Rise Of Textile And Apparel Valuation In 2014

< p > < strong > go to stock close to the end, bring industry opportunities for systematic rise. < /strong > /p >

< p > at present, the industry is in the stage of PE rising but apparently not in place, and EPS has not yet risen.

We believe that, with the end of stock going to the end and the demand for the end of the gradual warmer, 14 years as a whole, < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > Home Textile plate will usher in a wave of PE and EPS double rise stage.

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< p > < strong > plate PE is at a historical low level, and the probability of upward repair is far greater than that of decline < /strong > /p >

< p > the forecast of PE for clothing home textile industry reached 48.9, the lowest reached 12.1, while in February 14, it was 15.3, which was only 64% of the historical average.

Therefore, the probability of upward revision of this valuation is greater than that of falling.

First, because the inventory digestion is coming to an end, EPS has begun to shift from downward to growth, and the bottom of the big U has been established.

EPS growth has determined the upward trend of PE growth; second, the industry has bid farewell to extensive open shop to promote growth mode, and the profit model is undergoing profound changes, and more enterprises are beginning to pay attention to the integration of new channels and new technologies.

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< p > the storage period of different companies is different. < a href= "http://www.91se91.com/news/index_c.asp" > industry < /a > is in the second half of passive inventory, but the stage of each company is not the same.

Overall, Anta and Semir, which first entered the inventory adjustment cycle, have entered a new round of replenishment cycle, and both revenue and net profit have started to grow.

Obviously, in the second half of the stock market, Anta and Semir have gained a big increase.

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< p > < strong > investment recommendation < /strong > /p >

< p > industry has nearly finished the end of inventory. We expect that the EPS growth rate in 14 years will be higher than 13 years. The industry's big U bottom has been established and is gradually coming out.

At the same time, various companies in the industry are undergoing positive pformation. In the future, various companies will bid farewell to the heavy opening mode of thousands of people, and move towards various emerging business models, such as endogenous growth, direct management, and expansion of the electricity supplier market.

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< p > we raise the industry rating to "optimistic", and think that 14 years of investment opportunities exist: Semir < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > [-1.71% Capital Research Report] (into active inventory, to upgrade the valuation of the children's industry), the newspaper bird bird [-1.59% Funds Research Report (active adjustment to complete the inventory process, expected annual growth of 90%), AOKANG international [-1.20% Fund Research Report (industry share to the leading concentration, big store mode ahead of the competition brand, acquisition of the franchisee after the end of the performance V type inversion point), Pathfinder < < >