Report Of Securities Companies: Strategy Report Of Textile And Clothing In 2022

　　1。 Plate history review

1.1 review of clothing Fundamentals: in the first half of the year, the tide of beneficiary countries rose, Q3 was disturbed by the epidemic situation, and Q4 recovered weakly in cold winter. This round of clothing fundamentals improvement started from 20q4 and accelerated in the first half of this year. Q3 was disturbed by epidemic situation, flood, typhoon and other factors, and replenishment of inventory did not end. Since the beginning of this year, the recovery of clothing has accelerated in March, may and June, achieving double-digit growth compared with 19 years. After the outbreak of Xinjiang cotton incident, overseas brands faced with supply chain problems and the rise of national tide. The retail sales data of domestic and foreign brands in 21q2 showed obvious differentiation, the revenue accelerated, while the discount rate maintained a high level, and the profit margin performance exceeded expectations.

Repeated Q3 outbreaks, floods, typhoons, weather (the average temperature in September was higher than in previous years) and other factors made the offline pressure, and the online data also performed poorly. Since Q4, the retail sales of 100 key large-scale retail enterprises (mainly department stores) decreased by 9.2% compared with the same period of last year due to high base number + rainy and high temperature; Among them, the clothing sales decreased by more than 10% year on year. However, from the middle of October, the temperature became colder as scheduled, and winter clothing sales began to improve. In October, the sales of 100 key large-scale retail enterprises decreased by 5.9% year-on-year, narrowed compared with the 9.2% decline of national day.

Risk tips

Second outbreak: the second outbreak of the epidemic will have a serious impact on offline business and thus have a negative impact on the company's performance; Order will not pick up the goods as expected: affect the company's sales, negative impact on the company's business; Systemic risk.