Textile And Clothing: Excellent Sports, Bags And Down Garments.

Institution: GF Securities

In 2019, the "double 11" network realized the transaction volume of 410 billion 100 million yuan, and the transaction volume of Tmall was 268 billion 400 million yuan.

In 2019, the "double 11" network realized a transaction volume of 410 billion 100 million yuan, an increase of 30.1% over the previous year, of which Tmall realized a transaction volume of 268 billion 400 million yuan, an increase of 25.7% over the previous year, accounting for 65.5% of the total sales volume of the whole network. The platform followed by Jingdong, spelling, suning.com and vip.com accounted for 17.2%, 6.1%, 4.9% and 2.6% of the total sales volume of the network respectively.

Clothing category UNIQLO ranked first in men's clothing and women's wear list. The company of high vision and industry has a brilliant performance. Some companies have made remarkable efforts to achieve remarkable results.

From the Tmall platform "double 11" sales situation, clothing category subdivision list, UNIQLO occupies the first place in men's wear and women's wear list, has been ranked first in Tmall's women's wear sales list for five consecutive years. Bosideng rose to second from the list of women's wear in 2018 to second, from seventh in men's clothing list to fifth, while Taiping bird rose from sixth to eighth in women's wear list. Semir and Hai Lan's home ranked sixth and tenth respectively in men's wear list. According to the sales amount of the clothing and home textile companies, some companies "double 11" perform well, and sports, bags, down garments and other industries maintain a high degree of vitality. The Anta Sports Group's electricity supplier reaches 1 billion 830 million, up 63% compared to the same period last year; the sales volume of Lining Tmall flagship store is 540 million, an increase of 50% over the same period; the sales volume of the group has exceeded 150 million, an increase of over 50% over the same period; the sales of Semir's apparel network has 1 billion 380 million, an increase of 20.9% over the previous year; the sales of all channels in Bosideng exceeded 1 billion, an increase of 35% over the same period. Some companies have made efforts to channel the electricity supplier, and the double 11 victories are excellent: Sales of Li Lang's entire network increased by 130 million, up 630% compared to the same period last year, and the sales of Red Dragonfly whole network was 178 million, an increase of 37% over the same period last year. Taiping bird Tmall sold 917 million, an increase of 12.1% over the same period, and the sales of ANN fashion's whole network 103 million, an increase of 20% over the same period last year.

Traditional offline brand online performance is excellent, the whole channel mode has become the norm, new scenes such as live broadcast detonate new consumption.

2019 "double 11" overall, the traditional line brand performance is strong, occupy the electricity supplier sales leading position. Before 2015, Amoy brand, Korean clothing house and Yin man ranked the top of the "double 11" women's wear sales list. In recent years, under the traditional offline brand, the performance of "double 11" was obviously better than that of the Amoy brand. The number of Amoy brands in the list of women's wear sales decreased and the ranking moved back, and the traditional offline brands became "double 11". The main reason is that the product update is accelerated, and the single product life cycle becomes shorter. The strength of the supply chain has become the focus of front-end sales. Traditional offline brands have high-quality supplier resources and continue to promote supplier system optimization and quick response capability of supply chain. E-commerce business is maturing gradually, and the advantage of pure online brand is obvious. The full channel mode has become the major trend of clothing brand development. The new sales way of brand new business under the line is worth paying attention: providing the scene with the business resources to facilitate the control of the live goods delivery mode has been rapidly popularized in 2019, and the "double 11" has exceeded 50% in Tmall merchants, becoming one of the important sales methods. The first 63 minutes live guided transaction is over 2018 "double 11" all day live guided transaction.

Investment suggestion

1) from the perspective of "double 11" sales, the sports apparel sub industry continued to boom. It is suggested that A shares should be divided into golf and Tourism Holiday Dress leading products. 2) Semir Barbara has maintained its "double 11" children's wear category sales for the first time in many years. It is the dragon head in the field of children's wear and subdivision. After third quarter of the year, it actively reduced shipments, and the quality of the company's operation improved significantly. The fourth quarter is expected to be better than the three quarter, and early next year, with the normal stock of customers, the performance is expected to return to rapid growth and continue to be optimistic. 3) Kai Run shares "double 11" continued to maintain high growth, the fourth quarter 2C business growth is expected to ring faster than the three quarter, optimistic about the company's future 2B business under the Indonesian factory's holdings, including 2C business, whether millet or non meter channel operation efficiency continues to improve, performance continues to grow rapidly.

Risk warning

Macroeconomic downside risk; terminal consumption is less than expected risk; inventory backlog risk.