Clothing And Textile: Cross Boundary Open Space Recommend 5 Stocks

< p > Terminal > a href= "http://sjfzxm.com//business/" > consumption < /a > continued downturn, the company's performance has not improved significantly. In the first half of 2014, clothing consumption basically continued the weak trend in 2013.

After entering the 2014, the total retail sales of wholesale and retail enterprises above Designated Size reached a new level year-on-year, while the retail sales of 100 major major retail enterprises grew at a historic low.

It indicates that clothing sales in the second half of 2014 are still not optimistic.

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< p > from the perspective of the fundamentals of 2014Q1, since 2014, some sub sectors' performance has been divided, especially in home textiles. However, inventory turnover has not improved, indicating that it is only a small cycle of replenishment.

From the perspective of net profit improvement, men's wear, leisure and footwear performance decline narrowed, home textiles began to reverse in the third quarter of 2013. After entering 2014, performance growth is expected to further speed up, which is consistent with the growth rate of revenue growth, but men's wear, leisure and footwear in terms of revenue showed no obvious improvement trend.

In terms of inventory turnover, there is no obvious improvement trend, which shows that the supply chain reform is still not yet coming. It is in the tangle of the old and new models, and the reform has a long way to go.

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< p > 2014H1 company performance is expected to be divided, but the overall insipid situation of Listed Companies in 2014 is still unable to reflect the deep change of supply chain and growth mode. We think it is in the throes of pition.

Against this background, in the half year of 2014, the performance of newspaper industry was difficult to predict, and the overall volatility was not surprising, but some sectors and companies would be divided.

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< p > in addition, the order meeting data show that the performance growth of clothing brand will still face greater pressure in 2014. Among them, home textiles, outdoor and leisure sectors have signs of stabilization and even reversal, which deserve attention.

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< p > overall, it is expected that the annual growth rate of the key companies in the semi annual report in 2014 may be between 20-30% in the case of Mei Sheng Culture [1.16% Fund Research Report and the [-0.98% Fund Research Report of the Pathfinder]; there is [3.14% fund research report between the 10-20% group, the [0.15% capital Research Report of the Luo Lai home textile company and the Financial Research Report of fuanna ([1.07%); below 10% or even decline, there are Xingye science and technology [-3.84% Capital Research Report], the Bank of China velvet industry fund research report, the Bank of Hong Kong share capital research report, the card slave road fund research report, the United States clothing Fund Research Report and the search for special fund Research Report).

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< p > recommendation performance turning point, "cross-border" breakthrough and niche manufacturing leader, we expect the second quarter of 2014, the terminal consumption situation is still difficult to pick up, under such a background, the overall plate is difficult to have the trend of opportunity.

After entering the 2014, the fundamentals of the listed companies have not yet improved significantly. Only the inflection point of the home textile sector has entered the replenishment stage. Therefore, we expect the overall pressure of textile and clothing is still there, and the overall stock price is not good enough to maintain the "neutral" rating of the industry.

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< p > on the choice of target, we maintain the view of the 2014 mid term strategy "pition breakthrough" and "crossover" to seek breakthroughs, and tend to the two stock selection logic.

The first is the home textile plate, which is the turning point of performance, the home textile and fuanna of Luo Lai; whether from the perspective of performance improvement or from the order meeting, the home textile board represented by Luo Lai and Fu Anna has entered a small cycle of replenishment stock, and has a strong defensive value.

Another logic is "cross boundary" breaking the bottleneck to seek greater development space brand -- Maison culture and Pathfinder. Its existing industrial advantages make pformation more successful, and thus have greater development opportunities and opportunities in the future.

In the manufacturing sector, we tend to choose from the bottom up the industry of technology, which is still growing in niche market, rising in market share and strong in strength.

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