Textile And Garment Industry's De Stocking And Product Valuation And Coping Strategies

< p > for this year's textile and garment industry < a href= "http://www.91se91.com/news/list.aspx ClassID=101112107105" > inventory < /a > electricity providers and other issues, Shi Hongmei, an expert from Orient Securities, said that in recent years, some institutional investors have conducted in-depth exchanges with some institutional investors on the investment layout of the brand clothing, cosmetics and textile manufacturing industry next year and focused on the company. It is found that the general feeling is that the institutional investors are generally more cautious about the industry prospects. Some agree that the investment opportunities of the industry will be larger next year than that of this year. A few of them think that the industry fundamentals may be worse next year than that of this year. < /p >
< p > the key words of institutional investors are inventory, pricing, e-commerce and valuation. At present, institutional investors do not have a consistent expectation on the end time of stock disposal. Generally speaking, men's clothing pressure is relatively large. The impact of e-commerce on traditional brands has been revised, and more attention has been paid to the opportunity of online brand e-commerce. We think that the inventory from 2012 began to come to an end at the end of this year. At present, from the financial indicators of listed companies, the public leisure inventory is relatively good, followed by home textiles. With regard to high pricing, we believe that in the medium to long term, the pricing center of local brands will move downward, and the brands will gradually split up. A few brands can still maintain a high rate of return with the help of product characteristics and brand culture, but the relative sales scale is not necessarily large, and more brands will increase business growth by increasing their price performance and increasing sales volume. With regard to the impact of a href= "http://www.91se91.com/news/list.aspx ClassID=101112107102" > electricity supplier < /a > on the industry, we believe that the electricity supplier will not only impact the price system of the industry, but also force the traditional brand to enhance the efficiency of the supply chain, while the traditional brand's attitude and strategy towards electronic commerce have generally experienced the stage of "despising - trying to attach great importance to and actively embracing integration", and there is no absolute dividing line between the online and offline businesses. < /p >
< p > on valuation, we believe that the overall valuation level of the industry will be lower than the historical average after the adjustment of this round, but the valuation between different brands will be greatly differentiated. We judge that the Brand Company that is coming out after this adjustment is expected to revert to the valuation level of PEG over 1, while some strategic unsuccessful and unsuccessful Brand Company will gradually marginalized, and the valuation may also be about 10 times the current level. < /p >
< p > at present, the companies with high degree of concern or high divergence are mainly Pathfinder, Langer's home textiles, Semir clothing and Shanghai Jahwa, while a highly anticipated company, fuanna, may also reflect the future investment opportunities of the industry from one aspect. < /p >
< p > investment strategy and suggestion: < /p >
< p > at present, we maintain the early view of the brand clothing industry: taking into account the industry's stock taking rhythm, and referring to the adjustment cycle of the Hong Kong stock brand, we expect the brand clothing plate fundamentals to rebound in the first half of 14 years. The most probable path in stock price performance is the first half of 14 years, because the 14 year fall and winter order will be narrowed or even the industry value is fixed. The improvement of profit table in the second half of 14 years will further drive the stock price up. In the future, the differentiation of stocks will become more and more serious. By the end of 2013, the industry will lack overall opportunities because of the downturn of the terminal. For variety selection, we should pay attention to: fuanna, Luo Lai home textiles, Langer, a href= "http://www.91se91.com/news/list.aspx ClassID=101112107108" > Semir dress < /a > and Pathfinder. Shanghai daily chemical giant continues to maintain good prospects. < /p >