Stock Price Analysis Of Listed Companies In Textile And Garment Industry

　　 1, maintain the industry's prudent recommendation.

(1) although clothing The overall express is very poor, but the stock price shows that the market has fully digested (some companies are close to net assets). Clothes & Accessories The sharp decline in corporate performance in 2013 (seven wolves and good news birds in 13Q4's massive inventory recovery led to Q4's almost no performance) instead, providing a basis for the 2014 half year performance recovery. (2) industry demand level is general, data in 1 and February are still not good, the order data will be relatively general, but no further deterioration will be made. (Anta's 14 order will continue to turn right, and the order will be corrected in the autumn of 14.

In the medium to long term, the quality enterprises in the industry are undergoing a series of changes. This change is conducive to the upgrading of the industry concentration, taking into account the rigidity of blue collar income and the power of consumption, which is accumulating the next wave of healthy growth. At the same time, the gradual maturity of this O2O will open up the original and offline channels of enterprises and open up the price system. Only this integration will be realized in 2015 and 2016. (3) from the perspective of stocks, the recent rise in clothing prices and O2O related stocks will increase even more, but the fundamentals will surely test the performance of stocks. Based on this, we will continue to recommend the new Keno Technology (Hai Lan home) with a better performance, a good news performance bird that hits the bottom, a steady growth of performance, and Semir clothing and outdoor industry leaders who vigorously develop children's business, and vigorously seek the Pathfinder of online transformation; besides, there will be a rebound in the value of Lolei home textile and fuanna. (4) for the production enterprises, the recent market has not been a hot market, but the demand for overseas market is relatively good, which brings better performance and better depreciation of RMB. It continues to recommend Lu Tai A, which corresponds to 9 times valuation in 2013 and 7 times more valuations in 2014. Besides, this week, it recommends Huafu color spinning. The company sells 150 thousand tons in 2013 and 99 thousand tons in 2011, but the profit is only 11 years 35% (mainly in the cotton price cycle, inside and outside cotton price difference and overseas market demand). Once the demand for overseas market is improved and the price difference between domestic and foreign countries is narrowed, its elasticity will obviously come out, and the introduction of equity incentive also indicates the emergence of the company's inflection point, and 1.1 times PB will provide space for the rebound of share price in the next 2-3 years. As for the reform of state-owned enterprises, the main business development of the group is general, but it is similar to a company with the lowest share price and the concept of transformation service industry at the same time.

2, plate last week performance review.

Last week, the Shanghai Composite Index rose slightly, rising by 0.08%, while the spinning and weaving sector increased by 2.77%. Spin Manufacturing rose 2.79%, apparel home textile rose 2.75%. Individual stocks, the first three companies led by the plate were the main Pathfinder (the previous week's gains were larger, this week's partial fall), the joint venture shares and the search for special products. The top three companies were Shandong's Ruyi (the 7 months after the suspension, the company's actual controller changed the expected reorganization), the seven wolves and the red bean stocks. The Hong Kong stock market led by Daphne International (decline in performance), Shenzhou International and I.T; the top three companies led by China were led by China Le Lang (data and annual report expected to be better), L 'OCCITANE and Lining.

3, important announcement and dynamic tracking of the company. Important announcement: Tianhong textile -13 net profit increased 100% year-on-year; Huafu color spinning - Planning stock option incentive plan suspension, pre issuance of bonds; Zhou Dafu - update the upper limit of sustainable related transactions; and the second part of the stock raising part of the long fund raised liquidity and raised investment projects.

4, important data in the industry. Raw material (1) 328 spot spot weekly average price 19469 yuan / ton (+0.05%); Cotlook A:94.97 cents / pound (+1. 76%); inside and outside Cotton price The average difference is 3275 yuan / ton (-2.54%); long staple cotton (grade 137): 34400 yuan / ton (-0.15%). (2) chemical fiber: polyester short 9085 yuan / ton (-1.74%); spandex 40D49300 yuan / ton (+0%). (3) gold: upper gold place Au100g264.38 yuan /g (+0.76%), London spot $1340.35 / ounce (+0.56%) industry data: in February, China's textile and clothing exports fell 33.99%; 1-2 month textile clothing exports fell 4.07%. In the 1-2 months, 39 billion 492 million of textile and clothing exports totaled 4.07%.