Men'S Clothing Grew Steadily In The Textile And Garment Industry In 2012.

China Textile and apparel 2012 revenue and earnings growth continued to slow down, the overall performance is slightly lower than expected.

The first half of this year was affected by the downturn in terminal consumption.

Overall growth is weak.

According to our statistics, the income of key textile and garment companies in the first half of 2012 increased by 7% compared with the same period last year. Net profit fell by 10% compared with the same period last year, and the growth rate of revenue and net profit continued to slow down.

The income of textile manufacturers decreased by 4% compared with the same period last year, and net profit dropped by 59% compared to the same period last year, dragging down the overall sector performance. The income of apparel textile enterprises increased by 12% compared with the same period last year, and net profit increased by 13% over the same period last year, which is better than that of export manufacturing enterprises.

The performance of sub sectors has been divided, and some enterprises' earnings have deteriorated.

(1) men's clothing grew more steadily, and channel inventory pressure eased slightly compared with the beginning of the year. The overall financial situation was relatively healthy, and the performance was in line with or slightly exceeding expectations.

(2) the net profit growth of high-end women's clothing has slowed down compared with the first quarter, but is still at a relatively high growth rate, and its performance is in line with expectations.

(3) the home textile industry is affected by real estate regulation, the growth of terminal demand is slowing down, and the pressure of channel inventory is large.

(4) the casual wear industry has been attacked by foreign brands into the domestic market and the rise of e-commerce. The intensity of market competition has further intensified, and the net profit of Chinese newspapers has met or lower than expected, and accounts receivable has increased rapidly.

(5) the performance of export manufacturing enterprises is generally lower than expected, mainly due to weak external demand, rising labor costs, and scissors difference between domestic and foreign cotton prices.

The companies whose performance exceeded expectations were: Nine Mu Wang and Shanghai Jahwa; the companies whose performance was lower than expected were: Hinur, Semir costumes, Jia Linjie, Huas shares, Luo Lai home textiles, Saturday, Lu Tai A, Huafu color spinning, Baron East, Weixing stock and so on.

From the perspective of growth and valuation,

(1)

Most enterprises in the industry had a net profit growth rate of about 40%, a seven wolf growth rate of 41%, a reported bird growth of 36%, a nine increase growth of 44%, a growth of 52% of YOUNGOR's road, a 5% increase of YOUNGOR, and a 5% increase of the average rate of PE, 16 times of the average in 2012.

(2) high-end women's apparel net profit growth rate of 48%, corresponding to 2012 PE 21 times.

(3) home textile growth slowed down, Roley home textile decreased 18%, fuanna grew 28%, Meng Jie home textile increased 11%, average PE was 17 times in 2012, business casual cash flow had improved, but performance growth rate continued to slow down, American Apparel grew 15%, Semir clothing decreased 43%, search for special growth 46%, average PE was 18 times in 2012, August 2012, total retail sales of social consumer goods amounted to 16659 billion yuan, a nominal increase of 13.2% over the same period (after deducting price factors, the actual growth was 13.2%, the following is nominal growth except nominal).

(4) in the outdoor sports, the growth rate of 36% of the Pathfinder is up to expectations, and the valuation is still higher than that in 2012. It was 37 times that in 2012, and the retail sales volume of the above quota enterprises (units) was 814 billion 900 million yuan, an increase of 13.1%.

In 1-8, retail sales of consumer goods totaled 131195 billion yuan, up 14.1% from nominal growth (11.4%) after deducting price factors.

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(5) AOKANG's international performance in footwear

19%, on Saturday, it dropped by 17%, and the average PE in 2012 was 18 times.

(6) in terms of textile manufacturing, Lu Tai A dropped 39%, Huafu dropped 79%, Bailong East fell 72%, Weixing shares dropped 20%, and the average PE in 2012 was 13 times.