New Year's New Weather Exceeds 6.

As of February 16th, a total of 60 textile and apparel listed companies in two cities have announced performance forecasts, 18 companies have released performance bulletins, and 3 companies have published annual reports. Excluding the coincidence part, 63 listed companies released their 2014 annual performance information. Although more than 6 of the company's performance in 2014 has been preoccupied, the main business of the garment and textile industry in 2014 is still bleak due to the dual impact of high overall cost and low terminal consumption. The warm winter in the fourth quarter has further affected the demand for clothing. Non recurring gains and losses continue to play an important role in promoting business performance.

Brokerage analysts pointed out that in 2015, with the advent of cotton With the combined effect of RMB devaluation and export tax rebate, textile and apparel leading enterprises and transformation companies are expected to usher in the valuation repair market, and the transformation is still the main direction of industry investment.

　　 Non recurring gains and losses

Wind data show that, among the 60 textile and garment enterprises that are expected to announce the announcement, 39 are the performance pre hi enterprises (including continued earnings), among which, the number of entrepreneurs who increase slightly, increase slightly, turn round losses and continue profits are 10, 14, 7 and 8 respectively, and the proportion of pre hi enterprises is 65%. With the largest margin of profit change, 28 enterprises have a net profit growth rate of more than 30%, 19 enterprises have a net profit growth rate of over 50%, and 13 enterprises have a net profit growth rate of over 100%.

Among the listed companies of textile and clothing, three companies, including Changshan stock, Maison culture and card slave Road, have published the 2014 annual report. Changshan shares realized 6 billion 569 million yuan in the reporting period, an increase of 12.14% compared with the same period last year, achieving a net profit of 24 million 284 thousand and 700 yuan, an increase of 38.25% over the same period last year, but the net profit after the deduction was 250 million yuan, up 121.17% from the same period last year. The annual report shows that during the period, the downward pressure on macro-economy is increasing, energy and labor costs are rising, the price of cotton inside and outside is upside down, and the competitiveness of textile industry in Southeast Asian countries has been increasing year by year. The main business of the company's textile industry is still in a big loss. The main reason for the increase in the company's current performance is the receipt of government subsidies.

From the point of view of performance growth, the reasons for the growth of those companies whose net profit growth rate is rising is also mostly due to non recurrent gains and losses such as main business changes and financial subsidies.

Depressed by terminal demand and double impact of electricity supplier, terminal retail brand is generally depressed. Busen shares Results show that in 2014, the company's revenue was 480 million yuan, down 26.21% compared with the same period last year, and net profit loss exceeded 100 million yuan. The company said that the overall situation of the clothing industry is deteriorating, the terminal market sales are weak, the impact of the electricity supplier and the continuous warm weather make the sales of autumn and winter clothing far from achieving the expected goal. The company is currently suspended due to planning for major asset reorganization. Mei Bang clothing, long Zi shares, seven wolves, Hinur and other companies have also seen a decline in net profit.

At present, the biggest growth rate of net profit is Xinyang Feng. The company expects to achieve net profit of 48130.86-58014.87 million, up by 1251.84% over the same period last year. However, the rapid growth of Xinyang Feng is mainly due to the change in the main business from the printing and dyeing and textile trade to the compound fertilizer production and marketing business, resulting in the change of cardinal number. Similar to this is Hai Lan's home and so on.

It is worth noting that the blue chip market in the fourth quarter of last year made many textile and apparel listed companies increase profits through the sale of trading financial assets. YOUNGOR is included in the current profit and loss by changing the accumulated fair value change after the change of accounting method of Ningbo bank, which will increase the net profit for the current period by 642 million 908 thousand and 900 yuan. In addition, YOUNGOR also sold some of the sale of financial assets, such as CITIC Securities and Industrial University, and realized a net profit of 1 billion 462 million 877 thousand and 600 yuan attributable to shareholders of the company. The net profit of the company increased by nearly 2 billion yuan. In addition to YOUNGOR, blue Ting holdings sold the Changjiang Securities stock for about 14 million yuan, and Huamao shares sold shares of GF Securities to achieve a substantial increase in investment income compared with the same period last year. The net profit of the company increased by more than 100% over the same period last year.

