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Garment Plate

2011/10/22 15:25:00 20

Garment Plate

In the textile and garment industry, the home textile, men's wear and youth leisure clothing plate made good performance growth in the first three quarters of 2011, and the brand sales price was rising, on the basis of the pressure of the pfer cost rising.

interest rate

The net profit can be increased by more than 40%.


(1) the home textile market has the fastest growth: fuanna (77%), Luo Lai (56%), Meng Jie (40%, business profit growth 53%).

Revenue growth has exceeded 30%, and profit margins have improved.

The industry continues to maintain rapid growth, with a significant increase in concentration.

But in recent years, the order of spring and summer in 2012 is basically flat, which is a slowing signal of the home textile sector. The situation in the future needs to be further observed.


(2) men's wear sector accelerated growth: seven wolves (54%, 2011 autumn and winter shipment ahead of the previous year), reported birds (50%), nine Mu Wang (40%), YOUNGOR (48%), apparel and real estate business operating net profit growth of 14%, at present, the price is only about 24 times the net profit of clothing business 24 times PE, asset value is undervalued.

Men's overall price rise is obvious, and the cost increase is passed on to the downstream consumers. The gross profit margin has been significantly improved, and the sales volume has maintained healthy growth.

It is expected to maintain over 30% in the next two years.

achievement

Speed up.


(3) the growth of the leisure sector is remarkable: in the first half of 132%, the performance of the United States is lower than that in the first half of 2010, resulting in a three quarter earnings growth of over 100% over the first half of the year and a 35% increase in revenue. Semir (32%), as an industry leader, continues to maintain rapid growth and further expand its market share. It is expected that the growth rate of 30% over the next two years will be maintained.

Search at (72%) realized low base high growth, but the operating cash flow continued to deteriorate due to the subsidy channel.


(4) women's shoes are strong and weak: Hong Kong stock BELLE is the undisputed No.1 of the Chinese women's footwear industry, and the footwear growth in the three quarter has reached 18.5%, and the net sales in the first three quarters have increased by more than 15%.

A shares women's shoes business increased by 20% on Saturday, but due to the new store opening in 2011, advertising investment and labor costs increased significantly, resulting in a low growth rate of business growth of only 1%.


(5) the sports industry is facing challenges: Lining, Anta, PEAK and

BELLE

In the three quarter, the Sports Division reported the growth of low to middle number of units in the same store. This shows that the sports industry is facing the problems of excessive competition and declining demand. It is in a difficult and adjustment period. It is expected that there will be no significant improvement in the next 12 months.


(6) the upstream textile enterprises are greatly affected by the sharp fall in cotton prices. The pressure on high price stocks is bigger: the sales and gross margin of Rutai A (23%) are down, and the performance pressure is bigger in the second half of the year.


In terms of stocks, we can focus on men's seven wolves, nine herd kings and Sue.

Leisure products

The US and Semir can maintain more than 30% growth, and the valuation is more reasonable. The valuation plations in the next 12 months can bring about 30% of the increase.

The growth rate of YOUNGOR's clothing business can be maintained at over 20%, and the peak value of real estate settlement will be in the year after next, and the asset value will be underestimated.

Home textiles, we still optimistic about the fundamentals of the industry, but the three companies 2011PE close to or more than 30 times, and recently there is a slowdown in the growth of the order of negative factors, the short-term valuation pressure.

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