Special topic of this week: Prospect of the first quarterly report of key light industrial textile and clothing companies. Since mid March, “covid-19” epidemic has occurred repeatedly in many places across the country, which has a certain impact on the offline terminal sales of household consumer goods; In terms of online channels, our recent grassroots research found that the timeliness of logistics distribution has been lengthened due to the “epidemic”, which also has a certain adverse impact on the online sales of relevant consumer goods. It is estimated that the growth rate of light industry and textile and clothing sector in the first quarter of 2022 may be slightly under pressure due to the “epidemic”, but the leaders of subdivided sectors are expected to remain higher than the growth rate of the industry. It is suggested to pay attention to the main line of steady growth & undervalued investment, preferably with α Attribute.
Investment strategy in 2022: seek “progress” in “change” and take the lead in subdividing leaders. Furniture: focus on domestic market channel reform opportunities. Among them, it is suggested to pay attention to Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) , Zbom Home Collection Co.Ltd(603801) , Goldenhome Living Co.Ltd(603180) ; It is suggested to pay attention to Jason Furniture (Hangzhou) Co.Ltd(603816) , Qumei Home Furnishings Group Co.Ltd(603818) etc. in the finished furniture sector. Papermaking, packaging and printing: subdivide the track pattern and optimize the strong. It is suggested to pay attention to Shandong Sun Paper Co.Ltd(002078) , Shanying International Holdings Co.Ltd(600567) , Xianhe Co.Ltd(603733) , Quzhou Wuzhou Special Paper Co.Ltd(605007) , Chongqing Baiya Sanitary Products Co.Ltd(003006) , Hangzhou Haoyue Personal Care Co.Ltd(605009) , etc. Entertainment and jewelry sector: the consumption upgrading continues and the prosperity rises. It is suggested to pay attention to Shanghai M&G Stationery Inc(603899) and Chow Tai Seng Jewellery Company Limited(002867) etc. Retail of home building materials: professional home building materials stores are still dominant, and digital and high-frequency consumption empowerment have become the mainstream. It is suggested to pay attention to Easyhome New Retail Group Corporation Limited(000785) , Red Star Macalline Group Corporation Ltd(601828) , which are leading in digital transformation. Textile and clothing: the trend of national fashion continues, and there are good opportunities for sports shoes and children’s wear. It is suggested to pay attention to Anta sports, Huali Industrial Group Company Limited(300979) , Zhejiang Semir Garment Co.Ltd(002563) , Winner Medical Co.Ltd(300888) , Bosideng, etc.
Market review this week: this week, the Shanghai Composite Index fell 1.19%, and the light industry manufacturing industry fell 1.52%, slightly underperforming the market. The textile and garment industry rose 1.04%, outperforming the market. Among them, the paper sector fell 2.24%, the packaging and printing sector fell 0.34%, the home sector fell 2.21%, the entertainment light industry sector rose 0%, and other light industry sectors rose 0.82%. The top three gainers of light manufacturing industry this week are Shanghai Shunho New Materials Technology Co.Ltd(002565) (14.84%), Guizhou Yongji Printing Co.Ltd(603058) (11.98%), Shaanxi Jinye Science Technology And Education Group Co.Ltd(000812) (11.29%); The top three declines were Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) (- 15.97%), Shanghai Haishun New Pharmaceutical Packaging Co.Ltd(300501) (- 10.17%) and innovation shares (- 9.51%). The top three gainers of textile and garment industry are Shanghai Dragon Corporation(600630) (21.94%), Shanghai Sanmao Enterprise (Group) Co.Ltd(600689) (20.59%), Shandong Ruyi Woolen Garment Group Co.Ltd(002193) (19.53%); The top three declines were Xinjiang La Chapelle Fashion Co.Ltd(603157) (- 13.53%), Anzheng Fashion Group Co.Ltd(603839) (- 7.72%), Comefly Outdoor Co.Ltd(603908) (- 6.14%).
Key data tracking in one week: the price of dissolved pulp in this week was 7850 yuan / ton, unchanged from last week. In terms of external wood pulp, this week’s natural color pulp Jinxing (Chile) / bleached coniferous pulp Yinxing (Chile) increased by + 6% / + 11% respectively, and the external quotation of other pulp species was flat compared with last week. In terms of finished paper, the average market price of double offset paper is 6100 yuan / ton, compared with + 100 yuan / ton last week, and the prices of other kinds of paper are flat. The number of commercial housing transactions in 30 large and medium-sized cities this week was 17884, down from – 7% last week; This week, the transaction area of commercial housing in 30 large and medium-sized cities was 1.86 million square meters, down – 9% from last week. China’s cotton price index this week: 328 was 22768 yuan / ton, up + 85 yuan / ton from last week; Cotlook: a index: 1% tariff is 22804 yuan / ton, up from + 1271 yuan / ton last week; The price difference between Chinese and foreign cotton is – 36 yuan / ton, compared with – 1186 yuan / ton last week; The closing price of cotton futures on Zheng stock exchange this week was 21790 yuan / ton, up + 300 yuan / ton from last week; The closing price of cotton futures on the New York Stock Exchange was 135.90 cents / pound, up from + 9.04 cents / pound last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
