Residents' Income Level Declined, Residents' Consumption Intention Continued To Slump, And Terminal Clothing Sales Declined.

We hope to provide the investment framework for men's wear and women's wear plates through this report. The past influence plate is the retail growth rate and inventory cycle. The two factors have changed. This report is also committed to finding structural opportunities in the changing industries.

The industry has experienced rapid development and is in a stable development stage.

From the growth of China's clothing retail sales volume, we can clearly see the three stages of the development of garment industry: speed up period, rapid development period, and low speed stable development period.

However, the continuous promotion of urbanization, the rise of the middle and upper income class and the steady growth of per capita disposable income will continue to promote the consumption expenditure of residents in clothing.

We believe that the companies in the industry mainly strive to surpass the growth of the industry in the weak market through the following ways, and become the real winners in the journey of the industry: 1, the pformation of brand tonality to the fast lane.

The fast lane of women's clothing is light luxury and designer brand. The fast lane of men's wear depends on tide card, and formal dress is pformed into leisure or sport + fashion.

2, strive for shopping centers and online channels to match products and channels.

3, smile curve, front end design links to seek more profits; 4, multi brand layout opens the growth ceiling.

Changes in inventory patterns, clothing industry inventory cycle weakened.

Historically, the inventory cycle has brought industry volatility.

With the emergence of the new management mode, the inventory cycle of the industry has been greatly weakened, and the structure of the storage age has been improved.

The typical new models are as follows: to set up a fast reverse supply chain based on the fixed sales mode; to share with suppliers, to operate light assets, and to make small batch private customization mode.

Investment advice: in the era of "stock competition", consumption upgrading and consumer iteration create new investment opportunities:?

Semir Costumes: casual wear enjoy the dividend of the company's reform, the number of net shops has greatly improved, and the income growth rate has been significantly improved.

Future casual wear and children's wear dual drive.

Von bryin: occupy the "sports + fashion" high quality track, the company's R & D capability and brand operation fit the positioning.

China's Li Lang: the company realizes brand youthful through design innovation, adjusts the channel to realize the target customer group optimization, and the reform effect appeared in 2018.

Continue to watch the development of light business series.

An Zheng fashion: multi brand layout is reasonable, different age groups, different styles of accurate location.

The main brand is maintaining steady growth, and the sub brand occupies a breakthrough in the designer's brand.

Hai Lan's home: Men's clothing and suppliers win the same pattern to create advantages, and the number of shops has maintained steady growth.

Risk warning:

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