Textile And Garment Sector Continued To Grow Rapidly In The Three Quarter

　　 Textile and clothing In the first three quarters of 2011, the home textiles, men's wear and casual wear plates in the plate achieved good performance growth, and brand sales volume rose. On the basis of the upward pressure of the spanfer cost, the gross profit margin has been improved, and the net profit has increased by more than 40% on average. Among them, the net profit growth rate is over 50%: Seven wolves , Luo Lai, good news birds, growth rate of more than 40%: dream home textiles, nine Mu Wang; more than 20% of the growth rate has Semir clothing.

From the macro data, the clothing prices released by the Bureau of statistics in September increased by 3.2% over the same period last year. Starting from January this year, clothing prices rose month by month, from -0.2% in January to 2.2%, 2.9%, 3.2% in 7, 8 and September, and the price of urban clothing increased by more than that of rural clothing. At the same time, in September, the total retail sales of clothing, shoes and hats and needles and textiles in the retail enterprises above Designated Size reached 64 billion 500 million yuan in total retail sales of social consumer goods, an increase of 27.6% over the same period last year. The figures for 1-9 months were 545 billion yuan, an increase of 24.8% over the same period last year.

A number of brokerage institutions pointed out that the future textile and garment sector is still highly defensive, maintaining the industry's "overweight" rating.

　 Home textiles sector is still the most eye-catching.

The three quarter of the home textile industry continued the first half year's growth trend, and the performance is still the most eye-catching. In particular, fuanna's net profit growth is as high as 103.65%, and its gross margin is 46.3%.

Three quarterly report shows that fuanna 7-9 months total business income 337 million yuan, an increase of 37.72% over the same period, attributable to shareholders of listed companies net profit of 43 million 219 thousand and 273 yuan, an increase of 103.65% over the same period. The company showed that revenue increased by 92 million 356 thousand and 600 yuan in the three quarter compared with the same period last year, an increase of 37.72%. The main reason was that the main business revenue exceeded expectations, and the off-season was not bad. In 1-9, its total business income was 945 million yuan, an increase of 35.34% over the same period last year. The net profit attributable to shareholders of listed companies was 129 million yuan, an increase of 86.77% over the same period last year. The net profit attributable to shareholders of Listed Companies in the whole year 2011 is expected to grow by 60%-80% over the same period last year.

Roley home textiles (85.40, -0.08, -0.09%) achieved operating income of 1 billion 634 million yuan in the first three quarters, an increase of 42.62% over the same period last year, achieving a net profit of 280 million yuan, an increase of 57.18% over the same period last year. The third quarter achieved operating income of 631 million yuan, an increase of 30.34% over the same period, and net profit of 118 million yuan, an increase of 38.83% over the same period last year. During the reporting period, the company continued to strengthen channel construction, increase R & D investment, and further enhance its reputation and reputation.

The total revenue in the three quarter of the first quarter was 811 million yuan, an increase of 63.86% over the same period last year, mainly due to the increase in the number of direct outlets and increased marketing and promotional advertising efforts. Net profit attributable to shareholders of listed companies was 64 million 589 thousand and 987 yuan, an increase of 43.17% over the same period last year. The total operating income in 7-9 months was 257 million yuan, an increase of 73.85% over the same period last year. The net profit attributable to shareholders of listed companies was 22 million 945 thousand and 339 yuan, up 36.93% over the same period last year. At the same time, the company's sales expenses reached 66 million 570 thousand yuan, an increase of 80.62% over the same period last year, mainly due to the increase in advertising costs and terminal terminal construction costs during the reporting period.

Analysts pointed out that the home textile industry continued to maintain rapid growth in the three quarter, with a significant increase in concentration. Several enterprises have increased revenue by more than 30%, and profit margins have improved. The high value-added characteristics of home textiles make the gross margin of the industry keep a higher base. Compared with the three quarterly reports of 3 companies, fuanna ranked first in gross profit margin of 46.3%, followed by dream home textiles, gross profit margin reached 41.8%, and home textile gross profit rate of 37.6%. However, in 2010, the home textile income, operating profit and net profit scale of Luo Lai were equivalent to the sum of fuanna and Meng Jie home textiles.

In addition, due to the rapid expansion of the industry, channel construction and brand promotion have made the company's marketing expenses continue to rise, and the sales cost ratio has been maintained at around 20%.

Wang Wei and Sun Yu, a researcher at 12.50,0.09,0.73%, pointed out that the home textile industry has always been one of its favorite industries. Since the beginning of this year, it has been firmly optimistic about the development of the leading companies in the home textile industry. The recent economic downturn and the continuous regulation and control of the real estate market have, to a certain extent, increased doubts about whether the home textile industry can guarantee high growth. In this regard, they believe that the industry is in the initial stage of branding, and there is still room for broad development in the future. Because the brand process of home textile industry is later than the garment industry, it is in a period of rapid development. Therefore, the growth rate of the home textile industry is faster than that of the more mature clothing category.

