According to the data of China stock market news choice financial terminal, as of April 20, 2022, 13 listed companies in the A-share clothing sector have released 2021 financial reports or performance letters, and many listed companies have achieved great performance growth.
In an interview with Securities Daily, Yuan Huaming, general manager of Huahui Chuangfu investment, said that in 2021, due to the impact of the epidemic on the global garment related industrial chain, China's industrial chain took the lead in recovering, which led to the return of orders in China's garment industry.
But industry differentiation is also happening quietly. The reporter of Securities Daily recently visited a large shopping center in Beijing. Although it was around 7 p.m., there were almost no customers in some fashion brand clothing stores. In contrast, there were more than a dozen customers in sports clothing brand stores.
Some analysts told the reporter of Securities Daily that in recent years, driven by the rise of national tide culture, the performance of sports clothing enterprises has achieved stable growth. In particular, the superposition of national tide factors in the Winter Olympic Games has played a good stimulating role in the segmentation of sports clothing tracks. Therefore, the business performance of many sports clothing brands in 2021 is commendable.
"It is expected that major local brands will continue to increase investment in the R & D, design and marketing of sportswear this year, and further introduce traditional cultural elements into the design. Although the price of cotton has remained high since last year, the catalysis of Guochao culture is still expected to enhance the sales and influence of leading brands." The above analysts said.
sportswear
leading the profit growth of garment industry
According to the data, among the 13 listed companies that have disclosed the financial report data of 2021, 10 achieved year-on-year growth in net profit attributable to shareholders of the parent company during the reporting period, and 3 achieved year-on-year growth of more than 100%, respectively Guirenniao Co.Ltd(603555) (an increase of 194.36%), Jinhong Fashion Group Co.Ltd(603518) (an increase of 135.27%) and Huasi Holding Company Limited(002494) (an increase of 105.03%).
According to the data of the above 13 listed companies, the net profit attributable to the shareholders of the parent company in Zhejiang Semir Garment Co.Ltd(002563) 2021 was 1.486 billion yuan, ranking first, far exceeding that of Ningbo Peacebird Fashion Co.Ltd(603877) 677million yuan (677million yuan), which ranked second. Sportswear enterprises ranked first in the increase of Guirenniao Co.Ltd(603555) attributable net profit.
Bank Of China Limited(601988) Research Institute researcher Ye Yindan said in an interview with Securities Daily that the sports events represented by the Winter Olympic Games continued to boost the national sports mood and stimulate the consumption of sports industries such as sports clothing and sports equipment. In addition, the market pattern, resource reserve and product competitiveness of domestic sports clothing jewelry brands have been greatly improved, and the appeal of leading brands has been greatly improved, As a result, the sales of sports apparel Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels showed rapid growth.
"With the increase of policy support for sports, the sports clothing industry has ushered in rapid growth. The national fitness plan (20212025) proposes that by 2025, the proportion of people who often participate in physical exercise will reach 38.5%, and the total scale of the national sports industry will reach 5 trillion yuan. To achieve this goal, it is expected that the average annual compound growth rate from 2020 to 2025 will be about 10.8%." Ye Yindan further said that under the background of the rise of the concept of "big healthy consumption", it is expected that the growth rate of sports apparel track will be very considerable in the future.
facing high inventory and cost
double test
It is noteworthy that 10 of the above 13 listed companies saw year-on-year growth in storage goods during the reporting period. According to the growth rate, Zhejiang Sunrise Garment Group Co.Ltd(605138) (an increase of 65.98%), Zhejiang Semir Garment Co.Ltd(002563) (an increase of 60.88%) and Huasi Holding Company Limited(002494) (an increase of 27.78%) ranked among the top three.
Zhejiang Semir Garment Co.Ltd(002563) said that with the expansion of the company's sales scale, the demand for goods sold to franchisees, direct terminals and e-commerce channels is increasing. At present, the company's inventory is formed in the normal business process ; The balance of inventory falling price reserves is 9500021 million yuan.
Long Hao, chairman of Jinding assets, told the Securities Daily that due to the fact that the market in the peak season last year was lower than that in previous years, coupled with the repeated epidemic at home and abroad, which increased the resistance to garment export and sluggish domestic demand, the inventory of some enterprises increased compared with previous years.
According to Long Hao, the high proportion of inventory has always been a common problem perplexing the development of China's garment industry. Due to excessive inventory, the product cycle is lengthened, which not only reduces the overall profit of the garment enterprise, but also increases the management cost and profit-making cost of the company. If the inventory amount of the garment enterprise is large and accounts for a high proportion of the total assets, when the market environment changes or competition intensifies and other factors lead to cash difficulties, the company will face greater inventory impairment pressure and falling price risk.
In 2022, garment enterprises are not only facing the problem of high inventory.
Since this year, affected by multiple factors, the price of cotton, as one of the important raw materials of China's garment industry, has always been at a high level, and due to a certain substitution effect, the prices of the other two categories of viscose staple fiber and polyester staple fiber are also rising.
According to the data of business agency, as of April 19, the reference prices of viscose staple fiber and polyester staple fiber increased by 16.26% and 11.63% respectively during the year; Lint (grade 3) prices remained at a historical high of 22000 yuan / ton to 23000 yuan / ton throughout the year, reporting 2266967 yuan / ton, a year-on-year increase of 45.32%.
Ye Yindan said that due to the weak end consumption and the greater elasticity of demand for clothing consumer prices, under the background of greater downward pressure on the economy and reduced residents' income, the price increase may lead to a significant reduction in sales. For medium and low-end clothing brands, consumers' brand stickiness is low, there are more competitive products at the same price in the market, and the price increase may lead to the loss of consumers. Therefore, it is expected that for the continuous high price of raw materials, it is difficult for garment enterprises to pass the increased cost to the downstream sales end through price increase.
For the investment value of the A-share clothing sector, Long Hao believes that in the medium and long term, the orders in the global clothing market still depend on the stable supply chain of China's clothing industry. At the same time, the sports apparel segment track is still in the growth cycle. At present, the competition between brands in the sports apparel industry is entering the stage of product leading competition. Due to the barriers at the level of R & D and marketing, the overall competitiveness of leading enterprises is gradually concentrated.
