Under the irrational fluctuation of the market, high-quality textile and clothing companies usher in allocation opportunities ummary]]. Recently, there have been irrational fluctuations in the market. Affected by the flight of funds, the stock prices of most industries and listed companies have continued to fall. As a result, many high-quality textile and garment companies with good fundamentals and continuous growth logic are also affected, and the valuation is at a historical low, providing buying opportunities for long-term allocated funds. On February 16, 2023, the Central Committee of the State Council held a meeting to study the macro economy and maintain the stable operation of the capital market.
The sports shoes and clothing industry continues to have a high outlook, and local brands continue to narrow the gap. The sports shoes and clothing track in the clothing segment industry has maintained growth toughness. Under the catalysis of the Beijing Winter Olympic Games, the national sports consumption trend is still continuing. From January to February 2022, Anta, Li Ning, Tebu and other local leading brands have a bright growth. In the long run, the prosperity of the sports shoes and clothing industry is expected to maintain a high level. At present, under the background of the conflict between Russia and Ukraine, the double standards shown by enterprises in western countries further reduce the influence and reputation of international brands. Local brands continue to reduce their deficiencies in R & D, design and marketing. The market share will catch up with or even exceed international brands and will become the representative of high-quality domestic products in the future.
Textile enterprises are affected by the epidemic, and there is huge space for the long-term subdivision of leading enterprises. In recent years, the production capacity of the textile industry has continued to shift, and the market is worried that the epidemic in Southeast Asia will affect the operating rate and performance of listed companies. By the beginning of March, 98% of adults in Vietnam had received the second shot of vaccine. At present, Vietnam adjusted the epidemic prevention policy to "coexist with the virus", no longer implemented the strict isolation policy, and the production of textile enterprises will continue to improve. Shenzhou International, the leader of sports shoes and clothing, and Huali Industrial Group Company Limited(300979) orders are sufficient. The prosperity of terminal overseas sports demand is at a high level. In the future, the company's revenue and profit will continue to grow and expand its market share. The orders of Zhejiang Jasan Holding Group Co.Ltd(603558) downstream, the leader of intimate clothing, also increased rapidly, and Vietnam's capacity utilization and profitability recovered, gradually getting rid of the impact of the epidemic. In addition, the automobile leather leader Mingxin Automotive Leather Co.Ltd(605068) and the sunshade material leader Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) are in a dominant position in the subdivided industry, with continuous growth logic, and there is also great room for development.
Irrational adjustment of share price, high dividend yield and high-quality companies deserve attention. Some clothing companies have relatively stable performance, abundant cash flow, stable and high historical dividend rate. At present, the dividend rate is relatively high after the irrational decline of stock price. Based on the average dividend of 201820, the dividend rate of Dazzle Fashion Co.Ltd(603587) , Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) , Zhejiang Aokang Shoes Co.Ltd(603001) , Hla Group Corp.Ltd(600398) and other companies is high. 1) Dazzle Fashion Co.Ltd(603587) is the leader in the high-end women's wear industry. The company's revenue growth is steady. Wuxi Online Offline Communication Information Technology Co.Ltd(300959) continues to expand steadily, and employs an international head consulting company to optimize the operation level. The performance is expected to maintain growth. At present, the dividend rate is 6.03%. 2) Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) is a leader in the home textile industry and is positioned in the high-end market. The company has high customer loyalty and rapid growth in direct and online channels. At present, the dividend rate is 6.54%. 3) Zhejiang Aokang Shoes Co.Ltd(603001) is a leader in the leather shoes industry. In 2021, with the assistance of Junzhi consulting, it started brand upgrading and created a high-quality domestic brand. There is a large room for income growth. At present, the dividend rate is 5.78%. 4) Hla Group Corp.Ltd(600398) is the leader of men's wear. The main brand has expanded steadily and occupied the young user group. New brands such as ovv have increased rapidly. At present, the dividend rate is 5.68%.
Investment suggestion: therefore, in case of excessive panic in the market and low stock price, we suggest to grasp three main lines: 1) sports shoes and clothing industry has a sustained high outlook, the income of local brands has a bright growth, and there is a large space for development in the future, focusing on Anta sports, Li Ning and Tebu International; 2) The dominant position of leading industries in the textile sector is significant, the impact of the epidemic is gradually eliminated, and there is a large room for market share improvement. Focus on Huali Industrial Group Company Limited(300979) , Shenzhou International, Zhejiang Jasan Holding Group Co.Ltd(603558) , Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) , Mingxin Automotive Leather Co.Ltd(605068) ; 3) The high-quality company has steady performance growth, good historical dividend performance and high dividend rate. It focuses on Dazzle Fashion Co.Ltd(603587) , Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) , Zhejiang Aokang Shoes Co.Ltd(603001) , Hla Group Corp.Ltd(600398) .
Risk factors: the impact of covid-19 pneumonia exceeded expectations, the price of raw materials increased significantly, and the industry competition intensified.
