[Textile and apparel exports hit a new high, and the epidemic has led to temporary pressure on retail sales]
Release date:[2022/4/19] Read a total of[66]time

This week, the performance of the textile and apparel sector was weaker than the market, and the performance of the medical and cosmetic sector was stronger than the market. From April 11th to April 15th: 1) Shenwan Textile and Apparel Index decreased by 3.47%, weaker than Shenwan A Index by 1.07pct. Among them, Shenwan Clothing and Home Textile Index decreased by 2.61%, weaker than Shenwan A Index by 0.20pct ; Shenwan Textile Manufacturing Index fell 3.90%, weaker than Shenwan A Index 1.50pct. 2) Shenwan Beauty Care Index rose 1.57%, stronger than Shenwan A Index 3.97pct.

Textile and apparel: 1) Textile: 22Q1, the export of textile and apparel hit a record high, and the boom in external demand continued. In March, the export value of textile yarns, fabrics and products was 11.8 billion US dollars, an increase of 22%. The cumulative export value of Q1 was 36.6 billion US dollars, an increase of 15%. In March, the export value of clothing and clothing accessories was 10.2 billion US dollars, an increase of 10.5%. The cumulative export value of Q1 was 35.7 billion US dollars, an increase of 7%. The export value of textile and apparel in Q1 reached a record high, and the growth rate in March alone increased from January to February, confirming the continuation of the textile manufacturing boom driven by external demand. 2) Apparel: The epidemic continued to disrupt offline retail, and sportswear performed relatively better. Anta brand Q1 sales increased by 10%-20% in the high segment, Fila increased by mid-single digit, Biyinlefen and Baoxiniao Q1 performance both led the apparel market. Although the second quarter was under the dual pressure of the epidemic and high base, the industry's medium and long-term trend The good trend remains unchanged, and continue to be optimistic about the high-prosperity track of sportswear.

Cosmetics, medical beauty: The industry continued to differentiate in March, and the Q1 performance growth of leading companies was more certain. In March 2022, the total sales performance of each brand Tmall + Douyin was divided, the top companies performed better, and the Q1 performance of the leading companies maintained high growth with strong certainty. The new regulations continue to promote the standardization of children's cosmetics segments, which will benefit leading cosmetics companies that comply with regulations in the long run.

Highlights of this week:

ANTA Sports 2022Q1 operating data comment: The 22Q1 operating data was slightly lower than expected due to the impact of the epidemic.

1) Anta:

In 22Q1, retail sales increased by 10%-20% year-on-year, and the growth rate increased month-on-month. 2) FILA: 22Q1 retail sales grew in single digits year-on-year, and the growth rate slowed down month-on-month, which was seriously affected by the current round of epidemics. 3) Other brands: 22Q1 retail sales increased by 40%-45% year-on-year, and the growth rate increased month-on-month. The multi-brand matrix has built three growth curves, taking over multiple growth poles, the sports track has strong growth certainty, and has a large space. The short-term epidemic disturbance will not change the medium- and long-term positive trend, and maintain the "buy" rating.

Comments on Biyinlefen's 2021 annual report and 2022 first quarter report: 21-year revenue of 2.72 billion yuan, a year-on-year increase of 18.1%, net profit attributable to the parent of 630 million yuan, a year-on-year increase of 25.2%. In 22Q1, the revenue was 810 million yuan, a year-on-year increase of 30.2%, and the net profit attributable to the parent was 210 million yuan, a year-on-year increase of 41.3%. We are optimistic that the company is in the stage of strong brand growth, and we raised our 22-24 year profit forecast to 8.1/10.1/1.23 billion yuan, and 22PE is only 16 times, maintaining a “buy” rating.

Anker Innovation’s 2021 annual report comment: In 2021, the revenue was 12.57 billion yuan, a year-on-year increase of 34.5%, and the net profit attributable to the parent was 980 million yuan, a year-on-year increase of 14.7%. All products have achieved rapid growth. Factors such as rising raw material prices have led to a decline in gross profit margins. We will improve the omni-channel sales system and continue to explore emerging markets. A leader in cross-border e-commerce, with high brand power in overseas markets, technical research and development strength to strengthen product competitiveness, category expansion is expected to boost performance again, maintaining the "overweight" rating.

Comments on the proposed acquisition of Steady Medical: It plans to use its own funds of 730 million yuan to acquire a 55% stake in Longtai Medical. Longtai Medical's main income is growing rapidly, leading the high-end wound dressing industry, and the corresponding valuation is reasonable. In the future, it plans to acquire all the shares. This acquisition is expected to enrich the company's high-end wound dressing business, form scale and synergy, and maintain a "buy" rating.


Related Keywords: