Daily theme strategy discussion, summarize the views of the eight securities companies, reveal the current situation of the industry, observe the market trend, and feel the pulse of A-Shares for you in advance.
Debang Securities: the cosmetics leader performs well during the March 8th goddess Festival
The dragon head performed brilliantly when the March 8th goddess Festival came. (1) Platform mechanism: tmall platform pre-sale + spot two-stage preheating, multi gear full reduction activities superimposed live broadcast red envelope release; Vibrato tiktok supports flow support. JD supports the superposition of multiple coupons, and the activity intensity of the three platforms converges with that of the same period in 2021, slightly weaker than that of the double 11.
(2) price strategy: 1) brand participation: it is lower than the double 11 month on month ratio, the participation of European and American brands is higher, domestic brands are slightly lower, and the bargaining power of super head live broadcasting is improved, which is good for overseas well-known brands and domestic head brands; 2) Product launch end: the brand continues the large single product strategy, the participation of domestic and Japanese and Korean brands decreases slightly, and European and American brands increase new product promotion; 3) Product mix: change the way of “n gifts” from “double 11” to “1 formal dress”; 4) Discount strength: the discount strength is less than double 11, and the playing method is stable.
Tiktok (3) sales performance: Tmall + jitter two platforms: GMV and -8.5% grew 44% and -8.5% in February and February, and the flow is not obvious in the off-season. The heat flow in the goddess Festival is higher than that in the three tiktok: 1) the platform side gives more support to the goddess Festival. 2) The anchor continues the double eleven play method and warms up in advance with the fan base and operation ability; 3) The brand gives multi-dimensional support to products and prices. Looking forward to the future, the super head cooperative brand is relatively stable and the product selection threshold is high, which is not conducive to the breaking circle of small and medium-sized brands. The strong head brand is always strong.
BOC International Securities: multi-directional policy support is good for the growth of garment industry
Under the current situation, we continue to pay attention to the targets with good performance. Popular casual wear is recommended Hla Group Corp.Ltd(600398) , Zhejiang Semir Garment Co.Ltd(002563) . Middle and high-end clothing recommendations Shenzhen Ellassay Fashion Co.Ltd(603808) , Biem.L.Fdlkk Garment Co.Ltd(002832) , bosden, Dazzle Fashion Co.Ltd(603587) . In terms of sports clothing, under the background of high industry outlook and demand recovery, it is mainly recommended that Hong Kong stocks Anta sports, Li Ning and Tebu international. The home textile industry Wuxi Online Offline Communication Information Technology Co.Ltd(300959) has a good growth. It is recommended to focus on Luolai Lifestyle Technology Co.Ltd(002293) , and it is recommended to pay attention to Shanghai Shuixing Home Textile Co.Ltd(603365) , Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) . In terms of upstream textile manufacturing, with the effective control of the epidemic at home and abroad and the stabilization of orders at home and abroad, the integrated footwear ODM manufacturer Huali Industrial Group Company Limited(300979) ; Shenzhou International, a manufacturing leader with perfect production capacity layout, is expected to grow steadily in the future. It is suggested to pay attention to Zhejiang Xinao Textiles Inc(603889) .
Orient Securities Company Limited(600958) : optimistic about the two deterministic tracks of high prosperity sportswear and beauty
In the whole year of 2022, we are still optimistic about the high prosperity of sportswear and big beauty (cosmetics and medical beauty). Among them, Li Ning, Anta sports, Huali Industrial Group Company Limited(300979) and Shenzhou International are recommended in the sportswear sector, and special step international is recommended. The big beauty sector is optimistic about Proya Cosmetics Co.Ltd(603605) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) ; It is suggested to pay attention to Shanghai Jahwa United Co.Ltd(600315) , Bloomage Biotechnology Corporation Limited(688363) and Imeik Technology Development Co.Ltd(300896) . The traditional clothing section recommends Zhejiang Weixing Industrial Development Co.Ltd(002003) , Bosideng, Zhejiang Natural Outdoor Goods Inc(605080) , Luolai Lifestyle Technology Co.Ltd(002293) , Zhejiang Semir Garment Co.Ltd(002563) , etc. In addition, it is suggested to pay attention to Baoxiniao Holding Co.Ltd(002154) , Biem.L.Fdlkk Garment Co.Ltd(002832) , etc.
Wanlian Securities: many places have introduced birth incentives, and it is suggested to pay attention to the investment opportunities of mother and child racing track in advance
In the short term, the epidemic situation will fight back, and the consumer market is facing uncertainty. However, with the more accurate and effective epidemic prevention and control and the gradual implementation of the “steady growth” economic policy, China’s consumption is expected to return to a stable growth trend in the future.
Suggestions: ① gold jewelry: in the short term, the delayed marriage just needs to be released to stimulate the consumption of gold jewelry, and the sales of gold jewelry increased strongly during the Spring Festival holiday; In the medium and long term, the intensification of geopolitical frictions has driven the continuous rise of gold price, and the increase of penetration in daily consumption, gift giving, investment and other scenarios has driven the steady expansion of industry scale. In addition, the epidemic has accelerated industry integration in the past two years, leading jewelry enterprises have actively seized the market by seizing channels, upgrading brands and developing new products, and are optimistic about leading gold jewelry enterprises;
② mother and baby: since the implementation of the three child policy, governments across the country have issued a number of birth incentive measures. It is expected that the birth rate is expected to boost in the future with the implementation of more relevant supporting measures and policies. It is suggested to pay attention to the investment opportunities of mother and baby racing track in advance;
③ Cosmetics & Medical Beauty: under the beauty economy, there is a strong demand for cosmetics and medical beauty. Recently, a number of relevant regulations on cosmetics and medical beauty have been issued, and the industry is facing a reshuffle, which will benefit the leading companies of compliant cosmetics and medical beauty.
