Textile And Garment Industry: Short Term Suggestions: Focus On Low Value Manufacturing Leader

Core ideas

Market review: the CSI 300 index rose 0.82%, the gem index fell 5.59%, and the textile and clothing industry index rose 3.14%, outperforming the CSI 300 index and gem index. Among them, the textile manufacturing sector rose 3.26%, and the brand clothing sector rose 3.04%. In terms of individual stocks, we covered Zhou Dasheng, Senma clothing and Hailan home and so on, which made positive profits.

Overseas news: (1) pandora pandora's fourth quarter sales record. (2) Hong Kong's retail industry grew by 6.2% in December, and the outlook for this year is bleak. (3) Columbia sports beat expectations in the fourth quarter, admitting weak sales in China.

Important information of the industry and the company: (1) Shanghai Jiahua: as of January 28, 2022, the cumulative number of shares repurchased by the company through centralized bidding transaction was 968400 shares, and the proportion of shares repurchased accounted for 0.1425% of the total share capital of the company. (2) Robust medical: as of January 31, 2022, the company has repurchased 3280091 shares of the company by means of centralized bidding trading through the special securities account for repurchase, accounting for 0.7691% of the total equity of the company.

(3) landsys: akabang, an overseas holding subsidiary of the company, issued a performance forecast for 2021 on February 10, 2022, with an estimated operating revenue of about 848 million yuan, an increase of 18.32% year-on-year; The net profit was 72.4633 million yuan, with a year-on-year increase of 729.18%. (4) Bi yinlefen: as of February 9, 2022, the total share capital of the company has increased from 550326712 shares on January 10, 2022 to 559584771 shares, and the shares held by Xie Bingzheng, Feng Lingling and Xie Ting, acting in concert, have changed by 1.05%.

This week's suggested plate combination: Shenzhou International, Huali group, Weixing shares, Anta sports and Zhejiang nature. Last week's portfolio performance: Shenzhou International 1%, Huali group - 5%, Weixing shares 0%, Anta Sports 4% and Zhejiang nature 0%.

Investment proposal and investment target

This week, the performance of Hushen 300 and gem was obviously divided. The high growth track stocks with outstanding performance in 21 years continued the weak trend since 22 years, which dragged down the index performance and market sentiment. However, due to the large adjustment range in the second half of 21 years and the current low proportion of institutional positions, the textile and garment sector performed relatively strong in the recent index adjustment process. From the fundamental point of view, benefiting from the recovery of overseas demand, export manufacturing is still one of the few industries with a high degree of certainty, and the sub category leader is expected to continue its stable growth in 22 years; For the brand clothing sector, the short-term terminal data lacks catalyst. With the digestion of high base, it is expected that the annual business performance will show a trend of low before and high after, and there will be more structural opportunities in investment. In the whole year of 2022, our first choice is still high prosperity sportswear and big beauty (cosmetics and medical beauty). Among them, sports apparel recommends Li Ning (02331, buy), Anta sports (02020, buy), Huali group (300979, buy) and Shenzhou International (02313, buy), etc., and suggest paying attention to Tebu International (01368, buy), In the medium and long term, the big beauty sector is optimistic about pelaia (603605, buy), betaine (300957, increase), Shanghai Jiahua (600315, increase), Huaxi Biology (688363, not rated) and aimex (300896, buy). In the traditional clothing sector, Weixing shares (002003, buy), bosden (03998, buy), Zhejiang nature (605080, buy), Luolai life (002293, increase), Senma clothing (002563, buy), etc. In addition, it is suggested to pay attention to the news bird (002154, not rated) and Bien lefin (002832, not rated), etc. Recently, the attention of gold and jewelry plate has increased significantly, which may be mainly due to two reasons: on the one hand, terminal consumption has been keeping a high heat since new year's day, and the market has expected the leading performance in the first quarter; on the other hand, the fluctuation of gold price has been significantly increased due to overseas uncertainty. We suggest that in the short term, we should still pay attention to the manufacturing leader with relatively definite performance growth and moderately focus on the opportunities of gold jewelry leader with undervalued value.

Risk tips

The repeated global epidemic situation, the pressure of economic slowdown on domestic retail terminals, trade friction, cotton price and RMB exchange rate fluctuations.