Brand clothing end: the outdoor / sports sector led in 21 years, and the sales were under pressure in the beginning of 22 years
In the first half of the year of the 21st century, benefiting from the low base in the same period of 20 years and the rise of national tide elements catalyzed by the Xinjiang cotton incident, the overall growth of the clothing sector was strong; In the second half of the year, the growth rate slowed down due to floods, warm winter weather and repeated epidemics. The total revenue of 1q22 industry is 28.217 billion yuan (- 8.65%), and the total net profit attributable to the parent company is 1.492 billion yuan (- 44.36%). The strict control policy of the epidemic has led to the decline of passenger flow in some cities and the pressure on store sales. From the perspective of segments, driven by policy support and Winter Olympics marketing in the past 21 years, the outdoor and sports sectors increased by 37% and 35% respectively year-on-year, leading the way, while the leisure clothing sector decreased by 29% year-on-year, with a relatively weak performance.
Textile manufacturing end: steady growth in performance and prominent leading toughness
Textile manufacturing revenue and net profit increased by 17% and 60% respectively in the same period in 21 years, which is better than that of the downstream. On the one hand, the upward cotton price is good for the upstream textile enterprises, on the other hand, the orders of OEM manufacturing enterprises are full under the recovery trend of overseas demand. 1q22 industry revenue increased by 13% year-on-year, continuing the steady growth trend; On the profit side, due to the epidemic, the shipment of some enterprises slowed down and the production capacity was limited, and the growth rate slowed down month on month. From the perspective of segments, the revenue and net profit of raw materials and textile sectors increased by 24% and 255% respectively year-on-year, benefiting from the rise of cotton prices; The income and net profit of OEM manufacturing increased by 9% and 30% respectively. The epidemic in Southeast Asia led to the return of overseas orders, and the production and sales of leading manufacturing enterprises were booming.
Tax exempt sector: the epidemic has affected the bottom of performance, focusing on the improvement of profit margin in 22 years
The H2 and 1q22 tax-free sectors were significantly suppressed by the epidemic in 21 years. Among them, the net profit of China Tourism Group Duty Free Corporation Limited(601888) 21, the leading sector, increased by 57% against the trend, and increased by 25.63% in the first quarter of 22 years. Looking forward to 22 years: in terms of tax exemption for outlying islands, Hainan tourist area resumed business in early May, and the company accelerated the investment attraction and landing of brands such as Haikou international duty free city, and Sanya plans to introduce luxury brands; The construction of online integrated platform continues to be strengthened, which is expected to drive the recovery of sales; At the same time, considering that the 22 year development of the company focuses on “seeking benefits from management”, it is expected that the annual profit margin can be improved.
Investment advice
It is suggested to pay attention to the leader Huali Industrial Group Company Limited(300979) , who has significant customer advantages and will usher in the buying opportunity after the adjustment of the share price of the restriction and lifting; And the Zhejiang Jasan Holding Group Co.Ltd(603558) , which is optimized by customers, and the Zhejiang Weixing Industrial Development Co.Ltd(002003) , which has outstanding comparative advantage against the background of increasing share and damaging competitors. It is recommended to pay attention to the downstream end under the background of overall pressure α Li Ning, the leader with significant brand strength improvement and high current valuation cost performance; It is suggested to pay attention to the leading brand of China Tourism Group Duty Free Corporation Limited(601888) .
Risk tips
The risk of repeated epidemic, the risk of exchange rate fluctuations, the risk of rising labor costs in Vietnam, the risk of lower than expected price increases, and the risk of tax exemption policy adjustment.
