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Minsheng Securities: In 2012, The Status Of The Home Textile Board'S Lover Is Still Hard To Shake.

2011/11/16 17:13:00 14

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Price of stock

Catalyzer

Mainly from the following three aspects:

1. the industry boom will continue to improve. The China International Home Textile Exhibition held in Shanghai in August this year will be the most important year in terms of scale, exhibitors and spectators.

In the next 3-5 years, the home textile industry will still maintain more than 20%.

Speed up

Development.

2. the trade barrier is high, and the competitive advantage of the first tier enterprises continues to expand. Currently, the listed textile enterprises can make full use of capital platform to get the first mover advantage.

When foreign textile enterprises enter the Chinese market,

Channel development

Because of the brand popularity and other reasons, the domestic textile enterprises generally seek agency sales, so the pressure on domestic enterprises to compete directly with foreign brands is much smaller.

3, the performance of home textile enterprises is encouraging and the gold content is high. The core performance of home textile enterprises is growing rapidly and continuously. Compared with other sub sectors of the spinning and weaving industry, the extension space of the home textile industry is still broad, and the increase and increase in the endogenous growth can be maintained, while the inventory pressure is the smallest.

The three carriages of investment promotion and group buying will continue to promote high sales growth in home textile enterprises.

The investment in the industry increased, and the three major home textiles benefited more from channels, brands and capital.

The characteristics of the home textile industry show that sales promotion is the best way to increase the sales volume of single stores. Since three home textile enterprises currently have the best talent team and product structure in the industry, the effect of next year's price increase has been somewhat weakened, but the promotion of single store growth through promotion has not yet affected the brand image.

Group buying is another important growth point for future sales of home textile enterprises.

The competitiveness of the three home textile enterprises is more competitive.

Its core strengths are its multi brand, channel development, rapid response capability, its management, product differentiation, development potential, and its dream team, brand structure and product category.

The competitiveness of the three home textile enterprises is more competitive. What is more important is whether enterprises can continuously strengthen their core competitiveness.

advantage

We should crack down on deficiencies and strive to enhance risk awareness.

Investment strategy

Maintain the "highly recommended" rating of the home textile sector, downgrade the apparel industry to "overweight", and maintain the "neutral" rating of the textile industry.

On the choice of investment target, we still think that the importance of investment plate is greater than that of investment.

Individual stock

Buying is more important than valuation.

Risk warning

There are problems in the internal management of enterprises, the lagging effect of real estate regulation, and the risk of terminal inventory digestion.