Summary Of Textile And Garment Industry 2019 Annual Report And 2020 Quarterly Report
Annual report summary: sports sector maintain high quality growth
In 2019, the sporting goods sector was quite prominent: the performance accelerated +45%, the net interest rate rose and the efficient turnover was maintained. High quality growth has laid a good foundation for long-term growth and further improvement of profitability. The growth of mass leisure growth in other sectors was relatively slow (-5.6%), while the high-end fashion sector grew faster (+20%), but the turnover days remained relatively high (203.8 days), while the manufacturing export sector maintained a healthy growth rate (+4.2%) and a lower net interest rate (6.8%).
A quarterly summary: the impact of the epidemic increased performance differentiation
A shares: 1) the largest decline in mass leisure performance (-95%), less inventory, longer receivable and payable period; 2) high-end fashion performance strong resistance (-34%), but a large backlog of inventory; 3) manufacturing export performance -59%, the accounts receivable extended, and the next quarter still has greater pressure. Hong Kong stocks sporting goods plate: 1) the decline of water flow is less than the industry level (-5%~-30%); 2) the discount and inventory ratio is controllable (the discount increased by 3-8 points, the stock increased by 1-2 months); 3) the performance impact of each company is expected to have greater differentiation.
Middle and lower reaches brand channel: optional consumption to pick up, optimize sports leading
Footwear is the largest category of optional consumption except cars and oil. From the point of view of the channel, online warmer than offline (-15.1%/-32.2%), from the category, sports warmer than others (electricity supplier data observed March sports shoes and clothing were all positive, accelerated significantly in April). Enterprises with high standards of prosperity, strong brands and efficient turnover are expected to have strong short-term resilience, quick recovery and long-term sustainable growth in three standards.
Upstream manufacturing exports: recovery is still in focus, focusing on core capacity.
In the 2-4 month, the supply chain of China and overseas was damaged: in February, a large number of indicators of domestic textile and garment manufacturing export industry declined sharply; in March, Chinese enterprises resumed work, but the overseas epidemic began to spread; in April, the significant decline in external demand led to the return of single currency, while the PMI of many manufacturing industries in Asia also declined sharply. A leading supplier with a sound financial supply and scarce supply capacity is expected to expand its market share rapidly.
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