Current investment tips:
This week, the performance of textile and clothing sector was weaker than that of the market, and the performance of cosmetics and medical beauty sector was stronger than that of the market. From April 25 to April 29: 1) Shenwan textile and clothing index fell 9.90%, weaker than Shenwan a index of 8.33pct Among them, Shenwan clothing and home textile index fell 10.60%, weaker than Shenwan a index of 9.03pct; Shenwan textile manufacturing index fell 10.43%, weaker than Shenwan a index of 8.87pct 2) Shenwan beauty care index rose 0.06%, stronger than Shenwan a index of 1.63pct.
Textile and clothing: 1) textile: Vietnam’s textile industry has rebounded rapidly, and the price of foreign cotton has risen faster than that of Chinese cotton, reversing the state that the price of foreign cotton has been lower than that of domestic cotton for a long time, which confirms the strong recovery trend of Vietnam’s local textile industry chain, while the order volume of China’s textile industry has shrunk due to the impact of the epidemic. 2) Clothing: in the financial reporting season, the performance of each segment is differentiated, and the brand side sports segment is the best. The water growth rate of leading companies in the first quarter generally has double-digit growth. Home textiles with a high proportion of online are relatively less affected by the epidemic, and medium and high-end clothing are greatly affected by the epidemic. The disturbance of the epidemic situation in the second quarter is still ongoing, but the marginal improvement of the epidemic situation and the subsequent concentrated rebound in demand deserve attention. Moreover, the epidemic has led to the improvement of residents’ health awareness. The recent popularity of fitness live broadcast also shows that the attention of sports has been significantly increased, and we continue to be optimistic about the high prosperity track of sports clothing.
Cosmetics medical beauty: the Matthew effect of the industry is prominent. The leading company 22q1 has excellent performance, and Q2 focuses on the dynamic sales of 6.18. For a 21-year year year in which a person’ . 1% / 61.2% / 59.3% / 0% / 28% / – 5.3%. Cosmetics companies showed differentiation, and leading companies expected Q2 to be less affected by the epidemic.
Key review this week:
The upstream manufacturing performance continued the high growth trend: 1) Zhejiang Xinao Textiles Inc(603889) : the revenue in the 21st year was 3.45 billion yuan, with a year-on-year increase of 51.6%, and the net profit attributable to the parent company was 300 million yuan, with a year-on-year increase of 96.9%. The revenue of 22q1 was 890 million yuan, a year-on-year increase of 40.2%, and the net profit attributable to the parent company was 74 million yuan, a year-on-year increase of 47.4%. 2) Zhejiang Jasan Holding Group Co.Ltd(603558) : in the 21st year, the revenue was 2.05 billion yuan, with a year-on-year increase of 29.7%, and the net profit attributable to the parent company was 170 million yuan, with a year-on-year increase of 131.7%. The revenue of 22q1 was 530 million yuan, a year-on-year increase of 28.5%, and the net profit attributable to the parent company was 82 million yuan, a year-on-year increase of 74.1%. 3) Huali Industrial Group Company Limited(300979) : the revenue of 22q1 was 4.12 billion yuan, with a year-on-year increase of 11.4%, and the net profit attributable to the parent company was 650 million yuan, with a year-on-year increase of 12.4%.
Steady growth of home textile performance: 1) Shanghai Shuixing Home Textile Co.Ltd(603365) : the revenue of 21 years was 3.8 billion yuan, with a year-on-year increase of 25.2%, and the net profit attributable to the parent company was 390 million yuan, with a year-on-year increase of 40.6%. 22q1 revenue was 810 million yuan, a year-on-year increase of 12.3%, and the net profit attributable to the parent company was 80 million yuan, a year-on-year increase of 7.4%. 2) Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) : the revenue of 21 years was 3.18 billion yuan, with a year-on-year increase of 10.6%, and the net profit attributable to the parent company was 550 million yuan, with a year-on-year increase of 5.7%, mainly due to the adjustment of accounting subjects. The revenue of 22q1 was 670 million yuan, with a year-on-year increase of 6.8%, and the net profit attributable to the parent company was 105 million yuan, with a year-on-year increase of 13.8%, showing a trend of recovery month by month.
Short term pressure on brand clothing affected by the epidemic: 1) Ningbo Peacebird Fashion Co.Ltd(603877) : 22q1 revenue of 2.46 billion yuan, a year-on-year decrease of 7.7%; The net profit attributable to the parent company was 190 million yuan, a year-on-year decrease of 6.4%. 2) Zhejiang Semir Garment Co.Ltd(002563) : in the 21st year, the revenue was 15.42 billion yuan, with a year-on-year increase of 1.4%, and the net profit attributable to the parent company was 1.49 billion yuan, with a year-on-year increase of 84.5%. Under comparable standards, the revenue / net profit increased by 10.3% / 14.1% year-on-year. 221q’s revenue was flat and its net profit fell 41%. 3) High end women’s wear was significantly impacted by the epidemic in the first and second tier cities: Xin Hee Co.Ltd(003016) , Dazzle Fashion Co.Ltd(603587) , Shenzhen Ellassay Fashion Co.Ltd(603808) net profit attributable to parent decreased by 34% / 23% / 50% respectively.
Cosmetic medical beauty: the policy side is overweight, the industry development is continuously standardized, the leading companies are always strong, and the polarization is serious. 1) Imeik Technology Development Co.Ltd(300896) : 22q1 achieved a revenue of 430 million yuan, a year-on-year increase of 66.1%, and the net profit attributable to the parent company was 280 million yuan, a year-on-year increase of 64.0%. 2) Bloomage Biotechnology Corporation Limited(688363) : 22q1 achieved a revenue of 1.25 billion yuan, a year-on-year increase of 61.6%, and the net profit attributable to the parent company was 200 million yuan, a year-on-year increase of 31.1%. 3) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : 22 Q1 company achieved a revenue of 810 million yuan, a year-on-year increase of 59.3%, and a net profit attributable to the parent company of 150 million yuan, a year-on-year increase of 85.8%. 4) Shanghai Jahwa United Co.Ltd(600315) : 22q1 company achieved a revenue of 2.12 billion yuan, basically flat year-on-year, in line with expectations. The net profit attributable to the parent company was 200 million yuan, with a year-on-year increase of 17.8%, which exceeded the expectation. The net profit not attributable to the parent company was 210 million yuan, with a year-on-year increase of 6.6%, which was in line with the expectation.
Investment analysis opinion: the high growth of 22q1 performance is mainly concentrated in the middle and upper reaches. However, the current screening of textile leaders pays more attention to the elimination of cycle benefits, and there is still growth. At the same time, it suggests that the retail end recovers after the improvement of the epidemic and the layout opportunities of leading brands with low valuation. Recommendation: 1) clothing and home textile: Biem.L.Fdlkk Garment Co.Ltd(002832) , Anta sports and Bosideng. It is suggested to pay attention to Li Ning; 2) Cosmetic medical beauty: Imeik Technology Development Co.Ltd(300896) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Bloomage Biotechnology Corporation Limited(688363) , Proya Cosmetics Co.Ltd(603605) ; 3) .
Risk warning: industry competition intensifies the risk; Covid-19 epidemic affected the continued weakness of end consumer demand, and the performance was lower than expected.
