Textile And Garment Industry September Monthly Report: Poor Performance Of The China Daily And Reduced Investment Opportunities.

Main points of investment:

　　 Exit The trend of growth and consumption growth is still downward. The quantity and amount of raw materials exports have declined considerably over the past year, so the base is relatively low. The current export growth is relatively general, and has not returned to the previous level. The export of finished goods has maintained a high growth last year, but the volume growth is not fast. The total growth rate this year is generally low, and most of the month is decreasing.

In July, the total retail sales of social consumer goods amounted to 1 trillion and 631 billion 490 million yuan, up 13.10% from the same period last year, and the trend continued downward.

In July, the main business income of textile enterprises totaled 10% compared with the same period last year, and the total operating profit was 5.40% year-on-year. The main business cost accumulated 9.80 year-on-year, and the sales value of industrial sales increased by 11.05% compared with the same period last year, and the total value of export delivery was -0.32%. Profit growth has been brought about by the decline in costs. However, the growth rate of revenue is slower than in previous years, indicating that the industry is no longer expanding significantly, and the uncertainty of future earnings is increasing. And the delivery value of export is lower than that of last year, and the trend is decreasing.

Market trend in August the Shanghai Composite Index fell 2.67%, the Shanghai and Shenzhen 300 index fell 5.49%, Shen Wan textile clothing The industry dropped 3.94%, Shen Wan textile manufacturing index rose 1.38%, and shwan clothing home textile industry index fell 7.89%. By the end of 8, the valuation of textile and garment industry was 21.40 times, the value of textile manufacturing industry was 29.87 times, and the value of apparel textile industry was 18.49 times.

Investment strategy as of August, industry data show that textile and garment industry production is relatively stable, refined processing export growth rate and crude processing products export growth decline, consumer data is still downward trend, textile industry profitability is weak. Textile manufacturing industry is affected by the export environment and the internal and external price differences of cotton raw materials, which leads to the long-term downward trend of the enterprises. The long term downward trend is more obvious, and the stock prices in the short run are mainly caused by policy speculation, such as the impact of the financial reform policy launched by xunxing shares, but the stock price declines immediately after the market understands that the policy has little effect on the company's business. The sub sectors of the apparel textile industry are seriously differentiated, and the growth point is still in the market opening company. Therefore, the number of shops in the first half of the year is more likely to be higher than that of other companies in the first half of this year, but this high growth is relative to other companies in the industry, that is, horizontal contrast rather than vertical comparison. Poor early end sales data have affected the recent order meeting, which shows that retailers are also cautious at first and digest inventory first. Maintain the "neutral" rating of the textile and garment industry as a whole. We are optimistic about the emerging industries, as well as the large stocks with a small change in the early stage. After the semi annual report is released, the company's performance in the first half of the year and the second half of the year are expected to be clearer. It is recommended that companies with more robust growth and more new net shops be recommended. Seven wolves And search for special.