Summary Of Research Report On Textile And Garment Industry In 2012

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< p > < strong > latest textile export data: < /strong > < /p >

< p > 1-12 months in 2012, China's textile and apparel exports totaled US $254 billion 921 million, of which the export volume of textiles and clothing was US $95 billion 776 million and US $159 billion 145 million, up 2.84%, 1.18% and 3.87%, respectively. The growth rate decreased by 17.20, 21.7 and 14.48 points respectively compared with that of 2011; < /p >

< p > December, the export volume of Chinese spun garments in the single month was 24 billion 100 million US dollars, an increase of 10.8% compared with the same period last year. < a href= "http://www.91se91.com/news/index_c.asp" > textile > /a > product, < a href= "http://www.91se91.com" > clothing < /a > exports amounted to 8 billion 572 million US dollars and 15 billion 529 million US dollars respectively, up 3.3% and 15.52% respectively.

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< p > < strong > comment < /strong > < /p >.

＜p＞　　2012 年紡服出口增速2.84%，基本符合我們之前對全年0 增長的預(yù)期，歐美需求不旺是主因：作為我國傳統(tǒng)的紡織品服裝出口國，美國次貸危機(jī)、歐洲＜a href="http://www.91se91.com/news/index_cj.asp"＞歐債危機(jī)＜/a＞的先后爆發(fā)，明顯沖擊了我國紡服的出口;目前美國經(jīng)濟(jì)雖然有所復(fù)蘇，但由于中國勞動力成本上升趨勢不可扭轉(zhuǎn)，全球紡織服裝生產(chǎn)基地的轉(zhuǎn)移已經(jīng)開始，大量訂單流向東南亞和印度等國，2012 年1-11 月份，對美國出口的紡服額累計(jì)同比增長3.14%，低于2011 年11%的水平;較之于美國的緩慢復(fù)蘇，歐債危機(jī)的持續(xù)仍在對歐盟地區(qū)的消費(fèi)熱情形成打擊，2012 年1-11 月份，對歐盟出口的紡服額累計(jì)同比下滑12.83%，遠(yuǎn)低于2011 年增長19.8%的水平;從出口走向來看，歷年向歐美的出口占我國紡服總出口額的35%左右，但2012 年該比例下降至28%;＜/p＞

< p > specific to the industry's business operations, from the industrial research, the main manufacturing enterprises such as Lu Tai, Weixing, Jia Linjie and other orders have improved. On the one hand, overseas demand has picked up, but it may be more from the integration of the industry. After nearly 2 years of industry integration and adjustment, manufacturing capacity has begun to decrease. These are the foundation for leading enterprises to feel the slight pick-up of orders from September this year. But from the perspective of performance improvement, due to slow recovery, it is difficult to significantly improve the overall gross margin level of manufacturing textile enterprises, the inverted cotton price difference at home and abroad, and the rising labor cost always affect the efficiency of enterprises, and the improvement of enterprise efficiency is slow.

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Looking ahead to 2013, we maintained that the textile and clothing exports in the 13 years may still be comparable to the 12 year level. On the one hand, the US needs slow recovery, and the bottom of the European Union and Japan is hovering. On the other hand, orders continue to flow to Southeast Asia and India.

For enterprises, the business environment will be better than 12 years. On the one hand, the industry integration will improve the competitive environment. On the other hand, the fear of industry chain will gradually fade away, and the normal operation of enterprises will also help improve efficiency.

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< p > < strong > investment recommendation < /strong > /p >

< p > we still continue to invest in the January monthly report. Manufacturing enterprises are more fully released due to risk, and at present, overseas demand has begun to recover slowly, and industrial integration has already achieved initial results. Especially since the middle of 2012, the net operating cash flow of textile and chemical fiber sub sectors made mainly by manufacturing has continued to be higher than net profit levels, showing a more healthy reporting quality.

Therefore, we believe that manufacturing enterprises in 2013 are expected to enhance profitability, the probability of continued decline in performance is very small.

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< p > according to our judgement on the fundamentals of 2013, the bottom of the manufacturing enterprises has arrived. We suggest that investors should pay attention to manufacturing leading enterprises, such as Taihe new material, Weixing, Lu Tai A, and leading enterprises of chemical fiber board, such as Australian ocean technology, Huafeng spandex and Tong Kun stock.

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