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Defensive Appearance Of Brand Clothing Enterprises

2011/12/8 11:55:00 18

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Investment

Strategy - maintain "buy"

Grade

Textile sub industry: for traditional textile enterprises, the external demand and raw material prices which are closely related to downstream demand and profitability are not optimistic, so the industry boom is still showing a downward trend.

Concerned about the market is too pessimistic, but still basically stable growth of the color weaving head Lu Tai A.

Clothing sub sector: next year

Macroscopic

The environment is more complex, and the downward trend of inflation is accompanied by the downward trend of economic growth.

For brand clothing enterprises, both price increases and volume increases are under pressure. Companies with brand premium will continue to raise prices on the premise of volume increase.

It is optimistic about the men's clothing industry with brand premium capability and endogenous growth advantages, as well as the home textile sub industry in which the industry is in the growth stage and the valuation is still rising.

Continue to recommend seven wolves, nine Mu Wang, Hinur, good bird, Luo Lai home textiles, fuanna, Meng Jie home textiles.

Stock price performance

This week, the Shanghai Composite Index fell 0.82%, and the textile and apparel sector lost 1.41 percentage points, of which the textile and clothing sub sectors decreased by 3.80% and 0.95% respectively.

This week, the defensive performance of the clothing sub industry has shown itself again, and the home textile and men's wear industry has gained relative benefits.

From the perspective of individual stocks, stocks such as Ruyi, Luen FA and hang min share gained the highest profits on Saturday, while Shandong technology, Rebecca, Semir apparel and other stocks led the decline.

Men's wear industry has strong brands.

Premium

Ability, we continue to look good, among them the most valuing advantage.

The performance improvement of HTC's diversified development is more definite, we are more optimistic about its future growth, and the security margin of stock price is higher.

Raw material price

This Friday, the 328 cotton price index was 19006 yuan / ton, the weekly ring ratio fell 0.42%; Cotlook A index fell 1.46%, zhengcotton main contract 1205 price rose 0.29%.

Cotton this week

Storage capacity

It reached 285 thousand and 860 tons (232 thousand and 120 tons last week, accumulating total storage capacity of 1 million 147 thousand and 890 tons), and the weekly storage capacity has reached a new high, and the total storage capacity has exceeded 10% of the domestic circulation.

Short term cotton price view: the rigidity of China's demand and the policy of purchasing and storage make the price trend of inner cotton far stronger than that of outer cotton. The expansion of the price difference between inside and outside cotton is not conducive to stabilizing domestic cotton prices in the future.

Risk warning

Export falls are more than expected; price rises are more demanding than demand.