Textile And Apparel: Exports Of Textile And Clothing Increased By 9.2% In January.

Investment point plate Market: last week, the SW textile and garment sector rose 4.36%, the Shanghai and Shenzhen 300 rose 2.81%, and the textile and garment sector won 1.55 percentage points of the market.

Among them, SW textile manufacturing plate rose 4.27%, SW apparel home textile rose 4.42%.

Judging from the valuation level of the plate, the current SW textile and apparel integrated law (TTM, excluding negative values) has 17.53 times the industry PE, SW textile manufacturing PE is 15.81 times, SW apparel home textile PE is 18.49 times, and Shanghai and Shenzhen 300 PE is 11.04 times.

SW PE of textile and clothing is lower than the average of nearly 1 years.

Company's quotation: the top 5 textile and garment companies this week are Shanghai Sanmao (600689) (+24.04%), +20.36%, +16.3%, +14.96%, and +13.2% (002762) (+13.2%); the top 5 textile and garment companies this week are: NB shares (-16.13%), Tian Chong fashion (-3.62%), Jia Xin silk (002404) (-1.48%), Xingye Technology (002674) (-1.19%), Semir apparel (002563) (-0.95%).

Important news in the industry: in 1.2019, January, textile and clothing exports increased by 9.2% year-on-year, double digit growth in textile exports; in 2.1 months, industrial producer prices rose 0.1%, clothing categories rose 1.6%; cotton production in Xinjiang increased to 5 million 111 thousand tons in 3.2018 years, up 11.9% over the same period; 4. US Department of agriculture's February forecast report:

The global cotton production and consumption were cut down; 5. the results of Sino US consultations were uncertain, and the purchase and sale of cotton market resumed slowly.

Overseas company tracking: 1.Puma strong growth in China in the four quarter, ahead of expectations in 2019, and 2. 316% profit margin police, expected net profit plummeted in 2018, and significant loss of electricity supplier channels; 3.UnderArmour in the fourth quarter exceeded expectations, inventories improved by 12%.

Important announcement of the company:

[Lu Tai A] executives to complete the reduction;

[Wang energy environment] sign the guarantee contract;

Progress of repurchase stock of Hua Fu fashion;

[Saturday (002291)] terminate cooperation with Shenzhen Hui Jie;

[Meng Jie shares] directors reduce progress;

[Jiaxing silk] intends to adjust the investment structure of the investment projects.

[Wordsworth shares (002494)] invested 100 million yuan to set up town industry;

[search for special (002503)] progress of repurchase shares;

[Jie Jie stock (002634)) has not yet implemented a repurchase.

[favorite (002761)]

The passive reduction of controlling shareholders amounted to 1%.

Progress of buyback shares;

[Yanjiang shares] won the "best supplier" and "excellent supplier award" of P & G.

Investment recommendations: in 2018, the zero growth rate continued to slow down, the fourth quarter social zero growth rate was about 8%, the national retail sales growth slowed down compared to the same period, or that retail sales in the first quarter of the high base performance generally.

In December 2018, the growth rate of retail sales of textile products above the quota was rebounded. At present, the valuation of textile and garment sector (TTM) is at a low level for nearly a year.

We suggest that we should pay close attention to the following main lines of investment: (1) the leisure apparel enterprises with guaranteed performance, Semir clothing; (2) the current valuation is at a low level, the home textile enterprises whose performance is expected to grow steadily, and the life of Luo Lai; (3) the supply chain platform enterprises, the Antarctic electricity supplier, which benefit from the rapid growth of the electricity supplier sales, and benefit from cross-border cross-border electricity providers (002640).

Risk warning: the 1. part of the industry continues to slump, clothing sales are not up to expectations; 2., the decline in risk of listed companies; 3., the target assets of mergers and acquisitions are not up to the expected risk, the risk of new business.