Investment Suggestions For Textile And Garment Industry

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Xiaobian of the network to introduce the textile and garment industry: clothing - terminal demand is still in the doldrums, the three quarterly performance highlights are limited; manufacturing cotton textile by the decline in cotton prices, leading printing and dyeing is still robust.

1, brand clothing category three quarterly summary:

(1)成長能力:Q3當季度,從服飾類重點龍龍頭公司來看,收入、凈利方面,女裝、男裝、體育服飾延續下滑;休閑中,僅森馬服飾一直保持20%+的凈利增速,主要來自于童裝,而休閑裝調整效果已逐漸顯現;鞋類依然不佳;戶外唯一上市龍頭探路者,2014年加盟商的線上業務發展非常迅猛,群狼戰術直接讓探路者戶外服飾短時間內在線上位居第一位,凈利增速高于收入增速則源于費用控制力度加大;家紡板塊,當季業績整體上依然穩健,但是三者之間驅動存在差異:羅萊家紡受秋冬訂貨會大客戶訂貨增長及低基數疊加影響,Q3銷售收入同比明顯增長;富安娜受益于渠道結構(加盟占比下降)優化,Q3毛利率同比提升略有提升,費用控制力度加大促使利潤增速略超預期;夢潔收入端較疲弱,但凈利大幅增加,主要系毛利率提升和所得稅率的降低。

Watches are being dragged down by the sale of name lists, and their performance is lower than expected.

(2) profitability: most of the company's Q3 gross profit margin declined in the same period last year, of which Semir clothing and Pathfinder were stable compared to the previous year. Seven wolves and three home textile companies increased year by year, and the gross profit margin of Meng Jie home textile increased by 4.68PCT compared with the same period last year.

(3) operating capacity: at the end of September, in terms of inventory turnover, clothing companies continued to decline as compared with the end of 2013. The main companies were birds of interest, Fiyta, and accounts receivable turnover. Compared with the end of last year, there were news birds, AOKANG international and Roley home textiles.

Under the background of poor environment, the company's downstream credit is further increased.

2, textile manufacturing three quarterly summary:

(1) growth capacity: Q3 in the quarter, in the cotton textile plate, in 2014, the Chinese government started the pilot of the Xinjiang cotton target price subsidy pilot (and cancelled the storage), and the 2015 slip tax quotas were cancelled in 2015, which resulted in the lower price of cotton and cotton in fine wool, which also increased the market expectation of the downstream customers, thus dragging the order price; the price of long staple cotton was also down, which led to the decline in the income of the cotton.

Weixing shares and hang min shares have strong performance characteristics.

Worth shares benefited from the extension of the industrial chain, and revenue growth was obvious.

Societe Generale technology has benefited from a substantial increase in sales, and Q3 has increased by 56% in the current quarter.

(2) profitability: Q3 in the current quarter, the gross profit margin declined year-on-year in Huafu color spinning, Lu Tai A and Xingye technology. Huafu and Rutai were dragged down by cotton prices, and Xingye technology was subject to the continuous rise in raw material prices, as well as the downturn in terminal demand and the huge increase in financial costs, resulting in a reverse change in net profit and income.

Gross profit continued to be upgraded by Baron East, waits shares, Weixing shares, hang min shares, and inter China group. Among them, Baron East benefited from overseas and bonded area production advantages, and worth shares were benefited from its contribution to the pfer of operation rights of fur industry park and Beijing South fur city; the increase of gross profit margin of Weixing shares and hang min shares was due to the solid tap potential of the company and the continuous upgrading of product structure.

(3) operating capacity: at the end of September, the inventory turnover rate was generally robust, and the turnover rate of joint stock and civil aviation shares increased compared with the end of last year.

Under the background of poor terminal demand, and some raw materials (cotton) are in a down channel, manufacturing companies are also cautious about inventory control, while credit for downstream customers is also extended.

3, investment advice:

maintain

Recommended cautiously.

Three the quarterly report has been disclosed, the overall situation of retail data is still in the doldrums, cotton prices are still gradually exploring the bottom, and the market share of printing and dyeing and leather making is further improved.

At the present time, we propose to look for the following three main lines:

(1) companies with relatively high growth rate, including the expected pformation companies: Semir clothing (high performance certainty, child industry integration promotion) and Pathfinder (directly benefiting from the state's support for the development of mass sports industry), the rapid development of online business is likely to drive the overall performance of the company to exceed expectations.

(2) the share price increases slightly, the performance has certain support company: Fuan (currently low valuation, account 1 billion of the rich funds, 2013 net profit 315 million, expected to increase 15% in 2014, the current stock price corresponds to PE16 times), and Luo Lai home textile (this year's stock price rises + + to join the stock ownership to improve the terminal retail management +)

Good, cash, and want to make big companies around home textiles.

(3) listed companies with low market capitalization and a certain margin of asset safety, such as Jiaxin silk.

(4) in addition, we continue to pay attention to the recommended targets, including: Weixing shares (the company steadily upward, slightly slow up, suitable for the pursuit of sound income investors), Hai Lan home (performance is in a high growth period, men's wear national brand, 14 year growth rate 50%+, 15 years growth rate 35% +).