Terminal Consumption Of Textile And Garment Industry Slipped Beyond Expectations
Terminal consumption slipped early, brand
clothing
The company has high operational risk and is worth cautious.
We believe that in the next half year, the macro economic background is not good. Brand clothing is a highly selective consumer product, and its terminal sales elasticity is relatively large. Therefore, it is expected that the growth of brand clothing terminal consumption will be more obvious in the future.
From the recent industry and company data, the terminal downward trend has taken shape and is expected to decline further in the next half year.
At present, the operation risk of listed companies is generally larger. Accounts receivable, inventory and other aspects have significantly deteriorated compared with the same period last year. There are more channel stocks, and orders will increase generally in the early summer of 2012. Therefore, the inventory of franchisees in the next half year will be further increased, and the higher operational risk will enlarge the impact of terminal consumption decline in the future.
The three logic filters the investment target in bear market.
We believe that companies with higher growth expectations next year will have relatively high space for future valuation handover, and companies with relatively small operating risks will resist.
system
The ability of sexual risk is strong, and the market with relatively weak elasticity is relatively small.
Based on the above logic, we are relatively optimistic about locating in the three or four consumer area with relatively weak consumption elasticity and strong competitiveness. At the same time, we hope that the brand image will be improved, and both internal and external will accelerate.
Grow up
Of the city.
Textile and garment manufacturing industry is turning out and will be difficult to invest in the future.
With the rapid increase of labor force in recent years and the appreciation of RMB exchange rate, the cost advantage of textile and garment industry in export has disappeared.
Since the beginning of this year, the major textile and garment importing countries such as the United States and Japan have begun to reduce the share of imports from China, which means that the trend of textile and garment manufacturing industry has gradually shifted out and has been established. It is expected that in the long run, there will be no industrial investment opportunities.
The textile manufacturing companies with strong technical superiority and small scale are worth our attention.
From the perspective of the current policy orientation of textile and clothing industry, technological innovation, energy conservation and environmental protection are the main themes.
From the experience of textile manufacturing industry in Europe, all those who survive are those with strong technological superiority and relatively small scale.
According to our research, the difficulties of textile and garment manufacturing industry are mainly from the resource gap of technology and influence. We think that breaking through the gap of technological resources is more feasible for manufacturing enterprises than two.
Based on the above point of view, we believe that Shandong's strong technology "moat" Ruyi, Weixing shares and Xun Xing shares are worth our attention.
Risk warning: terminal consumption fell more than expected; external demand slipped beyond expectations.
- Related reading
Quanzhou Illegal Leather Factory Discharge Sewage Caused Well Water Bacteria Seriously Exceeding Standard
|Crack Down On Trade Barriers &Nbsp; Use Of Natural Plant Pigments To Make Children'S Clothing.
|Children's Clothing Market Is Mostly "&Nbsp"; What Are The Pure International Brands?
|- Daily headlines | US Cotton "Colorful Life" Fashion Promotion Theme To Start
- Collocation | Strong And Tough Boyfriend Clothes Wear &Nbsp; &Nbsp; Save Money To Create Fashionable Neutral Wind.
- Fabric accessories | Downstream Of Bamboo Fiber
- Professional market | "Zero To Zero" Encountered High Cost &Nbsp; Cold Market In Beijing Wholesale Market.
- Women's wear | Han Feini Brand Ladies Wear, Realize Your Dream Of Wealth!
- Industry perspective | Strategy, Quality And Experience Are The Secrets Of The Rise Of Underwear Brands.
- City Express | Wenzhou Tannery Industry Has Stepped Up Its Environmental Pollution Control.
- Market trend | "Magic Card" Is Actually Spandex &Nbsp; Underwear High-Tech Is Not So Mysterious.
- Professional market | The Quality Of Online Shopping Underwear Is Not Guaranteed.
- science and technology culture | Gerber Technology Holds The Annual Meeting Of "Ideation Innovation" Software.
- China Expects Trade Protectionism To Rise Next Year
- Guangzhou International Textile Exhibition: The Best Platform For Textile Enterprises To Seize The Domestic Market
- The National Retail Federation Raised The Estimated &Nbsp For Holiday Sales In The US Due To Strong Sales In November.
- 2012大迷失、大陷阱、大洗牌的一年
- Hainan: "Supporting The Inspection Of Counters" Is Just A Gimmick That Attracts Customers From Online Stores.
- The New Sword Is About To Be Staged In &Nbsp.
- Various E-Commerce Shoe And Clothing Enterprises Rush To The Peak Sales Season.
- During The Two Sections, The State Will Launch "Counterfeiting" For Online Shopping.
- ECFA首年 臺對大陸出口上看1200億美元創歷年新高
- Proportion Of Clothing Sales In Ten Major Shopping Malls In Shanghai In October