Textile and apparel retail sales remain high while department store growth declines
Industry revenue growth has slowed, and profit growth has dropped sharply. From January to August, the industry achieved revenue of 2.13 trillion yuan and total profit of 73.960 billion yuan, a year-on-year increase of 15.46% and 3.20% respectively. Among them, the revenue growth rate slowed down by 7.40 percentage points year-on-year, and the profit growth rate dropped sharply by 34.19 percentage points year-on-year.
The decline in the European market caused exports to continue to be sluggish this month. The industry’s export growth rate in US dollars dropped to 1.85% in September, dragging down the cumulative export growth from January to September to 8.12%. The decline in the European market became the main reason for the overall sluggish exports this month. Among them, the growth rate of clothing products exported to Europe It has slipped to -14.04%.
Industry retail sales remain at a high level, while the growth rate of department stores declines. Overall retail sales remain high and continue to be higher than consensus market expectations. In September, industry retail sales increased by 28.01% year-on-year, raising the cumulative growth rate from January to September to 25.91%. However, from January to August, clothing products in large department stores across the country achieved sales of 65.657 billion yuan, a year-on-year increase of 20.81%, but the growth rate was year-on-year. dropped by 1.54 percentage points.
Industry investment strategy: Maintain a “neutral” rating for the industry. At present, the valuation range of companies in the industry has fallen to PE5-15X in 2009. Comparing the performance of 1-3Q and its future expectations, we believe that PE10-20X in 2009 for key companies, especially brand clothing companies focusing on domestic sales, is their safe valuation range. Based on this standard, we will increase the value of Septwolves, Good News Bird, and Meibang Apparel. “Hold rating, Jiangnan High-fiber and Weixing shares buy” rating
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