Textile And Apparel Are In The Initial Stage And Growth Stage Of The Industry.

< p > up to now, the performance of most of the a href= "//www.sjfzxm.com/news/index_s.asp" > textile > /a > clothing companies has been disclosed.

The overall performance is slightly lower than expected for the key companies in the industry that have already released their performance.

Specifically, from the sub sectors, outdoor products, women's clothing and some brands are less than a href= "//www.sjfzxm.com/news/index_h.asp" > men's wear > /a > performance exceeds expectations. The overall performance of men's clothing companies is in line with expectations; casual wear and a href= "//www.sjfzxm.com/news/ index_p.asp" > Home Textiles "/a" are slower than expected.

In addition, orders for export manufacturing companies are still poor in the first quarter, although they have improved compared with the fourth quarter of last year, but the quarterly net profit growth has dropped sharply compared with the same period last year, and the performance is lower than expected.

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< p > we believe that there are four main factors to form the performance differentiation of each sub industry in the current quarterly report: < /p >

< p > first, the different development stages of each sub industry's own life cycle determine the external environment of the company's development.

For outdoor products and middle and high-end men and women's clothing, they are still in the initial stage and growth stage of the industry. The competition pressure in the industry is relatively small, the scale of revenue is growing rapidly, coupled with the company's own level of cost control, accurate brand layout, planning ideas and sound channel development capabilities, it is also the support for the company's performance in high-speed expansion.

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< p > Second, the pformation from wholesaler to retailer.

Through the study of the existing Brand Company's management mode and development history, we think that the final winners will be those who focus on increasing the added value of the brand and the premium capability to do retail business instead of the Brand Company that simply runs through the competition to reduce the price.

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< p > Third, the inventory level in various sub sectors is also one of the main factors that affect the current performance and the growth of future performance.

We believe that the high inventory of channels is the overdraft of the future capacity of the channel, which directly led to the quarterly performance of home textile companies lower than expected, which also caused the company to be in the process of digestion channel inventory in 2012.

In line with home textiles, the overall distribution level of men's clothing industry is stable and healthy, with an average annual growth rate of 20% to 30%, making channel inventory always maintain a healthy and sustainable development trend.

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In the first quarter of this year, cloudy rainy days were more frequent, the new year was earlier, and the overall economic environment was weak, which also indirectly affected terminal retail sales, which affected the company's performance in the first quarter of P.

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< p > on the future investment strategy, the terminal sales in March showed signs of recovery. We expect that the trend of recovery of clothing consumption in the future will continue under the promotion of factors such as consumption promotion month.

At present, the valuation of the industry is at a historical low. With the resurgence of terminal sales, the investment value of garment enterprises will gradually appear in the future.

In terms of molecular industry, men's clothing is still the most robust growth of performance. At present, the order will grow at a high speed and the annual performance can be expected.

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