What Will Be The Future Of The Textile And Garment Industry?

In 2015, the textile and garment industry was eye-catching in the capital market, and in the eyes of professional analysts, the industry began to change.

Guo Haiyan, an analyst with the textile and apparel industry of CICC, thinks that the structural change of demand side of textile and garment industry is significant.

From the perspective of subdivision, we can see three changes in the pattern of textile and garment industry in 2016.

1) the demand for health, tourism, sports and fitness brought about by aging.

2) the increase in women's income.

Demand;

3) the average consumption propensity of the 1990s will bring fans economy and brand e-commerce development.

Capital market institutions believe that

There are three major trends in the industry:

(1) specialization trend, from commodity to service, from heavy assets to light assets: the division of labor tends to specialization, resulting in scale efficiency, and asset service enterprises will occupy a place.

(2) integration trend, platform advantage is obvious, industry integrator appears: the industry enters surplus capacity to go to inventory stage, vertical integration, horizontal merger and acquisition is one of the ways to expand in the future.

(3)

Division of labor and integration of future mergers and acquisitions is one of the main ways to strengthen and expand: Division of labor brings opportunities for industrial integrators, restructure the value system of industrial chain, and platform advantages will help to improve market share.

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Recently, the Central Committee and the State Council have decided to deal with the "zombie enterprise" has already mentioned the agenda, so the market is particularly concerned about "zombie enterprises".

The so-called "zombie enterprise" mainly refers to some enterprises that are poorly managed and inefficient, but rely mainly on bank support and government care.

They occupy a lot of valuable resources such as capital and land, but they do not produce economic benefits.

For the current market environment of textile and garment industry, there are insiders analysis, domestic demand, in November, the number of retail sales of hundreds of large retail enterprises in China decreased significantly compared with the same period last year.

In terms of external demand, the latest data on textile and garment exports from January to November declined compared with the same period last year, and there was no improvement in export data in November.

According to the statistics compiled by the reporter on the flush iFinD, the 81 listed companies in the textile and garment industry, after deducting the net profit after non recurring gains and losses, were negative for 3 consecutive years in 2012, 2013 and 2014. 10 listed companies were Huamao, Kai Ruide, San Mao Pai Shen and Gaosheng holdings.

That is to say, 10% of the listed companies in the textile and garment industry are "zombie".

It is worth noting that none of the 10 "zombie" listed companies is ST, that is, they do not meet the standards of delisting.

In this regard, some professionals believe that if a zombie enterprise fails to withdraw efficiently, it will mislead investors, encourage speculative gambling, distort stock price signals, pollute the A share market, and make the stock market lose the function of resource allocation.

In the 10 listed companies whose net profit after deducting non recurring gains and losses was negative for the 3 consecutive years, Huamao shares, Kai Reed, Changshan stock, Victor essence, Xinlong holdings, San Mao Pai Shen, Gaosheng holdings, Shanghai San Mao and Huasheng share 9 companies not only deducted the net profit after deducting the non recurring gains and losses from 3 years from 2012 to 2014, but also made negative profits after deducting the non recurring gains and losses in the first three quarters of 2015.

Among them, Huamao shares, Changshan shares and Vico essence 3 companies in 2012, 2013, 2014 and 2015 first three quarters of net profit after deducting non recurring gains and losses totaled -5.24 billion, -5.15 billion and -6.79 billion yuan.

The net profit of other 6 companies after deducting non recurring gains and losses is over 100 million yuan.

In addition, the reporter found that from 2012 to 2015, from 2012 to 2015, the number of listed companies with negative net profit after deducting non recurrent gains and losses was maintained between 14 and 19 of the 81 listed companies in the textile and garment industry.

According to the statistics of the China National Business Information Center, in November this year, the retail sales of clothing commodities of hundreds of major retail enterprises in China dropped by 5% compared with the same period last year, the lowest monthly growth rate this year. The growth rate was 5.9 percentage points slower than the same period last year, down 6.9 percentage points from the previous month.

In November, the volume of retail sales of all kinds of clothing in 100 major large retail enterprises increased by 4.5% over the same period last year, 1.5 percentage points slower than the same period last year, down 4 percentage points from the previous month.

The industry believes that the following should be based on a sound investment style, with stable performance support as a guarantee.