Key investment points
This week, the textile and garment sector lagged behind the market by 9.97pct, with Annil Co.Ltd(002875) , Jiangsu Sanfame Polyester Material Co.Ltd(600370) , Zhejiang Weixing Industrial Development Co.Ltd(002003) rising ahead. This week (04.25-04.29), SW textile and garment sector fell 9.9%, Shanghai and Shenzhen 300 rose 0.07%, and textile and garment sector lagged behind the market by 9.97pct. Among them, SW textile manufacturing sector fell 10.6%, and SW clothing and home textile fell 10.43%. From the valuation level of the sector, the industry PE calculated by SW textile and garment overall method (TTM, excluding negative value) is 15.24 times, which is lower than the average value in recent one year. The top five companies in the textile and garment sector were: Annil Co.Ltd(002875) (+ 15.19%), Jiangsu Sanfame Polyester Material Co.Ltd(600370) (+ 11.95%), Zhejiang Weixing Industrial Development Co.Ltd(002003) (+ 11.01%), Comefly Outdoor Co.Ltd(603908) (+ 7.22%), Zhejiang Kanglongda Special Protection Technology Co.Ltd(603665) (+ 5.12%).
This week, the household goods sector lagged behind the market by 6.83pct, and Chengxin Lithium Group Co.Ltd(002240) , Suofeiya Home Collection Co.Ltd(002572) maintained positive growth. This week (04.25-04.29), SW household goods sector fell 6.76%, Shanghai and Shenzhen 300 rose 0.07%, and household goods sector lagged behind the market by 6.83pct. From the valuation level of the sector, the current industry PE calculated by SW household goods overall method (TTM, excluding negative value) is 25.48 times and SW furniture is 23.20 times, which is lower than the average value in recent one year. The furniture companies that maintained positive growth this week are: Chengxin Lithium Group Co.Ltd(002240) (+ 14.11%) and Suofeiya Home Collection Co.Ltd(002572) (+ 3.5%).
Important industry news:
\u3000\u30001. Southeast Asia resumed work, and Vietnam's orders increased sharply. With the relaxation of entry restrictions in Southeast Asian countries, the export market in Southeast Asia is also more hot, especially in Vietnam. In the first quarter of 2022, Vietnam's GDP totaled 92.175 billion, with an actual growth rate of 5.03%. It is expected that the annual growth rate will exceed 6% - 6.5%. Some institutions estimate that Vietnam's economic growth may reach 8.8% in 2022. Together with Indonesia and Singapore, Vietnam has become the three countries with the best and fastest economic development in Southeast Asia. The General Administration of Customs of Vietnam announced that the country's total import and export volume in the first quarter reached 176.35 billion US dollars, a year-on-year increase of 14.4% (net increase of 22.17 billion US dollars), especially the export growth rate of Shenzhen Agricultural Products Group Co.Ltd(000061) is quite high, about 18-19%; The import and export control of the epidemic was liberalized by US $67.7 billion in March, up by 3.8% over March. In addition, the export momentum of garment manufacturing industry is strong, and many local textile enterprises have even placed orders after October in the third quarter of this year. In terms of policy, Vietnam has formulated the "Three-stage" development strategic objectives, and the Ministry of industry and trade has set an export target of US $363 billion, an increase of 6-8% over 2021. In order to further attract foreign investment, Vietnam has also signed a free trade agreement with the EU to reduce tariffs by 99%; It is worth noting that many of these orders are actively transferred by Chinese enterprises to Vietnam to avoid the risk of epidemic prevention policy.
\u3000\u30002. Well known brands have officially entered China and have been acquired by Anta. Recently, the Swedish brand peakperformance announced through the official wechat official account that it will officially enter the Chinese market under the name of "pike peak". The person in charge revealed that the brand is expected to release the wechat mall applet on April 30 and open its first offline store in the third quarter of this year. Pike peak opened its first store in Stockholm in 1991. So far, it has online and offline businesses in more than 25 markets around the world. On April 30, 2018, yamafen won pike peak with us $309 million. It is noteworthy that yamafen currently belongs to Chinese sportswear giant Anta sports. As an important member of yamafen group, this is not the first time pike peak has "entered China". As early as September 1, 2021, peakperformance announced its entry into the Chinese market and launched the official tmall flagship store at that time. Over the past two years, the more well-known outdoor and sports brands under yamafen, such as Arc'teryx Archaeopteryx, Salomon Salomon, Wilson Weisheng and atomic, have significantly accelerated the pace of channel expansion in China; Today, peakperformance, which is less well-known in China, has also begun to make efforts in the Chinese market.
