Market review this week: this week, the Shanghai Composite Index, Shenzhen Component Index and Shanghai Shenzhen 300 rose or fell by 2.02%, 2.64% and 2.23% respectively, of which the textile and clothing and beauty care sectors rose by 2.88% and 3.33%, ranking 12th and 9th in the whole industry. A week is a week in a week in a week in a week in which an equity capital for textile and clothing. A week in a week in a week in a week in a week in a week. The top five of the five places before a week in a week in a week in a week in which an equity for textile and clothing. The top five of the five places before a week in a week in a week in which an equity for textile and clothing. The last five of the five places before a week in a week in a week in a week in a week in which the top five of the top five of the top five places for the top five of the top five of the rise are respectively 30 Jinzai Food Group Co.Ltd(003000) 30005, and the 30 Jinzai Food Group Co.Ltd(003000) 30 Jinzai Food Group Co.Ltd(003000) 30 Jinzai Food Group Co.Ltd(003000) 30 Jinzai Food Group Co.Ltd(003000) 689 yes. The share capital for beauty care is a week of a week in which the share capital for beauty and beauty care. The week of a week in which the share capital for beauty care is a week of weeks. The first five of the first five places to rise before the week of a week. The first five of the first five of the first five of the week of a week of a week of a week of a week of a week of a week of a week of a week. The first five of the top five of the top five of the week of a week of a week of a week of a week of a week of a week of a week of a week of a week of a week of rising. The first five of the top five of the five of the top five of the first five of the first five of the first five of the week of the week of the week of the week of the week of the week of the week of the week of the week of the week of the week of the week of the week of the week of the week of the rise of the share of the share of the week of the week of the share of the week of the week of C&S Paper Co.Ltd(002511) .
Industry trends this week: 1) in fiscal year 2022, the revenue of canadian goose brand increased by 21.5% to $1098 million, the gross profit margin increased to 66.8%, and the net profit soared by 34.5% to $94.6 million. 2) The performance of on running brand in the first quarter of fiscal year 2022 exceeded expectations, and its net sales increased by 67.9% to CHF 235.7 million. It is expected that the annual sales of 2022 will exceed CHF 1 billion. 3) Burberry group’s revenue in fiscal year 2022 increased by 10% over fiscal year 2020 and 23% over fiscal year 21. 4) The sales of Cartier and Vanke Yabao exceeded expectations, which promoted the sales of Richemont group to 19.18 billion euros in fiscal year 22, with double-digit growth in all business departments, markets and channels. 5) VF group’s sales increased by 28% to US $11.841 billion in fiscal year 2022, and its adjusted operating profit increased by 107% to US $1.5 billion. 6) Patrick frisk will step down as president and CEO of underarmour and a member of the board of directors. The board of directors has appointed Colin Browne, the company’s chief operating officer, as interim president and CEO.
Announcement of listed company: Chongqing Baiya Sanitary Products Co.Ltd(003006) shareholders hope that Yaohui plans to reduce 4.0334 million shares, and the current director Xie Qiulin indirectly reduces 1.493 million shares; Haoyue shares intends to repurchase shares for cancellation of the company’s registered capital and equity incentive Anhui Hyea Aromas Co.Ltd(300886) participate in the establishment of Industrial Fund – Jiaxing Huayao biotechnology industry investment partnership Winner Medical Co.Ltd(300888) acquired its 65.55% equity of Hunan Ping An medical equipment Technology Co., Ltd. and unilaterally increased the capital of Hunan Ping An machinery by 100 million yuan Yunnan Botanee Bio-Technology Group Co.Ltd(300957) shareholder Xiamen Chonglou investment partnership plans to reduce the company’s shares by no more than 4.236 million shares.
Industry data tracking: 1) the price of raw materials remained high. As of May 20, 2022, the market price of 328 grade cotton, Cotlook price index, viscose staple fiber and polyester filament POY increased by – 0.46%, 30.35%, 15.63% and 12.00% compared with the beginning of the year. It is difficult for midstream manufacturing to fully transfer the cost pressure, and the performance of textile enterprises is under pressure in the short term. The exchange rate of RMB against the US dollar fluctuated upward, with an increase of 6.17% over the beginning of the year, which was good for textile and garment enterprises with high proportion of overseas business income. 2) Affected by the repeated epidemic in many places in China, the reduction of passenger flow in offline stores and the obstruction of logistics, the retail sales of clothing, shoes, hats, knitwear and cosmetics in April 22 were 79.11 billion yuan and 21.38 billion yuan respectively, down 23.23% and 21.45% respectively. In terms of export, China’s textile enterprises are facing pressure in production and logistics transportation. In April, the export volume of textile products and clothing was US $12.259 billion and US $13.332 billion respectively, with a year-on-year increase of 0.86% and 1.89%, and the growth rate decreased by 21.38pct and 8.61pct month on month.
Investment suggestion: we believe that the garment industry is in the middle of destocking. With the gradual improvement of the impact of the epidemic, the pressure on terminal demand is reduced, and the downstream demand is expected to resume growth. On the one hand, high-quality companies with strong fine operation ability, high proportion of direct channels and flexible supply chain in the garment industry have strong management ability, and are expected to take the lead in restoring growth; On the other hand, benefiting from the continuous high-profile atmosphere and the rise of national tide, the subdivision track of sports shoes and clothing is expected to take the lead in restoring performance growth, focusing on Anta sports, Li Ning and Tebu international. The textile sector has great growth pressure under the environment of weak exports in the short term. With the rapid growth of orders in Southeast Asia and the strong growth certainty of companies with a high proportion of Southeast Asian production capacity in the industry, we focus on Huali Industrial Group Company Limited(300979) , Shenzhou International. In terms of cosmetics, the impetus for the rise of domestic products continues, high-quality domestic leaders continue to improve products, channels and brands, and focus on high-quality companies with strong brand growth, Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Imeik Technology Development Co.Ltd(300896) , Proya Cosmetics Co.Ltd(603605) , Bloomage Biotechnology Corporation Limited(688363) , etc.
Risk factors: weak end consumption risk, RMB exchange rate fluctuation risk, covid-19 pneumonia epidemic risk.
