What Is The Reason For The Adverse Rebound Of Clothing Stocks

Here in the world Clothing shoes and hats What the small editor of www.net.com introduced to you is that the transformation in adversity has gained popularity, and the rise of clothing stocks "shook off the market two streets".

The "National Day" Golden Week just passed is undoubtedly a promotional festival that businesses must contend for. According to the data of the Ministry of Commerce, during the holiday season, the sales of seasonal clothing, shoes and hats and other commodities increased rapidly. Among them, the sales of clothing products of key monitoring enterprises in Henan, Jiangsu and Qinghai increased by more than 20% year on year.

In the case of the overall downturn in the clothing industry, such data seems somewhat surprising. However, in the A-share market, clothing stocks have actually begun to rebound. Since this year, the clothing and home textile sector has risen by more than 28%, outperforming the market. The reason for this is that, in addition to the factor of "oversold rebound", more and more garment enterprises are opening the road of transformation, and even some of them are completely "changed".

　　 Textile and clothing sector rose 44% in three months/

According to the data of Dongfang Wealth [- 3.40% fund research report], from June 20 to October 10, the textile and clothing sector showed a unilateral upward trend, recording an increase of 44.29% during the period, while the Shenzhen Stock Exchange Index rose 14.36% over the same period, and the SME Board Index [- 0.62%] rose 21.79%. Clothing stocks have experienced a big explosion after a long downturn.

The performance of some old brand clothing stocks is remarkable: the stock prices of Septwolves and Baoxinniao have both risen by more than or close to 50% in four months, by more than 40% on Saturday, and by more than 30% on Meibang Clothing... However, the biggest increase is in those individual stocks with the aura of "transformation", the most typical 100 yuan pants industry, due to the acquisition of cross-border export retail e-commerce company Global Easy Buy, The share price was as high as 52.48 yuan on August 27, up 248% from the closing price of 15.06 yuan on April 4 before the trading suspension. After the resumption of trading, 13 trading limits were successively closed!

In fact, the hundred round pants industry is just a typical case. In the recent A-share market, clothing companies that are telling the story of "transformation" are everywhere.

For example, Burson may change from a clothing company to an agricultural company. On August 22, the trading of Burson Shares, which had been suspended for more than three months, was resumed, and the asset restructuring plan was announced: Guangxi Kanghua Agriculture Co., Ltd. (hereinafter referred to as Kanghua Agriculture) proposed to backdoor Burson Shares. According to the data, Kanghua Agriculture is an ecological agricultural planting company, whose main business is the production and sales of high-quality rice and other agricultural products [- 4.53% fund research report]. The news of Kanghua Agricultural backdoor gave a boost to Burson when the clothing industry was depressed and Burson suffered losses. After the resumption of trading on the same day, the share price of Burson rose by a daily limit for five consecutive days.

Meanwhile, Meibang Garments, which focuses on casual wear, began to set foot in finance. On September 13, Meibang Clothing announced that the Board of Directors of the Company unanimously reviewed and approved the Proposal on Proposed Participation in the Establishment of Huarui Bank. Meibang Clothing will participate in the establishment of the first batch of private banks in Shanghai, "Huarui Bank Co., Ltd.", and the company's proposed capital contribution will not exceed 750 million yuan (including 750 million yuan). On September 29, the company announced again that it had learned from the CBRC website that it agreed to prepare for the establishment of Shanghai Huarui Bank, and agreed that Shanghai Junyao (Group) Co., Ltd. would subscribe to 30% of the bank's promoter qualification, while Meibang Clothing would subscribe to 15% of the bank's promoter qualification.

The large amount of cash on the account of Sima Garments also makes investors daydream. On July 21, it announced that it planned to purchase 70% of the equity of Yuhan Shanghai at a price of 102 million yuan. The company's assets include the Genius Baby early education brand and Little Earth Children's English. For the purpose of acquisition, Sima Garments said in the announcement that the company will take this opportunity to enter the children's education and training market, and further build the company into a comprehensive one-stop service platform for children. In the future, it will continue to carry out investment mergers and resource integration in education, animation, film, games and other related industries for children.

　　 But those originally engaged in high-end women's wear business

In addition to preparing for "equity acquisition", Lucie is also preparing to enter the field of children's clothing. On September 6, the company announced that South Korea Rhine, the company's wholly-owned subsidiary, planned to accept 4.272 million outstanding shares of Akabon Company and participate in the targeted additional issuance of Akabon Company, with a total investment of 324 million yuan, to become the largest shareholder of outstanding shares of Akabon Company. According to the data, Akabong Company is the first company in South Korea that specializes in infant clothing and supplies. The company is mainly engaged in children's clothing, baby products, skin care products, toys and other children's growth products for children aged 0 to 4 years old. It has a total of five series of brands. At present, it has 750 stores in South Korea. In 2013, Akabong's comprehensive market share in South Korea was 16%, ranking second. At present, it has opened more than 80 stores in China.

Jiumuwang, a traditional menswear company, also started to build an e-commerce platform. On September 1, the company launched the "E Mall" platform. At the same time, the company has set up an online and offline integration working group to promote O2O related businesses. In the future, it will focus on inventory integration, order integration and "E Mall".

Even established clothing companies like Seven Wolves have begun to transform. On October 9, Suning and Seven Wolves held a press conference in Nanjing. Seven Wolves announced that their "Wolf Totem" brand extreme shirts had entered Suning's double line channels for pre-sales. The person in charge said that the product will create extreme pieces through pre ordering, online customization and other modes, subverting the marketing model of the traditional clothing industry.

