Investment Suggestions For Textile And Garment Industry In July 2014

Here world clothing shoes The little weave of the hat net is introduced to you in July 2014. Spin Clothing industry investment strategy: consumption weakness, industry replenishment stock.

　 Demand side: domestic consumption data is still weak, and exports rebounded steadily.

In May 2014, the number of retail sales of major retail enterprises in China dropped by 0.1% compared with the same period last year, and the retail sales of clothing increased by 5.4% over the same period last year. The growth rate of the retail sales rose significantly from the previous month, but the retail sales of all kinds of clothing showed a 2% decrease compared with the same period last year.

Supply side: garment production continues to recover

　　 Industrial chain The output of the upstream textile yarns increased relatively fast, and the output of the middle stream cloth began to descend. During the recovery process of the downstream garments, the clothing output increased by 8.67% in May compared with the same period last year, but the suit suits and shirts of men's suit decreased significantly.

　 Comparison of financial indicators of textile and apparel industry: the overall situation is in storage.

Textile industry: the income growth rate continues to decline, the total profit growth rate of industry is higher than that of income growth, but the finished product inventory increases rapidly.

Clothing manufacturing industry: garment manufacturing industry revenue growth continued to recover, after nearly 2 years of inventory process, 2014 began clothing manufacturing industry inventories grew faster.

Bedding manufacturing industry: the income of bedding manufacturing industry decreased, an increase of 6.65% over the same period, the profit increased by 9.35% compared with the same period last year, and the finished goods inventory increased by 14.56% over the same period last year.

Investment suggestion

In the next twelve months, maintain the "neutral" rating of the textile and garment industry.

From the industry data, the textile and garment industry began to increase its inventory status, especially Clothes & Accessories Manufacturing industry performed well, output increased, income growth recovered, and there was a weak recovery trend.

Under such circumstances, we believe that Brand clothing For enterprises, those companies that are able to adjust early, execute effectively, and actively explore and innovate in models, will be able to stand out to cope with changes in the consumption environment and consumption patterns. We give the whole industry a "neutral" rating.