Multi Dimensional Pformation Of Textile Industry Opens Up New Direction Of Strategic Development

Textile and apparel industry continues to pform and continue to play an investment movement.

The profitability of textile enterprises has improved continuously, and sub sectors have been divided.

2015 1-10, above quota

Retail sales increased by 10.2%, while department stores were weak (200 department stores grew only 3.3%), while apparel sales grew faster than offline channels, and online shopping penetration continued to rise.

Looking forward to 2016, clothing consumption is expected to grow steadily, with a growth rate of about 10%-15%.

Molecular industry: Children's clothing sector looks to be fully benefited from the "two child" policy, maintaining a high level of prosperity; the outdoor sector has entered a stage of meticulous development; the boom of the sports sector has continued upward; under the home textile plate line, the channel has been impacted, the online growth has been increasing rapidly, the brand has become household oriented and intelligent; the leisure sector has been adjusted through the channel to go out of the operation depression, and the business has improved; the price pressure of men's clothing / women's clothing has been alleviated, and the improvement of the business needs time.

Plate boom is hard to say.

First, multi-dimensional pformation to the Internet.

Exports will grow steadily, and cotton prices will continue to be stable.

In the 1-10 month of 2015, the export volume of China's textile and clothing decreased by 5.4% compared with the same period last year. It is judged that the export of textile and clothing will decrease by about 5% in 2015, and 2016 will be basically the same as 2015.

We should improve the brand matrix, optimize the supply chain, layout the electronic business platform, and promote the Internet pformation in many dimensions.

In the process of increasing the penetration of online shopping and the rise of mobile shopping, enterprises continuously use the Internet thinking to enhance their competitive power.

1, Internet thinking consolidating the main business: acquisition / promotion of Internet brand, improvement of brand matrix, optimization of supply chain, the promotion of C2B customized business / pre-sale mode, and upgrading of consumption experience.

2, investment / self built platform to help strategic pformation, mainly related to vertical mobile fashion platform, cross-border electricity providers, social networking and other fields.

In the trend of shopping mobile / traffic centralization, good social networking.

Trillion yuan market development potential.

Social networking platform has the innate advantages of consumer protection / data analysis / trust mechanism, and can provide supply chain management / traffic support policies / services and resources. It is expected to rise in competition, and the leading platform is expected to exceed the industry's rapid growth.

Two, the four main directions of strategic extension and pformation.

Reform is more than constant, and strategic pformation continues to catalyse investment opportunities.

Strategic extension, pformation and upgrading, mergers and acquisitions are the main reasons for the 2015 plate market. We believe that this trend will continue in 2016.

The direction of company strategy extension includes: 1. Using the Internet thinking to promote the strategic extension of the main industry; 2, based on the main industry strategic pformation: Based on the leading edge of the industry, the strategic layout of the relevant industrial chain is carried out. The main directions include cultural industry, sports industry, fashion industry and so on.

3, double main business strategy: to build a double main business in the direction of more growth and in line with the trend of industrial development, such as Wordsworth shares (fur + social business), Weixing shares (buttons / zippers + Beidou navigation).

4, cross industry restructuring, to take the opportunity to pform: such as Xinmin Technology (Antarctica business backdoor), Thailand shares (Kai Ying network backdoor) and so on.

Three. Risk factors

1, macroeconomic slowdown; 2, brand clothing enterprises channel management effect is not significant; 3, overseas economic downturn continued to increase the pressure of processing enterprises.

Four, investment strategy

The valuation of brand clothing / processing sector is PE32/28 times 2016.

Maintain brand apparel "stronger than big city" rating, processing and manufacturing "neutral" rating.

Two main lines of investment should be grasped: 1, actively promote the strategic extension of the leading companies in the subdivision industry; first, Maison culture (animation culture industry) and Wordsworth (Social Business), and suggest that we should pay attention to Weixing shares (people joining the army), Pathfinder (Sports / Tourism), Xun Xing shares (Sports), Saturday (fashion industry) and Jiumu Wang (

)

2, the main business is well managed, robust performance and valuation advantages: Semir clothing, Anta sports, home textiles, rich Anna, song and AOKANG international.

Five, stock analysis

Maison culture builds IP ecosystem

The company plans to invest 2 billion 100 million yuan to build SIP common plastic platform /IP warehouse / PAN entertainment development and operation platform /IP ecological industrial base, and form a IP cultural ecosystem running through discovery, creation, incubation and realization.

The ecosphere is made up of three parts: 1, online part: in the early stage, we provide cooperative teams and big data fundraising services through the SIP platform; in the medium term, we launch 6 College districts with the pan entertainment operation platform; later, we will provide advertising platforms.

2, IP warehouse: the company will invest 1 billion 100 million yuan to cultivate high-quality original IP and acquire the authorization of mature high-quality IP, and plan to invest no less than 100 IP per year.

3, offline part: building homestead nurturing Park, providing office space, and building a housekeeping service platform.

Maintain "buy" rating.

Worth shares fur main business + micro business synergy

Participation in the "micro sale" 30% stake, take the first step in the strategic extension of development.

In May 2015, the company intends to invest in 30% of the equity of Beijing excellent technology limited company by setting up a limited partnership, with a paction amount of US $13 million 500 thousand (about 82 million 530 thousand yuan).

It operates mobile app terminal software.

At present, "micro sale" has not yet been charged, and the future plan will be based on paction points, covering several key vertical industries.

Fur industry is expected to become a key vertical industry of micro selling (fur products have been sold online in October).

It is estimated that by the end of 2015, the average daily turnover will be 3 million yuan.

Maintain "overweight" rating.

Semir clothing benefit from the "two child" policy

It is estimated that the "comprehensive two child" policy will bring about 6 million increase in the number of new births per year, and a population increase of about 5 years in the concentrated release period.

30 million.

The company is domestic.

Industry leader, the main brand balbala (0-14 years old) accounted for 3.6% of the total market share in 2014.

Ranked first in the industry, at the same time has the infant brand "Macal" (0-7 years old) and children's fashion collocation brand "dream many".

Hope to benefit from the "comprehensive two child" policy.

Maintain target price 17 yuan and "buy" rating.