etokki|SW纺织服装板块增长6.97%：纺织受益下游去库存与贬值效应
Newsletter summary
Q1 growth of textile and clothing plateEtokkiBenefiting from downstream destocking and depreciation effects; men's wear sector performed better than women's wear, and high-end women's wear brands grew significantly; Pathfinder, Huali Group and other companies reported better than expected in the first quarter, benefiting from order repair and exchange rate depreciation.
Text of news flash
The clothing sector grew slowly in 2023, and the textile sector benefited from downstream destocking and other factors to achieve growth. According to the latest financial report data, the clothing sector in 2023 on the basis of a high base, its income, home net profit and deduction non-net profit increased by 6% respectively over the same period last year.Etokki.97%, 65.68% and 64.95%. The textile sector, on the other hand, benefited from downstream destocking, low base and depreciation effects and other factors, realizing the year-on-year growth of 23Q4 and 24Q1, which were 21.11%, 211.02%, 165.3% and 5.97%, respectively, 6.89% and 14.50%.
The increase of manufacturing orders led to the increase of capacity utilization and gross profit margin. The clothing sector was affected by the increase in sales costs. The increase of net interest rate was lower in the manufacturing sector. The improvement of capacity utilization led to the improvement of gross profit margin. In contrast, the net profit rate of the clothing sector is lower than the gross margin, mainly due to the increase in the rate of sales expenses. In 2023, the gross profit margin of SW textile and clothing sector was 24.48%, up 0.32% from the same period last year; and the net profit margin was 5.90%, up 2.79% from the same period last year.
The inventory of the clothing sector continued to improve, while the men's sector performed better than women's wear in inventory, while the clothing sector showed a trend of continuous improvement in both 23Q4 and 24Q1. The performance of the men's wear plate is better than that of the women's wear plate, which is mainly due to the clearing of the competitive pattern. High-end women's wear brands such as Colliss and Lonzi have seen outstanding revenue growth at 24Q1.
Home textile sector affected by market coldness income decline, outdoor prosperity to maintain a high level of home textile sector income declined in 24Q1, mainly affected by the marriage market and the real estate market coldness. However, the prosperity of the outdoor sector remains high, expanding from the "skiing fever" of Q4 to the "hiking fever" and "mountaineering fever" of spring.
The companies that exceeded market expectations in the quarterly report were mainly reflected in the order repair and exchange rate depreciation contribution of the manufacturing sector in the first quarter of 2024, and the performance of some companies exceeded market expectations. This is mainly reflected in the positive contribution of order repair and exchange rate depreciation in the manufacturing sector. The performance of companies such as Pathfinder, Huali Group and Kairun shares is particularly eye-catching.
Investment advice focuses on clothing, manufacturing and inflection point variety analysts suggest that against the backdrop of lack of consumer confidence and a high base in the first half of the year, investors can focus on companies with room to open stores and expand areas, such as good news birds and Sanfu outdoor. In the manufacturing sector, Amway shares and Kairun shares and other growth varieties are worthy of attention. In addition, inflection point varieties such as Pathfinder and Shengtai Group are also recommended.
Risk suggests that investors should pay attention to factors such as lower-than-expected store opening, rising raw material prices and systemic risks.
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