the policy control bonus and the guarantee of the company's future growth in the continuous production of new capacity projects. Taking into account the capacity utilization rate, the EPS of the company's 2013-2015 years is slightly reduced by 0.77 yuan, 0.93 yuan and 1.24 yuan. The corresponding price earnings ratio is 13 times, 10 times and 8 times respectively, and there is a certain margin of safety to maintain a prudent recommendation.

Industry dynamics. 1) in June 2013, the volume of retail sales of 50 key large retail enterprises increased by 13.5% over the same period last year, the highest since the beginning of the year. clothing Sales grew by more than 10% for the first time to 11.1%. In the first half of the year, clothing sales grew by 6% over the same period last year. 2) in the first half of the year, the number of retail sales of major large retail enterprises nationwide increased by 10.7%, and the growth rate slowed down 0.3 percentage points. In June, the number of retail sales of major large retail enterprises increased by 11.5% over the same period last year, and the retail sales of clothing increased by 12.3% over the same period last year. 3) the stock prices were high, the price of clothes jumped collectively, and the summer discount season arrived ahead of schedule. 4) the price of Chinese children's clothing exceeded that of the adult industry, and the competition was fierce and the profits were high.

Investment point of view. (1) textile manufacturing: Mid season Textile manufacturing In the first half of the year, the performance will be fulfilled, and the industry leaders and enterprises with technical barriers should be attached importance to. We should pay attention to the three leading companies of cotton spinning (Lutai A, Huafu color spinning and Baron East) and leather leading technology. (2) clothing home textiles: the terminal has been warmer, but the newspaper is expected to be relatively poor. Attention should be paid to the relevant risks, with a focus on companies whose performance is relatively clear or with improved expectations. Suggestions are given to individuals such as fuanna, Luo Lai home textiles, card slave Road, Semir dress and American Apparel.