Textile And Clothing Industry: Women'S Wear Achieved High Growth Year On Year In July, Anta And FILA Performed Well

[summary of Research Report]

In terms of brands, FILA and Anta achieved eye-catching growth, and the sales volume of the whole network was + 109% / + 54% year on year.

In the short term, textile and clothing demand further release, online sales continue to be good, online layout strong brand will usher in investment opportunities. In the medium and long term, with the increase of people's outdoor activities and the formation of exercise habits, the demand for sports clothing is coming back. It is suggested that attention should be paid to the leading enterprises of high-quality sports shoes and clothing affected by the epidemic situation.

Key investment points:

Industry data tracking: in July, the turnover of Taoxi platform clothing industry (including women's / women's boutique, men's wear, children's wear / baby's wear / parent-child's wear, sportswear / casual wear and sports shoes) was 55.6 billion yuan, with a month on month ratio of - 13% and a year-on-year rate of + 74%. Among them, the turnover of women's wear / women's boutique was 39.9 billion yuan, with a month on month ratio of + 12%, and a year-on-year rate of + 109%; the turnover of men's wear was 8.6 billion yuan, with a month on month ratio of - 40%, and a year-on-year basis of + 25%; the turnover of sportswear / leisure clothing was 1.4 billion yuan, with a month on month ratio of - 51%, a year-on-year basis of + 26%; the turnover of sports shoes was 2.7 billion yuan, with a month on month;

The sales volume of children's clothing was - 20% of that of children's clothing, which was 43% of that of children's clothing.

Key brand Taoxi platform whole network data tracking: in July, we tracked the turnover of major brands in the whole network, and the overall performance was good, and 16 of the 20 major brands achieved year-on-year growth. 1) Men's and women's wear: the sales of baoxiniao (002154) and Hailan home (600398) were + 68% / + 55% year-on-year, and red beans were negative growth year-on-year; 2) children's clothing: Anta children's performance was brilliant, sales volume was + 67%; 3) leisure clothing: taipingniao (603877) and Meibang's sales volume were + 81% / + 7% better than those of the same industry, and Senma and La Chabel declined significantly compared with June; 4) sports shoes and clothing: domestic brands appeared differentiation, FILA and Anta The performance was the best, with sales of + 109% / + 54% respectively, followed by Li Ning, 361 ° and Tebu.

Data tracking of official flagship stores of key brands: of the 27 brands we focused on tracking in July, 17 official flagship stores of brands achieved positive sales growth year-on-year. Men's wear, sportswear / casual wear and sports shoes showed a large differentiation among the major brands. In terms of segmentation, 1) men's and women's wear: except for the negative growth of red bean turnover, the sales of other brand flagship stores increased significantly year-on-year, among which, Hailan home and seven wolf (002029) increased by 64%; 2) children's clothing: Anta children's performance was dazzling, with sales volume of + 91%; Balabala and Annale (002875) sales of + 21% / - 8%; 3) leisure clothing: obvious brand differentiation Compared with the same period of last year, the sales volume of xiaseng group (126.7% vs. that of meijiabang group) and that of meijiabang group (126.7% / -) and that of meijiabang (126.7% / -), + 57% / -, respectively; the sales volume of the two brands were: 129% / -, 102% / -, 57% / -, respectively.

Risk factors: recurrence of epidemic situation, intensified market competition, and loss risk of inventory falling price.