The Improvement Of Sales In The Home Textile Industry Is Mainly Affected By The Real Estate Industry

Recently, companies in the home textile industry have repeatedly received visits and research from public and private funds, and bond researchers have raised their ratings on securities in the home textile industry. Industry insiders believe that the home textile industry has survived the difficult destocking stage, and the current cotton price tends to be stable, and the performance is improving. However, the debenture based people said that they are not optimistic about the brand and terminal home textile industry, but about the intermediate link of home textile enterprises. Due to the influence of e-commerce, brand enterprises still face great competitive pressure.

Upgrade the rating of home textile industry

"Recently, our company's debt based researchers have upgraded the rating of the home textile industry and downgraded the rating of the computer and food and beverage industries." The debt based manager of a bank fund introduced. The debt manager of a fund company in Beijing also said that the home textile industry has bottomed out.

According to the Deputy Director of Fixed Income of a fund company, the home textile industry is dominated by exports. The overseas demand dropped a few years ago, and it can only be sold at a low price in China. However, the cost price of finished inventory is high due to the high cotton price during the high inflation period in 2011. In order to maintain its performance, the company in the home textile industry forced dealers to stock up. However, due to the overall bleakness of the industry, it was difficult to stock up on channels, so the overall loss occurred. However, after the destocking in 2012, the home textile industry has survived the most difficult period.

The above-mentioned debt base manager said that at present, the price of cotton, the main raw material of the home textile industry, has recovered from the highest point of nearly 40000 yuan/ton to 15000 to 20000 yuan/ton, and the price will be stable for a long time, which is affected by the cotton purchase and storage system since 2011. "After sitting on the bench for three years, the home textile industry has indeed bottomed out, and will be on the right track next," said the debt base manager.

It is worth noting that there are not many types of bonds related to home textile, only Weiqiao bonds and other bonds. Some bond base managers said that their researchers had indeed upgraded their ratings.

Coincidentally, equity fund managers have also intensively investigated the home textile industry recently. According to media reports, three listed home textile companies, Luolai, Fuanna and Mengjie, have been intensively investigated by funds, including private equity funds. In July and September of the third quarter, Fuguo Fund, Golden Eagle Fund, Calm Investment, Ping An Assets, Chongyang Investment, Shen Wanlingxin, Hongyuan Securities and other funds, private equity and securities firms and other institutional investors investigated Luolai Home Textile. In July, August and October, Shanghai Investment Morgan, Zhejiang Merchants, Yingda, Hua'an, Zhanbo Investment, Guoxin, Chongyang Investment and other institutions intensively investigated Mengjie Home Textile. Since the third quarter, a total of six institutions, including Changjin Investment, E Fund, Rongtong and Guojin General, have investigated Fuanna. In 2012, fund companies significantly reduced their shares. It is understood that the research directions of stock based fund managers include the e-commerce development of home textile companies. Be optimistic about intermediate enterprises

The investment research director of a fund company said that the improvement of sales in the home textile industry was mainly affected by the real estate industry. In the first three quarters of this year, the real estate sales maintained a rapid growth, and the sales of key listed companies increased by 40% year on year, which also led the home textile industry to improve.

However, some bond fund managers said that although they are optimistic about the home textile industry, they are only optimistic about the home textile enterprises in the middle link. One of the above-mentioned debt based managers said that he was not optimistic about brand home textile enterprises, because these enterprises were affected by e-commerce and had great competitive pressure. The above fixed income director said that the threshold of the home textile industry is low and there are a large number of small enterprises. Even the development of OTOs is difficult to have a great impact on sales, because the market has been relatively perfect. For example, Fuanna, Luolai and Mengjie all have online stores on Taobao, and the logic of the impact of the real estate industry on the home textile industry is difficult to establish. "On the contrary, the population growth brought by the urbanization process may be beneficial to the sales of the home textile industry, but urbanization is a slow trend."

A source said that Fuanna had no plan to carry out OTO.