Textile And Garment Industry Is Expected To Recover, Investment Strategy Recommended In 2014

< p > CICC released a research report that the 2014 apparel and a href= "//www.sjfzxm.com/news/index_c.asp" > textile industry < /a > is expected to show a weak recovery trend. It is suggested that we grasp the two main investment threads of trend change and growth certainty: except for men's clothing is still being adjusted, other categories of stock have been digested to a reasonable level, concerned about the demand for terminal demand to rebound and take the lead in adjustment. The textile and garment industry will continue to benefit from the recovery of overseas demand, and the expansion of production capacity will help the growth of the performance.

In addition, gold and jewellery will receive a slight pressure on revenue growth in the first half of next year, but the demand for domestic gold will remain strong. Leading brands with strong brands will continue to enjoy premium, providing good support for high growth.

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< p > clothing industry has undergone more than two years of deep adjustment, and inventory has basically been digested to a reasonable interval.

Since the beginning of 2013, most of the brand clothing's inventory and accounts receivable turnover rate showed a trend of quarterly improvement, indicating that the inventory pressure of companies and channels has gradually eased. Next, we need to focus on the recovery of terminal demand, which is still at a low level.

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< p > with the analysis of terminal demand, adjustment situation and < a href= "//www.sjfzxm.com/news/index_z.asp" > order /a < > data, CICC expects that the recovery of orders in 2014 will focus on home textiles, sports, women's wear and leisure.

Among them, sports industry demand for terminal is still not improving, domestic brands in addition to Anta are still in the adjustment; casual wear industry competition is fierce, foreign investment, electric shock is also more obvious, the industry fundamentals still have some pressure.

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< p > textile industry 2014 Outlook: industry boom is expected to continue to rise.

1, the export situation is likely to remain weak.

2, cotton direct subsidy policy is expected to be introduced in 2014, and the difference between domestic and foreign cotton prices is expected to narrow.

3, going to stock is coming to an end.

4, accelerate overseas layout.

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< p > investment strategy for textile industry: cotton textile leading company that benefits cotton direct subsidy policy.

We expect the industry boom to continue to rise in 2014.

The growth rate of performance in 2013 has achieved a substantial increase under the low base effect, and the growth rate in 2014 is expected to return to normal level.

Maintain prudent recommendation ratings for the industry.

In terms of stocks, we recommend cotton textile leading A (10.38, -0.15, -1.42%), Huafu color spinning (4.52, 0.01, 0.22%) and Baron East (9.95, -0.18, -1.78%), which are expected to benefit from the cotton direct subsidy policy.

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< p > clothing home textile industry 2014 Outlook: to go inventory and channel adjustment integration is still the main theme; the repair of the report is still relatively slow; the impact of terminal retail downturn is still difficult to get substantial recovery, and in 2014, the order of spring and summer will join the business orders tend to be conservative.

Companies that rely heavily on affiliate channels are still expected to resume growth in the first half of 2014.

As for the layout of the new channel of < a href= "http://gwj.sjfzxm.com" > e-commerce > /a >, some of the more mature companies are getting better and better, and the future business of e-commerce is expected to gradually push forward to achieve super expected growth in performance.

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< p > investment strategy of clothing home textile industry: closely follow the investment of sub industry inflection point.

Don't be too pessimistic.

Although the industry may lack the overall trend of investment opportunities, dawn is expected to emerge in some sub sectors that take the lead in the turning point.

Through combing, we believe that casual clothing and home textiles in the first half of 2014 are expected to take the lead in finishing inventory and usher in an inflection point, while the trend of men's wear and footwear industry may still be downward and the inflection point still needs to wait.

In view of the gradual emergence of investment opportunities in some sub sectors, the overall concern of the industry may increase. We should raise the investment rating of the industry to prudent recommendation.

In the sub industry investment rating: to give casual wear, home textiles, outdoor cautious recommendation rating, men's and footwear industry neutral rating.

In terms of stocks, Semir clothing (26.84, -0.05, -0.19%), Mei Bang dress (12.11, -0.22, -1.78%), Luo Lai home textile (24.78, 0.97, 4.07%), fuanna (15.18, 0.23,1.54%), Pathfinder (15.780, -0.12, -0.75%) are recommended.

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