Exports Of Textile And Garment Industry Showed Signs Of Improvement In 2016

2016 is expected to maintain a weak recovery trend.

After more than three years of adjustment, the demand side of the industry has not improved significantly, but the upward trend of the inflection point has been established.

The first three quarters of 2015

Revenue grew 1.4% (0.91% in 2014), benefiting from the positive.

The profit contribution of business extension and profit margin is significantly better than that of the revenue side, an increase of 17.7% over the same period last year.

However, domestic and foreign demand is still hard to see clearly due to the macroeconomic impact at home and abroad. It is estimated that domestic demand will remain at around 10% next year, and the elasticity of export demand will also be limited.

We propose to look for structural opportunities and look at the following three major directions:

First, the favorable policies and the Winter Olympic Games stimulate the sports consumption.

Unlike the first round of sports before China's 2008 Olympic Games, we believe that this round of sports goods market has entered the new stage of "quasi sport + fashion trend" from "light sports + Leisure tide", and the consumption movement has stronger attributes.

2014 China

Since the end of 2008, it has resumed its positive growth for 5.4% for the first time.

We recommend the following three lines to nugget sports industry opportunities: local sports leading enterprises, companies with overseas sports brand capabilities and sports ecosphere resources integrators.

Two is the upgrading of clothing consumption from the inside out, the mass underwear needs rapid release.

With the improvement of the consumption ability of domestic residents and the maturity of underwear consumption consciousness, the demand for underwear is improved. From the aspects of style, fabric, process quality, health and comfort, public underwear is the fastest growing market segment.

According to frost&sullivan data, the composite annual growth rate of the mass market in 2009-2013 years is 21.7%, higher than that of the low-end market and 7.9% of the top grade 8.6%.

Because the underwear category has the characteristics of high technological threshold, we should value the brand with the advantage of supply chain, and suggest that we should pay attention to Hui Jie shares and Jenson group.

Three is the upgrading of household consumption is moving from low frequency to high frequency, home textile pformation usher in the opportunity period.

In the 2007-2012 year, the annual compound growth rate of residents for household appliances was 13%, faster than 12% of clothing and 11% of total consumption expenditure, and 19% of high-frequency household sundry goods and 16% of bed products.

We prefer the daily consumption frequency and the bedding closer to the small household category. The current home textiles exploration category extension, the one-stop retail format of the home museum is worth looking forward to, and recommends the home textile of Luo Lai.