Asia'S Development Of China'S Home Textile Industry Will Grow Steadily This Year.

　　 Reporter From the China Textile Import and Export Chamber of Commerce, the latest statistics show that the textile and garment industry of developing countries in Asia is still on the track of steady growth in 2014.

India Central Bureau of statistics data show that in June 2014, the output of India textile products increased for twenty-ninth consecutive months, an increase of 1.1% over the same period last year. In the first half of this year, the output of India's textile products increased by 4.6% over the same period last year. According to projections, India's textile output this year will increase for sixth consecutive years.

Vietnam's textile and garment industry has a strong momentum of development. While making great efforts to promote textile and garment exports with the advantage of low wages, it also seeks to attract foreign investment opportunities in high-end apparel industry. According to statistics, the export volume of Vietnam's textile and garment industry in the first half of 2014 was 10 billion 400 million US dollars, up 18.4% over the same period last year.

In addition, Thailand, Kampuchea, Turkey, Sri Lanka and other countries have achieved stable growth in textile and clothing categories.

Roley home textiles: the company's revenue growth has been significantly concerned about the progress of direct marketing.

The first three quarters of 2014 company Operating income reached 1 billion 880 million yuan, up 9.1% over the same period last year, operating profit of 305 million yuan, an increase of 18.8% over the same period last year, and net profit of shareholders belonging to listed companies increased by 277 million yuan, up 16.7% over the same period last year, and realized a basic earnings per share of 0.99 yuan. The company expects to enhance the channel construction and control, increase the new product research and development and market promotion, and expand the brand influence. In 2014, the net profit attributable to shareholders of listed companies increased by 0-20%, corresponding to net profit of 332 million yuan to 399 million yuan.

Benefiting from the growth of low base and order volume, the company's three quarter single quarter revenue growth is obvious.

2014Q3 company achieved operating income of 768 million yuan, an increase of 19.1% over the same period, and the net profit of shareholders belonging to the listed company was 119 million yuan, an increase of 19.2% over the same period last year, and the growth was more obvious. On the one hand, we believe that this is mainly due to the low base number of the same period last year. 2013Q3 achieved a profit of 645 million yuan in the single quarter, down 20.54% compared with the same period last year, and the net profit attributable to the shareholders of the listed company was 100 million yuan, down 16.22% compared with the same period last year. On the other hand, we believe that this also benefited from the active adjustment of the company in the past two years, which helped to ease the pressure on franchising operation. The order and delivery of the franchisee rebounded. In 2014, the order of the autumn and winter brand of Luo Lai brand will increase by more than 20%.

　　 company Profitability continues to rise, and the 14 year growth rate reversal can be established. During the reporting period, the gross profit margin of the company increased by 1.5 percentage points to 44.2%, and the gross profit margin in the three quarter increased by 1.3 percentage points to 43.3%. At the same time, in 2014 1-9, the company's sales expenses increased by 0.4 percentage points to 21.6% compared with the same period last year, and the management fee rate increased 0.1 percentage points to 6.7% over the same period, and the cost rate rose by 0.5 percentage points to 27.4% over the same period. Due to the increase of gross profit margin and reasonable control of cost ratio, the company's net profit margin increased by 0.9 percentage points to 14.7% over the same period. Overall, the company's 2014 performance growth reversal can be established.

Earnings forecasts and investment proposals. At present, the company is continuing to promote franchise. We have long been optimistic about the effect of this policy on the company's retail capability and supply chain level. At the same time, the company has invested 100 million yuan to set up a wholly owned subsidiary to find suitable investment and acquisition targets, and strengthen the company's business with the help of capital market. We expect the company's 2014-2016 years EPS to be 1.39 yuan, 1.66 yuan and 1.90 yuan respectively, and the corresponding PE of the current stock price is 16 times, 14 times and 12 times, the valuation still has the margin of safety, and continues to be given the "buy" rating.