Core point of view: textile manufacturing performance is under pressure, clothing home textile performance tends to warm up. 22 years / 23 years / 24Q1, the revenue of the textile and clothing industry is-5.Marlinfish.7% / + 2.0% Universe 2.4%. Among them, the textile manufacturing plate is + 0.5% Universe 1.7% Universe 5.1%, and the clothing and home textile sector is-9.6% Universe 4.6% Universe 0.7% respectively. The upstream textile manufacturing sector is mainly due to weak overseas demand and increased inventory of downstream brands, thus placing orders cautiously.MarlinfishThe downstream clothing home textile sector has benefited from the warming of the end-consumption environment. 22 years / 23 years / 24Q1, the net profit of the textile and clothing industry deducting non-return is-60.6%, 99.3%, 8.3%, respectively, of which the textile manufacturing sector is-46.7%, and the clothing and home textile sector is-70.0%, 229.0%, and 5.3%, respectively. In 2023 and 2024Q1 textile and clothing industry operating indicators basically remained stable. 22 years / 23 years / 24Q1, inventory turnover 2.1 times in textile and clothing industry, 2.7 times in textile manufacturing plate, 1.8 times in clothing and home textile sector. The turnover rates of accounts receivable in textile and clothing industry, textile manufacturing sector and clothing and home textile sector were 8.6, 8.4, 7.8, 7.8 and 9.4 respectively. 24Q2 textile manufacturing sector is expected to maintain rapid growth, clothing and home textile sector growth rate rebounded month-on-month. For the textile manufacturing sector, 23 years of performance pressure, 24Q1 performance inflection point upward; 24Q2 performance is expected to maintain rapid growth, mainly due to the low 23Q2 base, overseas brand inventory tends to be normal, textile manufacturing companies order growth, superimposed recent RMB exchange rate depreciation is good for most export-oriented textile manufacturing plate listed companies. For the clothing and home textile sector, 23-year performance rebounded sharply, 24Q1 slightly increased; 24Q2 performance is expected to rebound month-on-month, but the performance between different companies and industries is still expected to be divided. Investment advice. Textile manufacturing: optimistic about the valuation and repair of leading companies in the plate, it is recommended to pay attention to a small number of individual sub-industries whose performance is expected to be low before and after high this year, such as wool textile and other leading companies; some involve UHMWPE business sub-industry leading companies. Shares A suggest to pay attention to: Huali Group, Weixing shares, Jiansheng Group, New Australia shares, Bailong Oriental, Kailun shares, Henghui Security, Nanshan Zhishang, Lutai A, Taihua New Materials, Fuchun dyeing and Weaving, healthy Medical Care, Huafu Fashion, Airman shares, Norbang shares. Hong Kong stocks suggest attention: Shenzhou International. Clothing home textile: it is recommended to focus on high-end and cost-effective leading companies; part of the epidemic during the brand strength upward, this year's performance is expected to return to the fast-growing leading companies; professional wear leader. Shares A suggest to pay attention to: Biyin Lefen, Highland House, Fuana, good News Bird, Jinhong Group, Sema clothing, Langzi shares, Mercury Home Textile, Taiping Bird, George White, Rollai Life, Goliath, Anzheng Fashion, element Fashion, Rong Mei shares, Red Bean shares. Hong Kong stocks suggest to pay attention to: Bosideng, Anta Sports, Li Ning, Special step International, Doubao, China Lilang. Risk hint. The risk of macro-economic decline, exchange rate fluctuations, rising labor costs, and substantial fluctuations in raw material prices. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