Overall, it is still optimistic about the future development prospects of the home textile industry. Although it is not ruled out if the growth rate is lower than these two years, it may lead to adjustment of market mentality, but after adjustment, it is believed that the market will find that the growth of home textile enterprises is still higher than that of most garment enterprises, and a certain valuation premium can be maintained. {page_break}

　 Men's growth accelerated

With the arrival of the peak season of autumn and winter sales, the third quarter results of the first half of the year's men's performance board showed a trend of accelerated growth. Among them, the net profit of the seven wolves increased by 100.11% in the three quarter, and the net profit growth rate of the news birds and the nine herd kings reached 50.42% and 41.58% respectively.

The seven wolves achieved a total revenue of 2 billion 100 million yuan in 1-9 months, an increase of 33.08% over the same period. The net profit attributable to shareholders of listed companies was 289 million yuan, an increase of 59.82% over the same period last year. Among them, 7-9 month seven wolves realized total revenue of 905 million 800 thousand yuan, an increase of 49.90% over the same period, and the net profit attributable to shareholders of listed companies was 114 million yuan, up 100.11% over the same period last year.

The 1-9 month total business income of 1 billion 330 million yuan was 49.06% yuan, which was mainly launched by the company's main brand, and launched the regional giant plan. It stimulated the two entrepreneurial passion of the franchisees, the steady growth of the terminal outlets, the steady growth of the terminal market, and the early delivery of some of the goods. Net profit attributable to shareholders of listed companies was 249 million yuan, up by 55.53% compared with the same period last year, mainly due to the increase of company's operating income and the scale economy effect. In the three quarter, the total operating income reached 598 million yuan, up 40.83% over the same period last year. The net profit attributable to shareholders of listed companies was 157 million yuan, up 50.42% from the same period last year.

The 1-9 month business income of was 32.84% yuan, which was mainly due to the growth of sales terminals and the improvement of single store performance. The operating cost increased by 33.08% over the same period last year, mainly due to the increase in operating income, resulting in a corresponding increase in operating costs. Net profit attributable to the owners of the parent company was 361 million 304 thousand and 900 yuan, an increase of 42.1% over the same period last year. The growth of operating revenue mainly resulted in a corresponding increase in net profit. In 7-9 months, the total sales revenue reached 515 million yuan, and the net profit attributable to shareholders of listed companies was 126 million yuan, up 41.58% from the same period last year.

From the growth rate of performance, men's clothing enterprises' income and net profit growth rate in the three quarter showed an accelerated growth trend. Men's wear industry in August, the spring and summer ordering in 2012 will generally increase by more than 30%, and the next year's performance will be higher. The latest 3 orders for men's clothing enterprises will also illustrate this point: in September 2010, the order will increase by about 20% in the spring and summer of 2012, and the growth rate will be about 20-25% in March 2011 and 2011 in autumn and winter. And in the channel the stock is lighter, the franchisee takes the goods initiative. At present, men's clothing valuation is close to Hong Kong stocks, and the downside risk of valuation is relatively small.

CICC pointed out that the overall price increase of the men's wear plate in the three quarter was obvious, and the cost increase was completely passed on to the downstream consumers. The gross margin was significantly improved, and the sales volume continued to maintain healthy growth. It is expected that the plate will accelerate growth, and the growth rate of over 30% over the next two years will be maintained. Shenyin Wanguo researcher Wang Liping and Dai Hui Hui pointed out that the outlook for the four quarter and next year will continue to increase. On the whole, securities firms continue to be optimistic about the men's clothing industry with strong ability to raise prices and stable customers. {page_break}

　 Leisure sector grew significantly

The three listed companies in the three quarter of the leisure sector also maintained a relatively fast growth trend in the first half of the year, especially in the United States and the United Kingdom. The net profit in the three quarter increased by 31.72% and 73.11% respectively, and Semir clothing also achieved a 22.86% increase. Because of its larger base, it is not easy to achieve such a growth. Because of the characteristics of differentiation and its small base, the enterprises in the three or four tier cities are still in the stage of high growth. Therefore, achieving high growth is in line with expectations.

In the 7-9 months of operation, the United States apparel industry achieved a total revenue of 2 billion 998 million yuan, an increase of 29.78% over the same period last year. The net profit attributable to shareholders of listed companies increased by 369 million yuan, an increase of 31.72% over the same period last year. The total operating income of 6 billion 793 million yuan in 1-9 months increased by 40.01%, and the operating cost increased by 38% over the previous year. The main reason is that along with the improvement of the overall competitiveness of the company, the performance of direct and franchising channels has maintained a sustained growth. Operating profit of 1 billion 33 million yuan, an increase of 112.52% over the same period, attributable to shareholders of listed companies net profit of 746 million yuan, an increase of 132.54% over the same period, earnings per share of 0.74 yuan / share.

