Market Analysis: Textile And Garment Industry: Verify The Continuous Match Between Internal Strength And Growth Of Enterprises

Maintain the industry's "synchronous big city" rating, and maintain the medium and long-term configuration of the plate.

In terms of internal and external consumption data, consumption in 2018 was less than that in the previous year. Combined with IMF's forecast of the growth of the world's major economies, the possibility of a substantial increase in overall consumption in 2019 is less likely.

Based on this, we believe that the manufacturing end leading enterprises with the advantage of moat, as well as the most prominent brand end enterprises, have relatively less risk, and are more competitive in the field of segmented consumption.

We believe that the next one to two quarters will be a good time to verify whether the internal performance and performance growth of enterprises match continuously.

At present, to maintain the medium and long term configuration of the plate, we should pay attention to the good fundamentals and outstanding performance.

Maintain the "synchronized big city" rating.

The overall loss of the overall plate, women's clothing plate callback is obvious.

In January, the textile and garment sector lost the market, and Shen Wan ranked twenty-third in 28 industries.

The women's clothing sector is expected to return significantly under the expected amortization of goodwill.

At the end of the month, the overall law was valued at 16.58 times, the premium for all A shares was 30.76%, the median method was 21.23 times, and the total A share discount was 17.14%.

The price of cotton is relatively good, crude oil prices have been greatly boosted, and the economic performance has been flat.

The trend of cotton production is relatively good, and prices are rising steadily. The price of foreign cotton has been affected by many factors, such as the decline in the US dollar index.

International crude oil prices rebounded sharply, boosting the prices of chemical and chemical fiber products.

India market demand and January orders increased, raw silk prices rose slightly.

The average price of disperse dyes rose and the price of reactive dyes was relatively stable.

The industry boom is flat.

In terms of consumption, the total consumption of consumer goods is less than that of last year, and the proportion of exports of terminal textiles continued to decline.

Risk hints: internal and external consumption is weak; strategic progress is not as good as expected; projects and channels are less than expected; prices of raw materials fluctuate substantially; policy risks and exchange rate risks.