Core view
Market review: throughout the week, the CSI 300 index fell 1.67%, the gem index rose 1.03%, and the textile and garment industry index fell 0.66%, which is between the CSI 300 and the gem index. Among them, the textile manufacturing sector fell 0.49%, and the brand clothing sector fell 0.81%. In terms of individual stocks, the Zhejiang Natural Outdoor Goods Inc(605080) , bosden and Lao Feng Xiang Co.Ltd(600612) , etc. covered by us have achieved positive returns.
Overseas news: (1) Moncler brand maintains three digit growth in Chinese mainland. (2) The Italian company of off white brand will carry out in-depth cooperation with Reebok Reebok. (3) Allbirds turned loss into profit last quarter.
Important information of industry and company: (1) Bloomage Biotechnology Corporation Limited(688363) : the company disclosed the performance express. The company’s operating revenue in 2021 was 4.948 billion yuan, a year-on-year increase of 87.93%; The net profit attributable to the parent company was 782 million yuan, a year-on-year increase of 21.13%; The basic earnings per share is 1.63 yuan. (2) Biem.L.Fdlkk Garment Co.Ltd(002832) : as of February 22, 2022, the “biyin convertible bonds” that have not been converted into shares will be forcibly redeemed at the price of 100.42 yuan / piece. After this redemption, the “biyin convertible bonds” will be delisted from the Shenzhen Stock Exchange. (3) Zhejiang Semir Garment Co.Ltd(002563) : the company conducted an impairment test on the assets with signs of impairment by the end of 2021, and judged that the provision for impairment should be made for receivables, inventories and fixed assets. Among them, the provision for bad debts of receivables is 842084 million yuan, the provision for falling prices of various inventories is 334266 million yuan, and the provision for impairment of fixed assets is 35 million yuan. (4) 2 / 19 ~ 2 / 25 investment and financing of the consumer industry: a. tagx, a brand of men’s new consumption lifestyle, has completed a round of pre-A financing of tens of millions of yuan; b. Dewy lab, a pure beauty brand, intends to complete the ten million dollar pre-A round of financing. C. International trend sports brand starter has completed round C financing of US $40 million.
Suggested sector combinations this week: Zhejiang Weixing Industrial Development Co.Ltd(002003) , Huali Industrial Group Company Limited(300979) , Anta sports, Luolai Lifestyle Technology Co.Ltd(002293) and Zhejiang Natural Outdoor Goods Inc(605080) . Last week’s portfolio performance: Zhejiang Weixing Industrial Development Co.Ltd(002003) -6%, Huali Industrial Group Company Limited(300979) 0%, Anta Sports – 4%, Luolai Lifestyle Technology Co.Ltd(002293) -8% and Zhejiang Natural Outdoor Goods Inc(605080) 2%.
Investment proposal and investment object
Affected by external factors such as the Russian Ukrainian war, the A-share market fluctuated greatly this week. On the whole, the trend of high growth track stocks with large decline this year was relatively stronger this week. Under such a market structure, the overall performance of the textile and garment sector is between the CSI 300 and the gem index. In the context of the sharp retreat of the market this year, a number of sub category leaders with underestimated value and high deterministic growth in the textile and clothing sector are rising in a relay: on the one hand, in the export manufacturing sub industry, with the opening of the peak season after the Spring Festival, some textile manufacturing leaders with global competitiveness in 22 years are expected to continue the performance growth since the second half of last year; On the other hand, at the downstream retail end, leading companies in sub industries with consumption toughness, such as home textiles, gold and jewelry, also deserve special attention. As a whole, the brand clothing sector lacks obvious catalyst for short-term terminal data. With the digestion of high base, it is expected that the annual operating performance will show a trend of low before high, and there will be more structural opportunities for investment this year. For the whole year of 2022, we are still optimistic about the two deterministic tracks of high prosperity sportswear and 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) ( Huali Industrial Group Company Limited(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) ( Proya Cosmetics Co.Ltd(603605) , buy), Yunnan Botanee Bio-Technology Group Co.Ltd(300957) ( Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , overweight), it is suggested to pay attention to Shanghai Jahwa United Co.Ltd(600315) ( Shanghai Jahwa United Co.Ltd(600315) , overweight), Bloomage Biotechnology Corporation Limited(688363) ( Bloomage Biotechnology Corporation Limited(688363) , Unrated) and Imeik Technology Development Co.Ltd(300896) ( Imeik Technology Development Co.Ltd(300896) , buy). The traditional clothing sector recommends Zhejiang Weixing Industrial Development Co.Ltd(002003) ( Zhejiang Weixing Industrial Development Co.Ltd(002003) , buy), Bosideng (03998, buy), Zhejiang Natural Outdoor Goods Inc(605080) ( Zhejiang Natural Outdoor Goods Inc(605080) , buy), Luolai Lifestyle Technology Co.Ltd(002293) ( Luolai Lifestyle Technology Co.Ltd(002293) , overweight), Zhejiang Semir Garment Co.Ltd(002563) ( Zhejiang Semir Garment Co.Ltd(002563) , buy), etc. In addition, it is suggested to pay attention to Baoxiniao Holding Co.Ltd(002154) ( Baoxiniao Holding Co.Ltd(002154) , not rated), Biem.L.Fdlkk Garment Co.Ltd(002832) ( Biem.L.Fdlkk Garment Co.Ltd(002832) , not rated), etc.
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
