industry in August slightly outperform. In August, Shen million textile and clothing sector as a whole rose 10.03%, slightly outperform. The textile manufacturing and apparel rose 9.02% and 11.13%. Sub industry, all the plates have different prices, which last month trend of poor men's plate this month rose 11.15%.
industry: in August, inside and outside mianjia difference narrowed. In August the domestic 328 cotton fold higher than international prices in CotlookA (FE) 1% fold tariffs monthly average price 4607 yuan / ton, down 1.7% last month, compared to the beginning of the year 18.8% reduction. Expected short-term price will be maintained at 4000-5000 yuan / ton high shock. In August, other raw material prices basically stable. Export: export growth in July from the previous month rally. July domestic demand: clothing retail sales growth than have callback, short-term difficult to pick up. All industry listing Corporation have released report. The first half of 2013, business income 43165000000 yuan SW textile manufacturing industry, an increase of 5.4%; realize attributable to shareholders of the parent company net profit of 2345000000 yuan, a year-on-year growth of 26.3%. To achieve operating income 50105000000 yuan SW garment and textile industry, an increase of 10.9%; realize attributable to shareholders of the parent company net profit of 4062000000 yuan, down 1.22% yoy. In August, the industry valuation than last month rose. As of August 31st, Shen million textile and garment section absolute price earnings ratio (TTM integral method, eliminating negative) 17.83 times, 21.45 times the textile manufacturing sector, clothing textile plate 16.1 times. With respect to the Shanghai and Shenzhen 300 index valuation also rose.
: in August the investment strategy of textile manufacturing industry: maintain cautiously recommended rating. In August the inside and outside mianjia difference from the previous month narrowed, expected short-term price will be maintained at 4000-5000 yuan / ton high shock. July export growth picked up substantially, 1-7 exports to achieve steady growth. Industry leading performance center daily news has shown a sustained rebound trend, expected in the second half continued weak recovery. Industry leading product prices and sales have increased, performance center daily news is good, the annual performance is determined. Maintain cautiously recommended rating on the plate. Suggest that sustained attention leading Lu Tai A, spinning color Hwa, Bailong Oriental and Zhongyin cashmere industry sustained recovery brought about by the valuation of promotion opportunities.
clothing textile industry: to maintain a neutral rating. After the promotion in June, July the domestic apparel retail growth have callback. The terminal is still vigorously to inventory stage plate depth adjustment has been more than a year, the current valuation has reached the bottom of history, the valuation of risk is relatively small. At present, the fundamentals have not yet been a noticeable improvement in the plate, is expected to be at the bottom of the adjustment process. The main factors affecting the stock price and valuation of the current rebound plate is the domestic terminal, terminal consumption rebounded to inventory schedule and listing Corporation report repair schedule. The short plate lack of catalyst, still maintain a neutral rating. Valuation of repair opportunities for continuing attention to fundamentals are relatively good stocks, such as the Chevalier >
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