It is understood that the brand apparel industry was affected by inventory backlogs, high prices, and channel changes, and it was adjusted at the end of 2011. At present, the industry has entered a stage of weak recovery, but due to changes in the three major growth drivers, it has been showing a slow growth rate. In terms of performance, mergers and acquisitions and new business transformations have led to significant growth in the performance of some companies, and since the end of 2016, high-end women's wear and some high-end men's wear have also improved endogenously.
Flux statistics show that 22 apparel listed companies disclosed the 2017 interim report, among which 19 companies expect net profit of the interim report to rise year-on-year, accounting for nearly 90%.
Regarding the recovery of the performance of garment enterprises, Li Wei, a researcher at Everbright Securities, said: "Although the industry has adjusted due to its own pace of development, the total consumption of clothing has maintained steady growth in recent years."
6 companies' net profit is expected to exceed 100 million yuan
Li Wei believes that with the increase of labor costs in China, the low-cost advantage of manufacturing industry is gradually weakened, and the textile manufacturing capacity is shifting to low-cost foreign countries. The industry boom is in the downward process for a long time, the industry share will be reconstructed, and leading enterprises are expected to pass the scale. The technical advantage realizes the improvement of concentration.
According to the statistics compiled by the reporter, among the 22 companies that have published the notice in the mid-term report, there are 17 listed companies with a net profit of more than 10 million yuan. Among them, 6 listed companies expect net profit of more than 100 million yuan.
Senma apparel expects that the net profit range for the 2017 interim report will be 513 million yuan to 666 million yuan; the estimated net profit for the search will be 313 million yuan to 368 million yuan; the net profit margin of Huijie shares is expected to be 132 million yuan to 174 million yuan. yuan.
For listed companies with good performance, some insiders pointed out: "Listed companies with better performance growth are generally transformed." Taking Senma apparel as an example, after the company's transformation to children's wear, the company's performance is more prominent. From the performance of the first quarter of 2017, the sales of the children's wear brand “Balaba†still maintained a double-digit growth and continued to strengthen the leading brand status of children's wear.
Some people involved in clothing listed companies analyzed to reporters: "Now the clothing enterprises must transform according to market consumption, and enterprises that do not transform can only be eliminated."
In addition, the search for the first quarter of 2017 shows that the company achieved operating income of 2.589 billion yuan, an increase of 198.6%; net profit of 142 million yuan, an increase of 85.8%. Among them, the supply chain management business realized operating income of 1.828 billion yuan, an increase of 321.8% year-on-year and 19.8% quarter-on-quarter. The company expects net profit for the period from January to June 2017 to be 31.256 million yuan to 367.71 million yuan, an increase of 70% to 100%.
糜 Han Jie, a researcher at GF Securities, said: “As the company completes its 2.5 billion yuan increase at the end of 2016, the company's value-added services for the lifestyle industry with supply chain management, brand management and internet finance will accelerate.â€
Yan Hanjie said that in 2015, the turnover of China's fabrics and textiles market reached 595.5 billion yuan, but the information on buyers and sellers in the surface and accessories market was seriously asymmetrical, and the channel price increase was generally 30% to 60%. Therefore, there is a large market space in the Internet field. At present, there are already more successful fabric B2B platforms such as Baibu in the industry. According to the announcement, Search will eventually create a B2B manufacturing procurement platform with complete information and functional services ("Fashion Intelligence Network").
The garment industry still has a lot of room for development
After the rise of market personality consumption and changes in consumer attitudes, apparel companies have also adopted the design of king, small batch production, and the ability to exchange goods at any time to meet the various needs of consumers.
Li Wei believes: "Since the second half of 2016, international luxury goods/light luxury and domestic high-end women's clothing sales have improved, showing that consumption upgrades continue to advance in the context of anti-corruption normalization, and residents' high-end consumer demand is gradually released."
With the upgrade of consumer demand, the performance of service companies listed companies has begun to pick up
Among the listed companies with net profit pre-increased, Modern Avenue's 2017 interim report has the highest growth rate, with a range of 447.6% to 484.19%; Caesar's net profit pre-increased range is 100% to 150%; Vignas net profit The pre-increasing interval is 50% to 120%.
“The market for the first- and second-tier cities and the third- and fourth-tier cities are different in the stage of consumption upgrading, which are in the stage of stock upgrade and incremental expansion, and the contribution mechanism to consumption is different.†Li Wei analyzes the consumption concept of first- and second-tier cities by “brand†The shift from “oriented†to “quality oriented†will increase the proportion of high net worth individuals and consumption contribution.
“Three- and four-tier cities will be the blue ocean for apparel brands to compete for share gains. Under the three driving forces of population return, revenue growth and infrastructure improvement, brand consumption demand will be developed, and local apparel brands will benefit from consumer brand awareness. Strengthen and promote the layout of emerging channels," Li said.
"In the long run, the per capita consumption expenditure of China's clothing is only 1/5 to 1/2 of that of developed countries, and the industry still has a large room for development." Li Wei analyzed that from the structural point of view, the exit of the brand is beneficial to the development of the brand. There is room for improvement in industry concentration, which provides an opportunity for the leader to win. With reference to the characteristics of international clothing leading companies and the development experience of the corresponding apparel industry in Japan, the cost-effective popular brands and personalized high-value brands have higher probability of winning.
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