Industry Stock Market: Textile And Clothing Industry Plate Is Active

Core ideas

Market review: the CSI 300 index fell by 4.19%, the gem index fell by 6.66%, and the textile and garment industry index increased by 4.93%, which was better than the CSI 300 index and gem index. Among them, the textile manufacturing sector rose 4.14%, and the brand clothing sector rose 5.62%. In terms of individual stocks, Zhejiang nature, baoxingniao and bosden have achieved positive returns.

Overseas news: (1) Procter & Gamble exceeded expectations in the third quarter. (2) L'Oreal has confidence in China. (3) UBS rebounded strongly in February.

Important information of the industry and the company: (1) pelaia: in 2021, its operating revenue will reach 4.63 billion yuan, with a year-on-year increase of 23.5%; The net profit attributable to the parent company was 580million yuan, a year-on-year increase of 21.0%; 22q1 achieved revenue of 1.25 billion yuan, with a year-on-year increase of 38.5%; The net profit attributable to the parent company was 160 million yuan, with a year-on-year increase of 44.2% (2) in the year of 2021, the operating income of robust medical service was 8.04 billion yuan, with a year-on-year decrease of 35.9%; The net profit attributable to the parent company was 1.24 billion yuan, down 67.5% year on year.

Li Ning's performance in the first quarter of 2023. As of March 31, 2022, the retail flow of Li Ning sales outlets (excluding Li Ning young) in the whole platform has achieved a high growth of 20% - 30% year on year. (4) 4 / 9 ~ 4 / 15: investment and financing of consumer industry: A. Haipu Nuo, a skin grade skin care brand, has completed the pre-A round financing of nearly 10 million yuan; B. Jiaoma, a light sports lifestyle brand, has completed ten million RMB Angel round financing; C. Guochao accessories brand abyb leasing has completed a round of financing of tens of millions of yuan.

This week's proposed plate combination: Weixing shares, Huali group, Anta sports, Li Ning and Zhejiang nature. Last week's portfolio performance: Weixing 1%, Huali group - 2%, Anta Sports 0%, Li Ning - 3% and Zhejiang nature 17%.

Investment proposal and investment object

On Monday, the Bureau of statistics released the social zero data for the first quarter. The total retail sales of domestic consumer goods increased by 3.3% year-on-year in the first quarter, and the retail sales of consumer goods other than automobiles increased by 3.6%. Among them, the social welfare zero decreased by 3.5% in March. Due to the impact of the epidemic, the growth rate decreased significantly compared with the previous two months. In the first quarter, online retail sales of physical goods increased by 8.8% year-on-year, of which wear goods increased by 0.9%. From the perspective of structure, the relatively stronger consumer goods in March are still the more necessary consumer goods such as grain, oil, food and beverages. Among the optional consumer goods we covered, gold, silver and jewelry decreased by 17.9% year-on-year in March (the high proportion offline is more vulnerable to the epidemic), and cosmetics, clothing, shoes and hats decreased by 6.3% and 12.7% year-on-year. Under the impact of the epidemic situation, it is expected that most companies of brand clothing will be under pressure in the first quarter. In the second quarter, the retail pressure in April will be further greater than that in March. However, if the domestic epidemic situation can be effectively controlled, terminal consumption is expected to usher in a significant rebound from May to June, and the final progress still depends on the development of the current epidemic situation. In the recent downturn in the market environment, the textile and clothing sector has been very active. On the one hand, we believe that on the one hand, it has placed a lot of export orders and performance of leading manufacturers, continuing the good trend since last year. Some subdivision leaders recently released annual reports have also given relatively high guidance for 22 years, such as Mu Gao Di, etc; On the other hand, under the weak situation, individual stocks with small market value are also easy to become the target of hot money, while many textile stock market values are relatively small, and the previous market attention is not high, so it is easy to become the target of hot money. In the short and medium term, we believe that textile manufacturing leaders with good fundamentals (relatively stable external demand + RMB depreciation expectation) will still have obvious excess returns. In the long run, we continue to be optimistic about the high prosperity of 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), aimex (300896, buy) and betaine (300957, increase), and suggest to pay attention to Shanghai Jiahua (600315, increase), Huaxi Biology (688363, not rated). In the traditional clothing sector, Weixing shares (002003, buy in), baoxiniao (002154, buy), bosden (03998, buy), Zhejiang nature (605080, buy), Luolai life (002293, increase), etc. In addition, it is suggested to pay attention to biyinlefen (002832, not rated).

Risk tips

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