Textile And Garment Industry Meets Consumption Changes

This year, Spin clothing A total of 5 companies in the industry have implemented private placement. They are divided into: Xinyang Feng, cashmere industry, Huas share, Hai Lan home and Huafang joint stock, which raise 18 billion 258 million yuan in total.

In these companies, Hai Lan's home has the most capital raising. According to the March 15, 2014 announcement, the company completed the 3 billion 846 million private placement of 3.38 yuan / share to Hai Lan group, of which the issuance period for Hai Lan group and Rongji International Limited was 36 months, while the rest was 12 months. After this issue, Hai Lan group and its co operative Rongji international group have 3 billion 112 million shares, accounting for 69.27% of the total share capital after the issue. Hai Lan group is still the controlling shareholder of the company and Zhou Jianping is the actual controller. After the transaction is completed, the company will hold 100% of the Hai Lan home, and its main business is Brand clothing Operation.

From the industry fundamentals, the total retail sales of consumer goods increased by 12.1% between January and May 2014, of which the online retail sales of the above quota units increased by 53.2% over the same period last year. In addition, in May 2014, the retail sales volume of 50 key large retail enterprises increased by 1.7% over the same period last year, of which retail sales of clothing commodities increased by 5.2% over the same period last year, and the growth rate increased by 3.9 percentage points from the previous month, 2.2 percentage points higher than the same period last year.

From the perspective of demographic structure, the number of the main consumer groups in the future will be the most obvious. The young workforce (15 to 29 years old) will have an average annual growth of 0.2% over the past ten years, reversing an average annual decline of 1.4% over the next ten years. As a result, sports, leisure and fashion consumption for this crowd are facing pressure.

Shanghai Securities said that the expansion mode of simple and extensive extension before the textile and garment industry is facing reconstruction. At the same time, the change of the entire consumption mode also makes the textile and garment industry face new challenges. Over the past two years, most brand clothing companies are digesting the strategic contraction stage of inventory. From the data point of view, the adjustment of brand clothing enterprises, especially men's clothing companies, has not yet ended, and the bottom of the industry is not yet clear.

However, Guoxin Securities said that retail sales continued to be under pressure, and there was no sign of improvement in the overall retail environment. Leading enterprises should also change from time to time, explore and innovate in the mode, and accumulate internal strength in shaping core competence, so as to cope with changes in consumption environment and consumption habits. In the future, the differentiation of brand clothing industry will be more significant. Whether it is the inflection point of performance, or the innovation of mode or the enhancement of capability, it is for the specific enterprises that have foresight and good execution, the industry shuffling is more obvious, and the concentration degree of the industry is also expected to be improved. The external environment of textile manufacturing sector improved in the second half of 2014, but the elasticity of performance was not as good as that of last year.

In terms of investment strategy, Guoxin Securities said that maintaining the prudent rating recommended by the industry, from the perspective of the sub sectors, is more optimistic about leisure (large space, leading enterprises' transformation efforts), children's wear (industry growth rate is faster) and outdoors. Recommended stocks in the second half of 2014: Semir Clothes & Accessories Mei Bang dress, Pathfinder, fuanna, Shanghai Jahwa and Fiyta. Among them, Semir, the United States and costumes and Pathfinder, the strong undervalued performance of fuanna, Fiyta, which has strong brand names and stable retail sales.