33 textile and garment enterprises yejiyuzeng notice. W […]
33 textile and garment enterprises yejiyuzeng notice. We were finishing of textile and clothing sector performance in 2016 forward, a total of 57 companies have released a 2016E performance forecast, 33 forecast earnings growth, 5 notice of the performance of flat / decline (+5%~-10%), 19 notice performance decline; update performance pre after the 2016 three quarterly report in the enterprise, 15 notice the growth performance 6, notice the decline in performance or loss.
Textile industry took the lead. We believe that the main reason for the improved performance of textile manufacturing sub forum are: 1) a higher proportion of manufacturing exports, devaluation of RMB benefit in improving export situation, and the positive impact of exchange gains or losses on the part of the report; 2) the manufacturing industry downstream customers for high-quality brands, including overseas because of its leading brand global sales of properties, more broadly enjoy spending recovery; 3) 16 years of cotton prices for large enterprises in advance stocking, cost advantage. Benefit from the above points, part of the textile company 16 years performance gains significantly.
Retail to improve brand clothing or take some time. Textile and apparel industry boom is still not high, the overall is in a more cautious stage, before the end of the demand side did not show a clear improvement in the supply and stability to maintain the upper and lower reaches. H216 textile clothing retail terminal to show signs of recovery, from the Ministry of commerce circulation enterprise retail data, since July 16 years apparel growth began to accelerate to 3.7% (1H16:0.5%), fourth quarter 100 /50 key retail data to improve, as of the latest data, 16 years 50 retail cumulative growth of 0.2% (15 years: -0.4%), improved compared to 2015. The corresponding retail retail data also improved feedback to pick up with the listed company in the four quarter, but the growth trend is not clear in the case, has not yet reflect the brand clothing performance improvement, leading brand is close to the expected growth rate.
Transformation and emerging industries sector performance. Other performance of a substantial increase in business, for the transformation, and improve the table or other non core factors, base plate still maintain high growth, normal students for cross-border links, forecast 125%~175% growth, mainly due to the size of the market and enhance the growth performance, cross-border demand B2C industry strong, as the leader in global Tesco under the condition of large scale has maintained a high growth rate reflects its efficient management ability, more than 16 years layout in the industrial chain will enhance the long-term competitiveness of the company, to become the industry as one of the few growth stocks.
Extension of industrial chain enterprise to expand profit. The plate has some enterprises from their own business, based on the traditional business advantage, to expand the industrial chain, increase corporate profits, resources and professional advantages of investment targets can make clear judgment based on new business and existing business to achieve synergy, to complete the enterprise smooth transition, while ensuring stable profit during the transition period. Lancy shares of L&P investment effect is obvious, medical beauty business and stable development of the company's annual results, an increase of 100%~130%. The search in the special operation for many years accumulation of brand clothing, expand the supply chain management and brand management business, we expect the performance in 2016 year-on-year growth of 60%~110%. Legg Mason culture actively to the "build IP cultural ecological circle of transformation and upgrading, 2016 moves constantly, the full development of the IP industry in the upstream of the high-quality IP acquisition and overseas pan entertainment ecosystem will continue layout, we expect earnings growth in 2016 50%~80%.
Risk warning: Retail deterioration; international trade dispute highlights.