Huatai Securities Co.Ltd(601688) : the beauty make-up started flat, and the 38th quarter may be slightly boosted
The online sales data from January to February 2022 were flat, and 38 sections were the first e-commerce promotion festival in 2022. Although the proportion of the whole year was limited, it could make a good start, and all brands also made plans. Classic Star items are the main force of this 38 Festival, and combined sales have become the mainstream, which helps to improve the sales unit price. Major domestic products generally “seek stability” by continuing to promote the classic Star items of “veteran”. Many brands have been pushing the combination of star products. For example, Proya Cosmetics Co.Ltd(603605) combines the double anti essence and Ruby essence, and Han has launched a full set of skin care products. The BioMESO has also sold the brown rice water and the matching milk for the first time, with the sales of related products driven by star products.
Guotai Junan Securities Co.Ltd(601211) Securities: long term optimistic about the upstream high-quality OEM leader and domestic sports shoes and clothing leader
At this stage, we continue to recommend the subject of “high dividend + undervalued value” in the textile and clothing sector, and are optimistic about the upstream high-quality OEM leader and domestic sports shoes and clothing leader for a long time. The subject of undervalued and high dividend is expected to obtain excess benefits at the current time point. It is recommended that 1) home textile companies: “high dividend + undervalued” is the preferred subject, with stable performance and cash flow and sustainable high dividend ability.
Recommend Luolai Lifestyle Technology Co.Ltd(002293) (14 times PE in 22 years), and benefit from Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) , Shanghai Shuixing Home Textile Co.Ltd(603365) . 2) Medium and high-end clothing: strong performance toughness and the ability to continuously high dividends. Recommended Dazzle Fashion Co.Ltd(603587) (22 years 10 times PE), Biem.L.Fdlkk Garment Co.Ltd(002832) (22 years valuation 19 times PE). 3) Popular clothing: in line with the characteristics of “high dividend + undervalued value”, and the 22-year performance is expected to usher in marginal improvement. Recommended Zhejiang Semir Garment Co.Ltd(002563) (22 years 11 times PE), Hla Group Corp.Ltd(600398) (22 years 7 times PE).
For a long time, we are still optimistic about two main lines: 1) upstream high-quality OEM Enterprises: head suppliers establish in-depth cooperation with major brand customers. As the brand continues to streamline suppliers, the share of head suppliers is expected to continue to increase. It is recommended that Shenzhou International, Huali Industrial Group Company Limited(300979) , Zhejiang Natural Outdoor Goods Inc(605080) , Zhejiang Jasan Holding Group Co.Ltd(603558) , and Zhejiang Weixing Industrial Development Co.Ltd(002003) , Anhui Korrun Co.Ltd(300577) . 2) Sports shoes and clothing leader: the prosperity of sports shoes and clothing industry is high. Domestic leading enterprises continue to increase brand construction. Anta sports, Li Ning and Tebu international are recommended to benefit 361 degrees.
East Asia Qianhai Securities: the industry is facing a reshuffle! Compliance Yimei pharmaceutical machinery leading and cosmetics brands are preferred
In the context of consumption upgrading and the prosperity of beauty culture, the leading brands of compliant medical and beauty medicine and cosmetics give priority to benefit and have good growth certainty. Entering the performance disclosure period, Yimei pharmaceutical machinery and brand cosmetics have performed well in the forecast. We believe that the current valuation of the sector is reasonable and continue to be optimistic about Imeik Technology Development Co.Ltd(300896) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) . It is recommended to pay attention to Furui medical technology, Bloomage Biotechnology Corporation Limited(688363) , Shanghai Haohai Biological Technology Co.Ltd(688366) , Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) , etc.
Haitong Securities Company Limited(600837) : optimistic about high growth cosmetics, medical beauty, tea and Tavern leaders in the medium term
January to February is the off-season of beauty online. The sales data is flat, and the platform & brand focuses on three or eight promotion. In the medium term, it is suggested to focus on two main lines: ① leading retail goods / services with valuation safety margin: Internet platforms actively cooperate with supervision to maintain optimistic growth space and valuation repair flexibility in the medium term; Supermarket leaders with network advantages and supply chain barriers pay attention to the improvement trend of the same store. ② High growth new consumption track: in the medium term, we are optimistic about high growth cosmetics, medical beauty and tea, the leaders of small pubs, and cross-border brands with excellent product innovation ability.
Considering the market sentiment and the business trend of the sector since the beginning of the year, we maintain our positive attention to the supermarket sector and gold jewelry, and add Chongqing Department Store Co.Ltd(600729) . Core recommendation: A-share: A-share: A-share: A-share, the ” ” ” ” ” ”’\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\, Proya Cosmetics Co.Ltd(603605) , DEA shares, Bloomage Biotechnology Corporation Limited(688363) ; H shares, recommend meituan, Jingdong group and hailun company, and pay attention to the tea of Alibaba and Naixue.
