A Thorough Analysis Of The 2017 Annual Report Of Textile And Garment Industry And The 2018 Quarterly Report

　　 Brand clothing industry: recovery trend continues, improvement indicators increase

2017, the brand clothing industry has established a recovery and a warmer trend continues. From the recent 2017 annual report and the 2018 quarterly report, the trend of recovery is not changed, superimposed on the optional consumer sales season and cold winter and the Spring Festival is better, and the data continue to improve. From the perspective of sub sectors, high-end clothing, home textiles and men's clothing have been revival earlier. industry It is still in the process of adjustment.

The 2017 annual report is the first full year data since the recovery of the industry. 17 years industry Revenue rose from 16 to 4.38% in to 16.28%, continuing to improve at 16.28%, while profits, net interest rates, inventories and accounts receivable turnover rate also improved in 17 years. The quarterly data were cut off, and industry 17H1 was established after the recovery, and the operation continued to improve, reflecting a double-digit growth in four consecutive quarters of revenue growth, while several indicators gradually improved, including gross margin repair and inventory turnover at a more obvious improvement in the 17H1.

How to see the sustainability of brand clothing industry recovery?

During the peak season, the recovery trend continued, and the cold winter and the late spring festival also contributed. The cold winter and the late spring festival will be eliminated. Some of the 18Q2 / sub sectors will increase in the year-on-year base. The recovery slope may fluctuate under the background of the elimination of some of the one-time benefits. However, the trend of the industry will not change. It is still in the stage after the establishment of the recovery, and the business performance will continue to improve.

We believe that the three major driving forces will continue to improve the industry, but the performance of enterprises will gradually differentiate.

1) recovery will move to more sub sectors.

2) the enterprises in the industry pay more attention to the cultivation of operation quality and endogenous growth ability, such as the upgrading of products, the optimization of channel structure, the improvement of supply chain quality and reaction speed, etc., which is conducive to the continuous improvement of the operation and performance of the industry level. At the same time, some companies adjust their channels in advance, and the growth of extension and recovery is expected to contribute to the increment.

3) there is still room for development in terms of industry space, concentration and leading scale in China.

4) as the future industry will focus more on endogenous growth as the main driving force and test the retail capability of single companies, we believe that with the recovery of the industry, the performance of enterprises will be differentiated.

Textile manufacturing industry: exports have been affected by two ways, and the cotton textile industry has been more concerned about the upward trend. The appreciation of the RMB exchange rate in the past 17 years has a greater impact on the performance of some export companies. In the short term, the current textile and clothing export has recovered weakly, and has a two-way effect with the appreciation of the exchange rate. In the past 17 years, cotton prices have stabilized at a high level, and there is a gap between supply and demand of domestic cotton. With the decline of the national cotton stocks to the low level and the demand for replenishment, the upward trend of cotton prices has increased. In the long run, the focus of attention has been highlighted in overseas capacity expansion, scale effect and technology.

We will continue to look forward to the industrial opportunities brought about by the resurgence of the brand clothing and the basic orientation.

1) the brand clothing industry is in the recovery trend, such as Hai Lan's home, Taiping bird, Semir. Clothes & Accessories Luo Lai life, mercury home textiles, Ann fashion, song and so on.

2) textile manufacturing suggests paying attention to uplink related opportunities for cotton prices, marked by Xinye textile, Baron East, and Huafu. fashion And so on.