The transformation actions of clothing stocks vary from big to small, and so on. In this regard, an analyst in the clothing industry told the reporter of the Daily Economic News that the industry has been depressed for some days, and it is understandable that listed companies are seeking transformation. After all, many clothing companies are facing the pressure of declining performance and must seek new growth points. "More aggressive companies will simply change careers," said the analyst.

The share price remains strong after the failure of transformation/

How bad is the performance of the clothing company? This can be seen from this year's China Daily. According to the research report of CIC Securities, taking 33 A-share and H-share listed companies in the industry as a sample, the overall operating revenue growth of 33 listed companies in the first half of 2014 was - 2.6%, and the net profit growth was - 3.6%, indicating that the business situation is still sluggish. At the same time, affected by discount promotions, the gross profit margin of most enterprises declined, and the overall gross profit margin decreased to 49.3%, while the period expenses were relatively rigid, and the overall period expense rate increased to 20.87%. The operating capacity has not improved for the time being. The inventory turnover rate has decreased from 2.43 at the end of 2013 to 2.08, and the turnover rate of accounts receivable has decreased from 13.03 to 11.29.

Among them, the business income of women's wear enterprises in the first half of 2014 decreased by 11.0%, and the net profit decreased by 49.6%; In the men's wear sector (excluding the influence of Youngor [- 1.19% fund research report]), the operating revenue decreased by 10.6%, and the net profit decreased by 36%; The operating revenue of footwear sector decreased by 2.1% year on year, and the net profit decreased by 33.1%. In contrast, the outdoor and home textile sectors are relatively stable, maintaining a certain growth.

"At present, there is no sign of 'bottoming out'," many garment analysts told reporters. Since this year, the news of "where will the boss go?" of clothing enterprises has frequently made the "winter" of clothing industry even colder. First, Ding Hui, the chairman of Fujian Norge, who just went to Hong Kong for listing, lost contact, and then Fujian Soli Shoes staged "Rashomon" - the company said that the CEO and COO "father and son archives" lost contact with money, and then the leading runner appeared and said that the news was false. At the beginning of this year, Jingyi Garment Company, a 25 year old clothing company in Quanzhou, Fujian Province, was auctioned at a price of 25 million yuan because it failed to go public.

Therefore, as long as the clothing listed companies issue transformation announcements, or even just rumors, the market will be very excited.

Taking Kaiser Co., Ltd. as an example, the company's original main business was high-end women's wear. In the first half of this year, the company's net profit was only 8.6 million yuan, down 71.51% year on year. Therefore, the company has taken many actions to seek transformation. In June this year, Kaiser announced that it planned to acquire 100% of the equity of Kuniu Interactive, which is engaged in mobile game research and development and operation, for a consideration of 750 million yuan. Therefore, the company's share price gained two limits. Moreover, in January this year, the company announced that it was planning to acquire 46% of the equity of Qinghui Leasing, and signed a framework agreement to enter the leasing industry. However, on September 19, the company announced that the parties could not reach an agreement on the contents under the framework agreement, so it decided to terminate the agreement. This doesn't seem to be good news, but on the day of the announcement, Caesar's shares again gained the ceiling.

On August 28, an investor asked Baoxiniao Company on the interactive platform of the exchange, "I heard that your company has bought an online game company, but whether there is such a thing or not. Today, the stock price has risen by the limit." The company replied on September 17 that "we have not received relevant information", In another reply, the company clearly stated that "the company has not considered intervening in other emerging industries for the time being, and still insists on the development of the main clothing industry", but this did not prevent the company's share price from rising by nearly 10% in the next few trading days.

The reporter noticed that there are still some clothing companies that have not resumed trading. Landsee shares The trading has been suspended since September 3, and the company said in the announcement issued on October 9 that the planned equity acquisition is still in the stage of due diligence, and the stock will continue to be suspended.

　 Who will be the next black horse/

In fact, it is not an accident that the transformation tide of clothing listed companies appears. According to the statistics of Shenwanyan News, in various industries, the number of small market value companies in textile and clothing, building materials, agriculture, forestry, animal husbandry and fishery, chemical industry, mechanical equipment and paper making light industry is relatively large, while the market value of most companies in non banking finance, media and defense industry is more than 5 billion yuan. Among them, there are textile and clothing enterprises with a total market value of less than 5 billion, accounting for nearly 80% of the total number of the industry, and accounting for the highest proportion of listed companies in all industries.

According to incomplete statistics by reporters, as of October 10, at least 10 clothing companies (excluding textiles) listed on A-share market had a market value of less than 5 billion yuan. Among them, Langsha [- 1.83% fund research report] (600137, closing price 19.30 yuan) has the lowest market value, only 1.88 billion yuan; Next is Dayang Chuangshi [- 3.50% fund research report] (600233, closing price 12.14 yuan), with a market value of only 2 billion yuan. Next came Georgeback, Saturday and Red Bean, with market capitalization of 2.64 billion yuan, 2.93 billion yuan and 3.05 billion yuan respectively, while the men's wear companies Shinur and Kanudi Road also had a market capitalization of just over 3 billion yuan.

Many of these companies are facing the pain of declining performance and shrinking market value. Taking Langsha Shares as an example, the report shows that the company's operating income in the first half of the year was 139 million yuan, down 7.92% year on year; The attributable net profit was 5.4488 million yuan, down 21.7% year on year. This performance was obviously expected by the market. In fact, since 2011, the company's performance has declined for three consecutive years.

On the interactive platform, Langsha also said frankly that "the company's share capital is really small, with a market value of only 1 billion yuan, but once the market is ripe, the company will become bigger and stronger through major asset restructuring or M&A restructuring."

and-->