Textile And Apparel Industry 2015 Annual Report Summary: The Main Growth Rate Robust Sub Industry Performance Differentiation Is Obvious

Industry as a whole: the main business has a steady growth in profitability and a rebound in profitability.

　　 Textile and clothing The 15 year interim report of the listed companies has been disclosed. On the whole, the overall business environment of the industry is not optimistic due to the rising labor costs, the long term appreciation of the RMB and the competition of low-priced products such as Vietnam and Bangladesh. The listed companies actively adjust the product mix and improve the terminal marketing strategy, and the growth rate of the industry's main business is basically stable. In addition, in the context of continuous downward price of raw materials based on cotton, mechanized driving efficiency and continuous improvement of product mix, the overall gross margin level of the industry is basically stable.

The main growth rate is steady, the growth rate of men's sub industry is in the front.

In the first half of 15 years, the textile and apparel industry achieved a total of 52 billion 749 million yuan, an increase of 8.33% over the previous year, including two yuan in the two quarter, an increase of 5.19% over the same period last year. The overall performance of men's clothing industry is more prominent, and the main growth rate is the first place in all sub sectors.

The gross margin level is basically stable, and the sales cost rate remains high.

Textile and apparel industry as a whole in the first half of 15 years Gross profit margin For 37.37%, an increase of 0.61 percentage points over the same period, of which the gross profit margin in the two quarter was 37.37%, up 0.92 percentage points over the same period. The gross margin level of the industry has basically been stable since the remarkable improvement in the fourth quarter of 14. Meanwhile, the rate of sales expenses remained at a relatively high level.

Profitability continues to recover, sub industry performance differentiation is obvious

In the first half of 15 years, the net profit of the textile and apparel industry attributable to the shareholders of listed companies was 6 billion 65 million yuan, an increase of 6.32% over the previous year, including 3 billion 82 million yuan in the two quarter, an increase of 6.94% over the same period last year. The main business revenue of the industry as a whole remained stable, and the performance of each sub industry was greatly differentiated. The overall profitability of the industry continued to recover, thanks to the obvious improvement in the profitability of men's wear, home textiles and footwear industry.

Accounts receivable and inventories have increased, and cash flow growth has been steady.

In the first half of 15 years, the total accounts receivable of the textile and garment industry reached 13 billion 387 million yuan, up 11.52% from the same period last year, mainly due to the expansion of the scale of the same period of revenue and the support from the listed companies to the downstream customers. Meanwhile, the total inventory size of the whole industry was 33 billion 46 million yuan, up 12.45% from the same period last year, and most of the sub industry inventory levels showed different degrees of improvement compared with the same period last year. Net cash flow growth is steady.

Maintain the industry's "optimistic" rating

Chinese brand clothing has entered the buyer's market, and most of the brand clothing enterprises can not adapt to the current buyer's market competition environment in line with the seller's market management mode, and the competition of brand clothing enterprises is more and more intense. International brand competition and Online retailers The diversion of channels has intensified the competition among various sub sectors of brand clothing, and the competitive advantage of leading enterprises has become more and more obvious, and the market share has gradually expanded. In addition, leading enterprises, on the basis of doing their main business, will graft new economies, upgrade and upgrade their competitiveness. We maintain the investment logic before, and the leading brands of brand clothing are strong and strong. In recent years, we have mainly recommended: Semir clothing, Hai Lan's home, Luo Lai home textiles and voyage shares.