In 2021 and 2022Q1, the textile and apparel sector outperformedCSI 300, highlighting the defensiveness. ①2021Textile and ApparelThe sector and CSI 300 traded +6.84%/-5.20% respectively from the beginning of the year, outperforming the broader market. From 2021Q2, the textile and apparel sector has significantly outperformed the broader market. Since Q3, the retail environment has weakened, and the growth of the textile and apparel sector has fallen, but the overall performance is still better than that of CSI 300. ②2022Q1 Textile and ApparelThe sector and the CSI 300 index were -6.96%/-14.53% respectively compared with the beginning of the year,Textile and ApparelThe sector continued to outperform, mainly because some export companies and outdoor sports sectors performed better in the first quarter of 2022.
In 2021, the manufacturing industry will recover rapidly, and sports and outdoor will make great progress. ①In 2021, sports and outdoor revenue will explode, and companies in the sector willOperating incomeReached RMB 83.1 billion (+40.1%), outperforming. ②Due to the serious spread of the overseas epidemic, the transfer of orders has benefited. The upstream manufacturing industry and the midstream OEM manufacturing industry have shown rapid growth. The operating income was 37.9 billion yuan/60.9 billion yuan, up 26%/13.7% year-on-year, respectively.Shenzhou InternationalandHuali GroupIndustry leaders such as other subdivisions enjoy higher profit margins. ③ Mass apparel is still in the stage of exploration and improvement of retail capabilities. The revenue growth rate in the past three years is 16%/-14%/9%. In 2021, the operating income of the mass apparel segment will be 46.5 billion yuan. ④In the mid-to-high-end apparel sector, individual brands with distinctive features open up the minds of users and grow steadily, achieving a 19.4% increase in 2021, reaching 18.9 billion yuan. ⑤ The operation level of the home textile segment was stable, with an operating income of RMB 12.7 billion (+17%).
In 2022Q1, the growth rate of revenue and profit of the segment slowed down, the brand growth rate and apparel bottomed out, and the midstream manufacturing industry was resilient. ①The growth rate of the textile and apparel sector in 2021Q1-2022Q1 in a single quarter (excluding Hong Kong stocks) is 23%/27%/13%/3.4%/13% respectively (the revenue growth rate of the Hong Kong stock movement 21H1/21H2 is 51%/33% respectively), The overall growth rate of the sector slowed down, but the growth rate picked up in 22Q1. ②In terms of molecular segments, brands are bottoming out in stages. In 2022Q1, the revenue growth rate of mass apparel / mid-to-high-end apparel / home textiles is -4.3%/7.9%/3.7%net profitThe growth rate is -19.7%/-11.2%/-1.4%, which is somewhat narrower than that in 21Q4; the midstream manufacturing sector shows strong resilience. In 2022Q1, the upstream manufacturing/midstream manufacturing revenue growth rate is 12.7%/25.3%, and the profit increases The speed is 7.1%/26.8%.
In the weak retail environment, the leader of the subdivision manufacturing track is expected to achieve steady growth. Currently, it is recommended to focus on the following main lines. ①Midstream manufacturing companies with excellent quality have improved their industrial status in the segmented track field, supporting the company’s medium and long-term growth.Recommended to followHuali Group(high-quality shoe-making faucet),Weixing shares(Supplier of high-quality accessories),Zhejiang Nature(OEM for high-quality outdoor products). ②In 2021, it will be greatly affected by the epidemic, and the target with strong certainty will be restored in 22 years. The epidemic in Vietnam in 2021 will affect the capacity utilization rate of some exporting companies. In 2022, overseas consumption will recover, exporting companies will have full orders, and the capacity utilization rate will increase significantly. It is expected that the RMB will depreciate, which will benefit exporting OEM companies.Recommended attentionLutai A andJiansheng Group. ③Differentiated yarn companies with breakthroughs in technology or production capacity are recommended to pay attentionTaihua New Materials、New Australia SharesandFuchun dyeing and weaving. ④The prosperity of outdoor sports is still the same, and the leaders of subdivided tracks enjoy industry dividends. It is recommended to pay attentionMu Gao Di. ⑤ In a weak retail environment, a target with strong resilience: it is recommended to pay attentionBienlephine、Annunciation Bird。
Risk warning: The retail environment is less than expected, the price of raw materials fluctuates greatly, and the risk of exchange rate fluctuations
(Article Source:Industrial Securities）
Article source: Industrial Securities
Responsible editor: 6
Original title: Textile and Apparel Industry Tracking Report: Textile and Apparel Industry 2021 Annual Report and 2022 First Quarterly Report Summary: Textile Manufacturing Resilience Strong Brand Apparel Building Bottom
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