Wang Wei and Sun Yu, an analyst at China Merchants Securities, pointed out that in the three quarter, the revenue growth of Smith Barney's clothing industry in the high base area still achieved a good growth of 29.78%. This is mainly due to the implementation of category management, thematic display and strengthening of supply chain reaction and other measures. The single store sales increased rapidly under the support of brand and supply chain management, and promoted the growth of single store growth. At the same time, under the vigorous promotion of multi category concept, the channel expansion process accelerated, and the three quarter inventory and autumn and winter sales were accelerated, which accelerated the single quarter sales growth.

Opening up shop is more than expected, which is conducive to the digestion and development of the fourth quarter of autumn and winter inventory digestion season. So far this year, the company has opened more than 800 stores, and the company is expanding faster than expected. Due to strict control of goods in autumn and winter, new stores are more conducive to helping companies to digest their inventory. It is expected that the inventory of autumn and winter in the company will accelerate digestion in the fourth quarter, and the cash flow can be improved in the fourth quarter.

Semir apparel achieved a total revenue of 2 billion 223 million yuan in the three quarter, an increase of 22.47% compared with the same period last year. The net profit attributable to shareholders of listed companies increased by 371 million yuan, an increase of 22.86% over the same period last year. The total operating income in 1-9 months was 5 billion 232 million yuan, up 30.24% over the same period last year, mainly due to the strong demand of the company's two brand clothing, the continuous growth of the total area of the shops, the continuous improvement of the company's management level and store operation level, and the sustained growth of business revenue. Net profit attributable to shareholders of listed companies was 808 million yuan, an increase of 26.17% over the same period last year.

In the three quarter, the total revenue of 297 million yuan was increased by 70.01% yuan, representing an increase of 70.01% compared with the same period last year. The net profit attributable to shareholders of listed companies was 45 million 572 thousand and 652 yuan, an increase of 73.11% over the same period last year. The total operating income of 745 million yuan in 1-9 months increased by 68.43% compared with the same period last year. The main reason is that with the increase of brand influence, the company's sales performance has continued to grow by strengthening channel construction and product research and development design. Net profit attributable to shareholders of listed companies was 111 million yuan, an increase of 71.58% over the same period last year.

Shi Hongmei, an Orient Securities researcher, pointed out that the three quarterly report continued to grow at a high level, and its performance basically met expectations. Sales growth mainly came from the extension expansion of terminal stores, especially ordinary franchisees.

The gross profit margin remained stable during the reporting period, and the net profit margin rose slightly to 14.9%. At the same time, the cost of the period was well controlled, down from 14.97% in the first three quarters of last year to 13.85% this year. The gross profit margin of the first three quarters of the company was 34.38%, which was 0.43% lower than that of the same period last year, mainly due to the fact that the price of products in the first half of the year was basically not raised, and the increase in the cost of raw materials and labor and other factors led to a slight decline in gross margin. It is expected that the fourth quarter autumn winter clothing will increase the price by 5%-10%, which will help to improve gross margin. However, the increase of factor cost and the expansion of sales scale will increase the supply chain pressure.

Galaxy Securities researcher Ma Li and Li Jiajia pointed out that the growth rate in the third quarter was consistent with that in the first half of the year. Based on the order growth rate, it is estimated that net profit attributable to shareholders of listed companies will increase by 50%-80% over the same period last year. {page_break}

　 Women's shoes and sports boards are full of joy and sorrow.

Judging from the other sub sectors, the women's shoes sector is now strong and weak. Hong Kong stock BELLE is the undisputed No.1 of the Chinese women's footwear industry. The third quarter footwear business in the same store grew by 18.5%, and the sportswear business grew 2.5%. During the group period, there were 693 outlets in the mainland, including 39 footwear and sportswear shops and 302. By the end of September this year, the group has directly operated and managed 9544 footwear shops and 4306 sports apparel shops.

The bank believes that the company's core footwear business has maintained a strong growth momentum in the third quarter, which is in line with expectations. The sports apparel business is as expected, while the same store sales growth slowed from 5% in the first half of 2011 to 2.5% in the third quarter.

A shares women's footwear enterprises (8.95,0.10,1.13%) achieved a total revenue of 279 million yuan in the three quarter of 2011 (8.95,0.10,1.13%), an increase of 18.60% over the previous year, a net profit of -159.0919 yuan attributable to shareholders of listed companies, and a total revenue of 886 million yuan in the first three quarters, an increase of 19.87% over the same period last year. However, due to the new store opening and advertising investment, the labor cost increased significantly, resulting in a net profit of only 55 million 546 thousand and 113 yuan, an increase of 0.66%.

In addition, the overall strength of the sports sector is facing some challenges. The sports division of Lining, Anta, PEAK and BELLE all reported the same store growth in the three quarter, which is as low as the number of units. This shows that the sports industry is facing the problems of excessive competition and declining demand, which is in a difficult and adjustment period. Analysts expect that this situation will not improve significantly in the next 12 months.