NEWS
Under the weak consumption, why is clothing an exception?

2023/08/16

Under the weak consumption, why is clothing an exception?

There is a saying in A shares to describe the current market of consumer stocks, "Kill a big white horse every day." Consumption white horses frequently collapsed. In July this year alone, Tomson By-Health (300146) and Juewei Food (603517) both experienced limit-downs. The leading beer Tsingtao Brewery also experienced a single-day stock price drop of more than 7%.

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Textile and Garment Industry: Manufacturing Valuation Gradually Repairs, Brands Focus on Underestimation

2023/08/16

Textile and Garment Industry: Manufacturing Valuation Gradually Repairs, Brands Focus on Underestimation

Investment suggestions: 1) Textile manufacturing: The inflection point of orders is approaching, and the valuation of leading manufacturers is expected to gradually recover. Catalyzed by relatively strong macro data such as non-agricultural employment in the United States and a significant improvement in the inventory of downstream brands, the valuation of leading manufacturing companies has recently been repaired. Combined with the recent company survey feedback, we expect that the growth rate of manufacturing orders in Q3 is expected to turn positive, and we recommend long-term competitive manufacturing leaders Weixing, Taihua New Materials, Zhejiang Natural, Huali Group, Xinao, etc. In addition, we recommend 2023 production capacity Released Fuchun Dyeing and Weaving and Henghui Security. 2) Apparel and home textiles: Q3 brand performance is expected to continue to improve, and stock selection is based on low valuations. Recently, some companies have released performance forecasts. Among them, SAINT ANGELO, Jinhong Group and other companies have outstanding performance in 2023Q2. With the improvement of terminal sales in the future, the performance of Q3 brand apparel companies is expected to continue to recover. Based on comprehensive valuation and terminal turnover performance, we first recommend Heilan Home (11X in 2023), Luo Lai Life (13X in 2023, 5% dividend yield) and Fuanna (12X in 2023, 7% dividend yield), which are undervalued and high dividend targets. ), followed by menswear brands SAINT ANGELO (14X in 2023) and Biyin Lefen (19X in 2023) with strong growth in terminal turnover, and PEACEBIRD (14X in 2023), mid-to-high-end clothing brands that achieve performance growth through cost reduction and efficiency increase. Women's wear Ellassay (16X in 2023), benefiting from the target Jinhong Group (13X in 2023).

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The textile and garment sector continued to rise and strengthen

2023/08/16

The textile and garment sector continued to rise and strengthen

The textile and clothing board continued to rise and strengthen. Ruyi Group (002193) (002193) had a daily limit in the afternoon, Meibang Apparel (002269) (002269) had previously closed its board, Rongmei shares (301088) rose by more than 10%, and Annel (002875) (002875) , Tianchuang Fashion (603608) (603608), and Bangjie Shares (002634) (002634) were among the top gainers.

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