In the textile and garment sub sectors, the home textile plate is the most stable. Performance Bulletin shows that Meng Jie home textiles, fuanna and Luo Lai home textiles respectively achieved revenues of 1 billion 571 million 865 thousand and 600 yuan, 1 billion 969 million 766 thousand and 900 yuan and 2 billion 760 million 902 thousand and 600 yuan, respectively, achieving net profit of 145 million 96 thousand and 900 yuan, 377 million 420 thousand yuan and 398 million 453 thousand and 800 yuan, up 47.03%, 19.84% and 19.96% respectively over the same period. Among them, the electricity supplier has become a new channel for revenue and profit growth.

In addition, children's wear plate has been growing rapidly in recent years. Semir apparel expects to achieve net profit of 90200.38-117260.49 million in 2014, and net profit margin ranges from 0% to 30%. The company said that apart from the improvement of leisure clothing business, the rapid development of children's business promoted the sales revenue growth of the company.

　　 The internal and external environment is improving.

Entering the 2015, favorable factors of textile and garment industry are gradually accumulating, and some leading enterprises' profitability is expected to be improved.

The decline in cotton prices is a prime benefit. With the withdrawal of temporary purchasing and storage policy, domestic cotton prices have dropped to nearly five years low. According to the data, the cotton price index at the end of March 2014 was 19534 yuan / ton, which was 13605 yuan / ton at the end of 2014, or 30.4%, while the recent cotton price was near the lowest since 2008. At present, the price difference between domestic and foreign cotton has dropped from nearly 4000 yuan / ton to the level of about 2500 yuan / ton. China Textile Association pointed out that in the short term, inventory and downstream demand will be weakened. The fluctuation of raw material prices will cause the order price of cotton spinning enterprises to drop and asset impairment losses. But in the medium term, with the promotion of the marketization of cotton prices, the cost of cotton in textile and garment enterprises will decline, and the profitability of enterprises and export competitiveness of products will be enhanced.

Xinye textile is expected to increase slightly in 2014 net profit, net profit of about 8012.27-9614.72 million. The main reason is that the price of new cotton is lower in 2014 and the gross profit margin is expected to increase.

Second, the export tax rebate rate increase policy is good. From January 1, 2015, the rebate rate of some textile and garment products will be raised from 16% to 17%, and full refund will be realized. This policy is expected to help improve the profitability of textile and garment export enterprises.

In addition, as the RMB exchange rate against the US dollar continues to decline in the near future, the textile and apparel listed companies which are relatively large in the US export business are expected to have a favorable stage. Industry experience shows that the depreciation rate of the RMB against the US dollar is 1%, and the sales profit margin of the textile and garment industry will increase by 2% to 6%.

"On the one hand, it helps enterprises to reduce costs and improve export competitiveness of products; on the other hand, it helps enterprises to gain exchange gains and losses." Everbright Securities Research Report believes that if the depreciation of RMB against the US dollar continues, textile manufacturing industry will have a higher profitability because of higher export proportion.

　　 Transformation is still the general direction

Some analysts pointed out that despite the improvement of internal and external environment, but in the context of the growth of retail demand for terminal retail, transformation is still the main direction of investment in textile and garment sector.

According to the research report, the industry transformation is still the general direction in 2015. With the platform of the listed companies and relatively abundant cash, more and more companies will jump out of the field of clothing to find more room. The implementation of registration system is expected to force some of the poor main companies to accelerate their choices, thereby giving rise to continuous investment opportunities.

Frequent action by the company, the company's recent announcement that it intends to hold tiger sports not less than 15% stake by indirect means of 239 million yuan. The two sides also plan to establish a 2 billion yuan sports industry fund, focusing on O2O sports operation, sports training and personal fitness service, intelligent equipment, sports network media and community platform. The company said that the two sides will carry out online and offline cooperation, and strive to form a win-win situation for the sports industry resources under the company's line and the effective commercialization of tiger's sports online traffic resources.

　　 Pathfinder Recently, it also announced that it is planning to establish a pathfinder and a sports industry merger fund jointly with Jiangxi and the same assets. The merger fund is mainly invested in sports vertical media and mass sports events related enterprises. Orient Securities research report pointed out that as the leading enterprise in the domestic outdoor industry, the company participates in the layout of the sports industry. It can not only share the cake of the development of the sports industry, but also have greater synergy and value extension with the existing business and target customers, so as to further enhance the comprehensive competitiveness of the company in the large outdoor industry. At the same time, relying on the professional team and industrial resources advantage of the partners, we can also excavate better targets on the eve of the sports industry, including obtaining a better sports industry talent team.