[Textile and apparel industry: short-term disturbance does not change long-term trend to optimistic about half-in]
Release date:[2021/9/7] Read a total of[66]time

In July, the total retail sales of consumer goods increased by 8.5% year-on-year, and the growth rate was reduced by 3.6PCT, and the average increase of 3.6% in two years.

The retail growth rate slowdown was due to the extreme weather and the new round of epidemic effects originated in the early July. From a structural view, natural disasters and epidemic are temporary impact, and long-term consumption demand is expected to improve, optimistic about the toughness of China's consumption and growth.

After the industry wash, the strength of the leader is so strong, and continue to grasp the core assets and industry faucet of domestic demand orientation.

Spinning sector: The force majeure of the end of the 7-8 months, the end retail is indeed under pressure, but the pressure test, online channels, the sale of the store, the sales of the store will be limited, and the tune of the leader will reward the low layout opportunity. Medical American Cosmetics Medical Beauty Plate: Short-term policy regulation affects market emotions, long-term facilitating industry development and industry faucet concentration improvement. The peak season in the second half of the year is coming, continue to optimize the industrial long-term growth space.

This week's textile apparel plate is stronger than the market. During September 3, 2021, June 3, 2021, the Shen Wan Tevice Apparel Index rose 0.61%, stronger than Shen Wan A index 0.45Pct. Among them, Shenwan's clothing home textile index fell 0.51%, weaker than Shen Wan A index 0.68pct; Shen Wan Tea manufacturing index rose 3.06%, and stronger than Shen Wan A index 2.89PCT.

Recent review:

August E-commerce data: 1) clothing online sales decline: Amless the total number of men's sales of all nets reached 9.14 billion yuan, down 7.0% year-on-year, the total amount of women's sales reached 2.5% year-on-year, and the total sales of children's clothing 3.63 billion yuan, down 20.3% year-on-year. 2) Sports shoes and clothing domestic brands are better than international brands: August Tmall sports shoes have reached 3.27 billion yuan, down 6% year-on-year. Among them, Anta increased by 17%, Li Ning fell by 4% year-on-year, and the growth rate of FILA reached 110%, and Adi fell 33% year-on-year. Nike fell 41% year-on-year. 3) The sales of the cosmetic line is stable: August Tmall platform skin care product sales reached 7.99 billion yuan, with an increase of 2.5%. The total amount of makeup sales reached 3.54 billion yuan, down 3.7% year-on-year.

Textile and clothing report results Review: 1) Volkswagen 21h1 revenue: Taiping Bird 21H1 revenue 50.1 / billion yuan, up to 205.9% year-on-year, increased by 60.7% year-on-year, with a net profit of 40 h, 2.40.5% year-on-year, year-on-year 19H1 increased by 211.5%, and it was the best for sale in the market. Sen Ma clothing 21H1 revenue is 6.52 billion yuan, an increase of 13.6% in 20 h1, a decrease of 20.7% year-on-year; the net profit of return is 670 million yuan, a year-on-year growth of 29.8 times, down 7.9%. 2) The high-end clothing performance is high: Xinhe Shares 21h1 revenue for 1050 million yuan, a year-on-year increase of 35.4%, year-on-year increase of 16.2% year-on-year; return to the net profit of 192 million yuan, year-on-year increase of 159.6%, year-on-year growth 71.8 %. Song Puli 21h1 income is 110 billion yuan, an increase of 35.0% year-on-year, with a net profit of return to 190.0 million yuan, down 28.9% year-on-year, with a net profit of 180 million yuan, an increase of 17.3 times higher than 20H1, which is flat than 19H1. 3) Sports Clothing: Li Ning 21h1 revenue 10.2 billion yuan (+ 65.0%), returned to the net profit of 1.96 billion yuan (+ 187.2%). The gross profit margin increased by 6.4pct to 55.9%, and the net interest rate rose by 8.1pct to 19.1% year-on-year.

The results of cosmetics medical beauty report: 21h1 Hui Xi's biological income of 1.03 million yuan, a year-on-year increase of 360 million yuan, a year-on-year increase of 35%, and the net profit of the deductance is 310 million yuan, a year-on-year increase of 30.7%. 21Q2 single season revenue is 1.16 billion yuan, a year-on-year increase of 100%, and the return of returned profits is 210 million yuan, a year-on-year increase of 30.9%.

Investment Suggestions: In the short term, the performance of the faucets is generally good. Under the medium and long-term development space, the strong strength of the strong is highlighted, and the opportunity of the callback layout is cherished. Recommended: 1) Clothing Home Textiles: Anta Sports, Peerlefen, Xinhe Shares, Haishu House, It is recommended to pay attention to Li Ning, Tego International; 2) Cosmetics and e-commerce: Amei, Beti, Hua Hei, Qingsong Shares, Langzi Shares, Beauty Makeup; 3) Textile Manufacturing: Huali Group, New Australia Shares, it is recommended to pay attention to Nashizhou International.


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