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Textile Manufacturing Continues To Warm Up, Brand Clothing Has Not Improved Significantly.

2013/9/7 20:08:00 13

we made a general analysis of the 42 "a" target= "_blank" href= "http://www.91se91.com/" > textile < /a > a target= "_blank" href= "_blank" > clothing > < Industry > key companies (among which, the brands are "target=", "22" and "20 textile manufacturing companies"). 
The income of key companies in textile and garment industry increased by 14.8% in the period 1H13, which was 6.8 percentage points higher than the 8% growth rate in 2012, and the growth rate in the two quarter was 18.2%, higher than the 11.5% growth rate in the first quarter. 1H13 deducted net profit growth of 6.5%, an increase of 28.6 percentage points over the growth rate of -22.1% in 2012, of which the growth rate in the two quarter was 12.1% higher than the 1.9% growth rate in the first quarter. 
 plate differentiation is obvious, textile manufacturing continues to warm up, brand clothing has not improved significantly. The textile manufacturing sector continued to recover in the two quarter, with an increase of 9.1% in revenue and 67.7% in net profit. The two quarter income of brand clothing increased 23.4% from 10.4 in the first quarter, but the net profit declined 8.7%. 
 brand clothing: revenue increased by 17.7%, net profit decreased by 6.1%. In the first half of 2013, the income of 22 key brand clothing companies increased by 17.7% over the same period last year, higher than the 11.8% growth rate in 2012, but lower than the 2009-2011 year growth rate (21%, 33.8% and 38.6% in 2009-2011 years). The net profit of non net profit fell by 6.1% over the same period last year, though it was slightly higher than the -8% growth rate in 2012. Quarterly revenue growth in the two quarter was higher than that in the first quarter, but the net profit growth rate was not improved. 
 brand apparel: sub industry, company differentiation, men's profits decline, home textiles, leisure slightly improved. 1H13 men's clothing revenue increased by 3.4%, net profit fell 14% year-on-year, the lowest level since 2009. Among them, the first quarter revenue increased by 7.1%, the net profit was 4.2%, and in the two quarter, the net income decreased by 1.4%. The net profit fell by 28.4%. 1H13 home textiles gross margin increased, cost rate stable, profitability improved, but the operation is still more general. The non net interest rate of the leisure industry in the two quarter narrowed compared with the first quarter, and the operation in the first half of the year was slightly improved. 
 textile manufacturing: 2Q revenue growth and gross profit margin continue to rise, and the net profit of the low base is increased by 68%. 1H13 textile manufacturing key company revenue increased by 8.6% year-on-year, net profit of non profit increased by 56.2% over the same period. Among them, the first quarter revenue increased by 8%, net non profits increased by 38.6%, a marked recovery compared with 2012, the two quarter net income and net profit growth rate continued to rise, respectively, 9.1% and 67.7%. 2013 in the first half of the year, the gross margin of the industry increased by 1.7 percentage points over the same period of 19.1%, which rose by 1 percentage points in the first quarter, and 2.2 percentage points in the two quarter, while the cost rate was relatively stable. Under the combined influence, the non net interest rate of textile manufacturing sector in the first half of 2013 was increased by 5.9% percentage points, up 1.8 percentage points over the first half of the year. However, although the gross profit margin and net non net interest rate of the 2013 plate increased significantly compared with 2012, it was still at a relatively low level compared with the 2009-2011 years, and there was still room for improvement in the profitability of the plate. 
(P) investment recommendations: (1) textile manufacturing: textile manufacturing sector in 2013, after 2011 and 2012 revenue growth and profitability decline, revenue growth began to pick up in 2013, the net profit growth was obvious under the low base effect. The main reason was cotton prices high priced raw cotton digestion, while domestic and foreign cotton price difference narrowed, and the gross profit margin of enterprises rose. Under the huge gap between domestic and foreign cotton consumption and consumption ratio, we think that the cotton price difference has been reduced to a long-term trend. The gross profit margin of textile manufacturing enterprises is expected to continue to improve. It is recommended to continue to focus on textile manufacturing sector, especially cotton spinning enterprises directly benefiting from the narrowing of cotton price difference, such as Lu Tai A, Huafu color spinning and Baron East. (2) brand clothing: in the context of distribution as the main sales mode, the expansion of the brand clothing enterprises is slowing down, the order will be lower than expected, the inventory level at the company level is higher or lagging behind. At present, the value of the leading brand is 10-12 times, and it already has a higher margin of safety. It is suggested that attention should be paid to the improvement of the home textile leading stock and the improvement of the company's stock. 
 risk warning: internal and external economic recovery is lower than expected, RMB appreciation, terminal inventory is high, and cotton policy uncertainty.