\u3000\u30003. Li Ning officially announced that he would become the manager of the flash store. Recently, Li Ning announced on his official microblog that member 4102 of boredapeyachtclub boring ape yacht salon, a "famous family from Web 3.0", will be the host of Li Ning's "boring or not boring" flash store. At the bottom of this microblog, Li Ning added a number of clothing illustrations printed with 4102 boring ape image, indicating that the brand will sell boring ape co branded clothes. It is reported that from April 28, Li Ning will make boring apes into art statues for exhibition. Although the fashion brand NFT is no longer news, Li Ning has also jointly released various clothes with several well-known IP before. It includes Bruce Lee co branded series, Disney Tigger series, Jackie Chan series, Star Wars co branded series and so on.
Important announcement of the company: [ Baoxiniao Holding Co.Ltd(002154) ] announcement on the completion of the filing of private investment funds established with the participation of wholly-owned subsidiaries; [Shenzhou International] 2021 annual report; [ Shanghai Shuixing Home Textile Co.Ltd(603365) ] 2021 annual report, profit distribution plan and the first quarter report of 2022; [ Zhejiang Jasan Holding Group Co.Ltd(603558) ] 2021 annual report, profit distribution case and the first quarter report of 2022; [ Bros Eastern Co.Ltd(601339) ] 2021 annual report and profit distribution plan; [ Huafu Fashion Co.Ltd(002042) ] 2021 annual report and the first quarter report of 2022; [ Anzheng Fashion Group Co.Ltd(603839) ] annual report 2021, profit distribution plan and report for the first quarter of 2022; [ Hla Group Corp.Ltd(600398) ] 2021 annual report and 2022 first quarter report; [ Xin Hee Co.Ltd(003016) ] 2021 annual report, profit distribution plan and report for the first quarter of 2022; [ Huali Industrial Group Company Limited(300979) ] first quarter report of 2022; [ Bros Eastern Co.Ltd(601339) ] first quarter report of 2022; [winner fashion] 2021 annual report; [Lutai a] 2021 annual report and 2022 first quarter report; [ Lao Feng Xiang Co.Ltd(600612) ] 2021 annual report and the first quarter report of 2022; [ Ningbo Peacebird Fashion Co.Ltd(603877) ] report for the first quarter of 2022.
Investment suggestion: for the textile manufacturing sector, on the one hand, the policy is favorable. On April 21, the Ministry of industry and information technology and the national development and Reform Commission jointly issued the guiding opinions on the high-quality development of industrial textiles industry, proposing to cultivate high-quality enterprises gradiently and support the merger and reorganization of advantageous enterprises. By 2025, the industrial added value of Enterprises above the designated level will increase by about 6% annually, and 3 ~ 5 enterprises will enter the first echelon of industrial textiles in the world, On the other hand, the RMB devalued. On April 22, the onshore RMB exchange rate against the US dollar fell below 6.5, a new low since August 2021. It is good for textile enterprises with a high proportion of exports and US dollar assets. Shenzhou International is recommended to pay attention to Zhejiang Jasan Holding Group Co.Ltd(603558) ; For the brand clothing sector, it is suggested to pay attention to Anta sports and Li Ning, the sports clothing leaders with dominant competition pattern, as well as Chow Tai Seng Jewellery Company Limited(002867) , Bosideng, Ningbo Peacebird Fashion Co.Ltd(603877) . In addition, with the smooth promotion of the large single product strategy, it is recommended to recommend Proya Cosmetics Co.Ltd(603605) , the domestic beauty leader with better than expected performance of 22q1.
Risk tips: 1 Real estate sales did not meet expectations; 2. The epidemic situation in China continues to occur repeatedly; 3. Intensified brand competition; 4. The epidemic situation in Southeast Asia may affect the production capacity release of the textile manufacturing industry; 5. Large fluctuations in exchange rates
