Core view
Market review: the week before the festival, the CSI 300 index fell 4.51%, the gem index fell 4.14%, and the textile and garment industry index fell 4.42%, which is between the CSI 300 and the gem index. Among them, the textile manufacturing sector fell 4.13%, and the brand clothing sector fell 4.68%. In terms of individual stocks, Huali Industrial Group Company Limited(300979) , Luolai Lifestyle Technology Co.Ltd(002293) we covered achieved positive returns.
Overseas highlights: (1) Victoria's Secret Victoria secretly sells half of its Chinese business to suppliers. (2) Kohl's Coles was offered at a high price. (3) Energiefruit, a French cleaning and beauty brand, launched a B-heart platform to trace the source of products.
Important information of industry and company: (1) Zhejiang Semir Garment Co.Ltd(002563) : the company announced the performance forecast for 2021. It is estimated that the net profit attributable to shareholders of Listed Companies in 2021 will be 1.45 billion yuan – 1.55 billion yuan, an increase of 79.97% - 92.38% over the same period of last year. (2) Huali Industrial Group Company Limited(300979) : the company disclosed the performance forecast of 2021. It is estimated that the net profit attributable to the shareholders of the company in 2021 will be 2.63 billion yuan to 2.912 billion yuan, with a year-on-year increase of 40% to 55%. (3) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : the company released the performance forecast for 2021. During the reporting period, the net profit attributable to the shareholders of the listed company was 820 million yuan - 890 million yuan, an increase of 50.87% - 63.75% over the same period of the previous year. (4) 1 / 22 ~ 1 / 28 investment and financing of consumer industry: A. family fitness technology brand Merrick has completed a round of financing of nearly 100 million yuan; b. Junyi, a cross-border sports e-commerce brand, completed a round of financing of RMB 100 million. C. Digital technology company guangyulaite completed a round of financing of 120 million yuan.
Suggested sector combinations this week: Shenzhou International, Huali Industrial Group Company Limited(300979) , Zhejiang Weixing Industrial Development Co.Ltd(002003) , Anta sports and Zhejiang Natural Outdoor Goods Inc(605080) . Last week's portfolio performance: Shenzhou International - 12%, Huali Industrial Group Company Limited(300979) 6%, Zhejiang Weixing Industrial Development Co.Ltd(002003) - 4%, Anta Sports - 6% and Zhejiang Natural Outdoor Goods Inc(605080) 0%.
Investment proposal and investment object
In the week before the festival, the market continued to adjust downward, and the overall trend of the textile and garment sector was weak under the influence of market sentiment. At the end of the month, some leading companies such as Zhejiang Semir Garment Co.Ltd(002563) , Ningbo Peacebird Fashion Co.Ltd(603877) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Huali Industrial Group Company Limited(300979) began to disclose the performance forecast of 2021. From the performance, the trend of brand clothing in the first half of the year was high and then low. In the second half of the year, affected by the epidemic and economic slowdown, export manufacturing benefited from the recovery of external demand and the improvement of its own competitiveness, maintaining a rapid growth, Beauty is still one of the fastest growing segments. Since January, sporadic epidemics have occurred frequently in China. Superimposed on the local festival and the relatively high base in the same period last year, the growth rate of terminal consumption is expected to be relatively flat from January to February. Under the current situation that the market is generally cautious about China's consumption data in the first quarter, export manufacturing is one of the few sub sectors with high prosperity certainty, and will still be the focus of the textile and garment industry in the short term. For the brand clothing sector, there is a lack of catalyst in terms of short-term terminal data. It is expected that the annual operating performance will show a trend of low before high, and more structural opportunities in investment. For the whole year of 2022, our first choice is still the two deterministic tracks of high prosperity sportswear and great beauty (cosmetics and medical beauty). Among them, the sportswear sector recommends Li Ning (02331, buy), Anta sports (02020, buy), Huali Industrial Group Company Limited(300979) (300979, buy) and Shenzhou International (02313, buy). It is suggested to pay attention to Tebu International (01368, buy), Large beauty sector is optimistic about Proya Cosmetics Co.Ltd(603605) (603605, buy), Yunnan Botanee Bio-Technology Group Co.Ltd(300957) (300957, overweight), it is recommended to pay attention to Shanghai Jahwa United Co.Ltd(600315) (600315, overweight), Bloomage Biotechnology Corporation Limited(688363) (688363, Unrated) and Imeik Technology Development Co.Ltd(300896) (300896, Unrated). The traditional clothing sector recommends Zhejiang Weixing Industrial Development Co.Ltd(002003) (002003, buy), Bosideng (03998, buy), Zhejiang Natural Outdoor Goods Inc(605080) (605080, buy), Luolai Lifestyle Technology Co.Ltd(002293) (002293, overweight), Zhejiang Semir Garment Co.Ltd(002563) (002563, buy), etc. In addition, it is recommended to pay attention to Baoxiniao Holding Co.Ltd(002154) (002154, not rated), Biem.L.Fdlkk Garment Co.Ltd(002832) (002832, not rated), etc. In the short term, from the perspective of the sector as a whole, we still suggest paying attention to the segmentation leaders with relatively certain growth, undervalued value, high roe or high dividend, especially those with global competitiveness in the manufacturing field.
Risk tips
The repeated global epidemic, the pressure of economic slowdown on China's retail terminals, trade friction, cotton price and RMB exchange rate fluctuations, etc.
