< p > > the world's < a target= "_blank" href= "//m.pmae.cn/" > clothing < /a > a target= "_blank" href= "_blank" > shoes < < hat net "Xiaobian to introduce the 2014 annual mid year strategy report of garment home textile industry: the industry continues weak recovery, differentiation or main melody. < /p >
< p > we believe that in the overall economic downturn, the textile industry in the second half of the year will continue to have a weak recovery pattern in the second half of the year. The channel of the electricity supplier's contribution to the performance of the "a target=" _blank "href=" //m.pmae.cn/ "brand" /a "home textile company will become increasingly prominent. Some home textile and leisure sector companies have taken the lead in the first half of the year, and the performance in the second half of this year is expected to improve every quarter. In addition, the children's clothing industry entering the fast growing period is expected to usher in the best development stage in history. < /p >
< p > < strong > 2014 in the first half of the year: weak industry recovery, Q1 net profit narrowed. < /strong > < /p >.
< p > the growth rate of residents' income is rising and the price of garment prices is weak. The growth rate of retail sales of restricted clothing rose month by month, with the increase of 11.70% in May, the highest growth rate since last year's fourth quarter. The 2014Q1 revenue growth rate of listed companies continued to decline, and net profit fell narrower. < /p >
"P > strong > channel differentiation will continue to intensify: the contribution of electric providers is increasingly prominent. < /strong > < /p >.
< p > 2014 in the first half of the year, the physical channel "price rise and drop", the online shopping is still high growth, online continues to eroded the offline share. We believe that the channel differentiation will continue to intensify in the second half of the year. Online channels have become the battleground of brand businesses. The contribution to the performance of garment companies will become increasingly prominent: 1) online capacity will continue to grow at a high level, benefiting from the widening of age, location and consumption volume of clothing online shoppers; 2) the promotion of consumer purchasing power and brand awareness to promote the development of online apparel retailing branding; 3) for apparel companies, online and offline collaborative development means more business efficiency. < /p >
< p > strong > performance differentiation will continue: leisure home textile takes the lead in recovery. < /strong > < /p >.
< p > the first half of the year, sub industries and < a href= "//m.pmae.cn/news/index_c.asp" > clothing company < /a > the operation situation is obvious, and the recovery rhythm is different. Part of the company's revenue and profit growth rate improved first and stock level was relatively healthy. 2014 autumn and winter ordering index also improved significantly. We believe that some companies of home textiles and leisure sector have taken the lead in the first half of the year. < /p >
< p > strong > life cycle differentiation: Children's clothing or the last blue ocean. < /strong > < /p >.
< p > compared with most of the clothing categories, the brand children's clothing has just entered the initial stage of growth. We believe that the implementation of the "two child" policy in 2014 and the high-end consumption of children in the "two generation" crowd will promote the expansion of children's clothing market capacity and the upgrading of industrial consumption. The children's clothing industry is expected to usher in the best development stage in history. < /p >
< p > < strong > Investment Strategy: close to the three main lines of "recovery, electricity supplier and growth". < /strong > < /p >.
< p > we believe that in the second half of 2014, the garment home textile industry will continue its weak recovery pattern in the first half of the year. Basic index and order meeting data show that some companies have taken the lead in recovery, and performance in the second half is expected to improve quarterly. Maintain the industry's "overweight" rating. It is recommended that the layout 1, ahead of the industry's overall recovery pace, and performance is expected to improve quarterly quality companies; 2, the development of e-commerce business smoothly, with online and offline business synergy development advantages; 3, at the same time positive attention is expected to benefit from the rapid growth of children's clothing industry brought about by investment opportunities. Recommend Semir < a target= "_blank" href= "//m.pmae.cn/" > dress < /a >, Luo Lai home textile, Fu Anna and Mei Bang dress. < /p >