Light industry manufacturing: the real estate home furnishing policy is determined to be good, and the steady development of the industry helps to improve the valuation
The subsidy for furniture and home decoration to the countryside is expected to significantly boost the demand for furniture, and the steady development strategy of real estate is expected to help the steady development of the home industry. Leading furniture enterprises with broad rural market space and sinking channels are expected to benefit fully. We are optimistic about the soft furniture industry with stronger consumer goods attributes: the decline in sea freight and raw material prices will bring greater profit elasticity; Channel expansion and category expansion are expected to continue to promote the growth of leading software revenue. Recommend Jason Furniture (Hangzhou) Co.Ltd(603816) , Minhua holdings, Oppein Home Group Inc(603833) , and pay attention to Zbom Home Collection Co.Ltd(603801) .
Textile and clothing industry: domestic sports brands continue to prosper online, and the valuation of OEM leaders is low, which can be paid more attention
The national tide continues, and the growth rate of sports leaders is good. In November, online domestic sports companies continued to maintain a good growth rate, and the growth rates of Anta / FILA / Li Ning / Tebu in November were + 39% / + 47% / + 337% / + 67% respectively. We believe that the sustained and good development trend of domestic sportswear is due to the enhancement of the consumption power of generation Z and the omni-channel marketing of the brand side Wuxi Online Offline Communication Information Technology Co.Ltd(300959) and the public domain + private domain. Recommend Li Ning, Anta sports, Biem.L.Fdlkk Garment Co.Ltd(002832) . The customer structure and capacity release structure of the leading OEM of shoes and clothing in 2022 are smooth, and the valuation is at a low level. It is recommended to Huali Industrial Group Company Limited(300979) and Shenzhou International.
Market Review
This week, the textile and garment industry rose 0.88%, light manufacturing rose 2.53%, and the Shanghai Composite Index rose 1.63%. The rise and fall of textile clothing sub sectors are as follows: Accessories 4.48%, shoes and hats 3.05%, home textile 2.77%, casual clothing 2.46%, women’s clothing 1.51%, other clothing 1.12%, men’s clothing 0.42%, silk 0.26%, cotton spinning – 0.66%, printing and dyeing – 1.15%, wool spinning – 1.54% and other textiles – 2.13%. The rise and fall of each sub sector of light industry manufacturing are as follows: Furniture 11.21%, entertainment supplies 5.32%, other light industry manufacturing 3.74%, other household light industry 3.52%, jewelry -0.01%, papermaking -0.61%, packaging and printing -1.53%.
Focus tracking
[ Xlinmen Furniture Co.Ltd(603008) | Employee Stock Ownership Plan & equity incentive] employee stock ownership plan: the scale of the plan shall not exceed 6766600 shares, accounting for about 1.75% of the current total share capital. The unlocking period is 1 year / 2 years / 3 years respectively, and the unlocking ratio is 4:3:3. The participants are 42 core executives including the chairman; Option incentive scheme: the number of stock options to be granted is 4 million, accounting for about 1.03% of the current total share capital. The incentive objects do not include 167 middle-level backbone, the exercise price is 31.16 yuan / share, and the performance assessment objectives, exercise period and proportion are the same as those of the employee stock ownership plan. Performance assessment objective: Based on 2020, the revenue growth in 22-24 years shall not be less than 66% / 108% / 160%, and the profit growth shall not be less than 128% / 195% / 285%. One of the revenue and profit objectives can be achieved.
Key recommendations:
[key recommendation] Joy Kie Corporation Limited(300994) , Huali Industrial Group Company Limited(300979) , Li Ning, Shenzhou International, Jason Furniture (Hangzhou) Co.Ltd(603816) , Minhua holdings risk tips: macroeconomic downturn affects purchasing power, epidemic development exceeds expectations, and policy risk.
