The Development Of China'S Textile And Garment Industry In 2015 Should Be Light Growth And Increase Efficiency.

We believe that the 2015 apparel home textile terminal retail

Will continue to maintain steady growth; the new field and new business development process of the enterprise is still in the initial planning stage or even the conceptual stage, which will make substantial contributions to the performance in 2015. The real effect of the electricity supplier mode on physical channels is the improvement of operational efficiency, and the trend will continue. The contribution of the electronic business to the enterprise performance will also continue to improve. In recent years, the concrete effect of "internal medicine operation" implemented by enterprises in improving internal operation efficiency and supply chain meticulous management is expected to be further reflected in 2015, and the improvement of the profit side of the enterprise will be better than that of the revenue side.

2015 terminal retail and corporate revenues have not been significantly improved.

In 2014, the growth of terminal retail and industry revenue declined slightly, but the steady state of enterprises was obvious.

We believe that in the next few years, under the backdrop of China's economic growth, the residents' income and expenditure will also remain stable in 2015. The growth rate of the clothing terminal retail market can hardly be greatly improved. The growth rate of terminal retail sales in 2015 is slightly higher than 10%.

1) in 2014, the growth rate of residents' income and consumption expenditure decreased by season, and the industrial terminal retail growth slowed down slightly; 2) although most of the revenue of the sub industry rose by season by season this year, the first three quarters continued to decline compared with the same period in 2013; 3) the 2015 spring and summer order data had not been significantly improved.

The attitude is still more cautious.

The main points of new business growth: resource matching and business synergy

Clothing home textile enterprises mainly explore new business growth points from two aspects: widening the existing product lines and stepping into new industries. At present, the expansion process of most new businesses is still in the preliminary planning, implementation or even concept stage. Although the long-term growth space is broad, it has a substantial impact on the contribution of the industry in 2015.

We are relatively optimistic about companies that have high degree of matching in the field of resource control and new business, and have higher synergy between traditional business and new business.

Changing industry mode and promoting operational efficiency

The essential effect of the pformation of industry operation mode is the improvement of enterprise operation efficiency.

1) the replacement of e-commerce channels to physical channels is still continuing. In the first three quarters of 2014, the retail sales of "50" and "100" clothing increased by 1.5% and 1.7% respectively, and the growth rate dropped by a larger margin than the total level of clothing Zero.

Over the same period, the market size of B2C clothing products increased by 53.40% over the same period.

2) the contribution of e-commerce business to enterprises will also continue to rise.

At present, the proportion of electricity supplier income of listed companies is below 20%, and there is still much room for improvement. In 2015, the e-commerce business of garment home textile companies is expected to maintain rapid growth.

Effectiveness of business efficiency improvement

In 2014, enterprises improved their operational efficiency and achieved initial results.

Home textiles and leisure three plates 2014 net profit growth is better than revenue.

We believe that in recent years, the implementation of a series of "internal medicine operations" to improve the efficiency of internal operations and supply chain management will be further reflected in 2015, and the improvement of profit margins is expected to be better than that of the revenue side.

Investment strategy: "one avoidance" and "two main lines"

Maintain the industry's "overweight" rating.

It is recommended to avoid companies that relied on the concept of "new growth" to drive valuations to improve real performance in 2015.

Active layout 1, companies that control resources and new business areas have higher matching degree, and traditional business and new business have higher synergy effect.

2, the successful pformation of the mode, the remarkable achievements in internal management reform, and the high quality targets that make substantial contributions to the performance.