It Takes Time To Stabilize The Apparel Retail Market.

One week's main review is:

1, industry tracking:

1. In September, 50 retail sales increased by 4.75% year-on-year.

Among them

Product and

Retail sales grew by 0.14% and 5.77% over the same period last year.

2. In September, the number of retail sales increased by 7.8% over the same period last year, of which the retail sales of clothing increased by 10.62% year-on-year, 6.1 percentage points slower than that of the previous month, and the total retail sales of clothing increased by 10.62% in the 1-9 months, the lowest growth rate since March.

3. Clothing in September.

Retail sales of cap and needle textiles increased by 20.4% over the same period last year.

2. Company tracking:

(1) the three quarterly bulletin of EPS: 0.57 yuan, an increase of 36.8% over the same period, and its performance is in line with expectations.

The implementation of multi brand strategy has achieved initial success, gross profit margin and net interest rate have continued to rise, and the overall earnings report is still healthy.

It is estimated that the number of public increase will not exceed 30 million shares in the second half of the year, maintaining 12-14 years EPS to 0.84/1.18/1.63 yuan, corresponding to PE 13/9/7 times, and maintaining buying.

(2) Pathfinder three quarterly report: EPS was 0.23 yuan, an increase of 51.2% over the same period, and the income growth was flat with the two quarter. The cardinal effect led to a three increase in the total profit of the single quarter in the three quarter.

Maintaining 2012-2014 years EPS is 0.49/0.73/1.04 yuan, corresponding to PE is 38.3/25.6/18.1 times, the company's growth is high, the current valuation level is also high, maintain overweight.

3. The three quarterly report of card slave Road: EPS was 0.93 yuan, an increase of 61.8% over the same period, and its performance slightly exceeded expectations.

Terminal sales continued to grow, large-scale production led to lower cost, gross margins and net interest rates rose significantly, but net cash flow from operations decreased.

For 12-14 years, EPS was 1.66/2.26/2.86 yuan, corresponding to PE 25/18/14 times.

4. Shanghai Jahwa three quarterly earnings growth: three quarterly EPS is expected to be 1.12 yuan, an increase of 70% over the same period.

United States

Order meeting & franchisee survey: the top ten franchisees in this company generally responded to positive sales growth this year, with inventory control of about 8-10%, discount rate of 8.5-9, but same store growth slowed slightly.

Three quarterly results are expected to be lower than expected, maintaining 12-14 to EPS 1.25/1.46/1.76 yuan, corresponding to PE 13/11/9 times, and maintaining holdings.

Mei Bang clothing clarification notice: the company issued a clarification notice on the inventory digestion and financial accounts, and pointed out that the inventory level of franchisees was relatively low, the goods were not outbound, the income was confirmed and the turnover rate was not abnormal.

The order of the home textile company will follow: the main brand order will be over, and the franchisee's overall ordering enthusiasm is not strong.

Last week, the textile and garment sector showed a slightly stronger trend than the market.

Textile and apparel index rose 1.38%, relative to Shen Wan A index rose 0.08%.

Among them, the textile manufacturing index rose 2.56%, relative to Shen Wan A index rose 1.26%; clothing home textile index rose 0.39%, relative to Shen Wan A index fell 0.92%.

Industry basic data: 1. CPI rose 1.9% in September compared with 3.6% in September.

In September, the number of retail sales increased by 7.8% over the same period last year, and the clothing sales increased by 10.62% over the same period last year.

In September, the total volume of social services increased by 14.2% over the same period last year.

The retail sales of needle textiles increased by 20.4% over the same period last year.

Last week, the price of cotton and chemical fiber mixed with each other: domestic 328 spot spot rose 0.1% last week, closed at 18696 yuan / ton, Zheng cotton main contract rose 1.2% to 19675 yuan / ton.

PET staple fell 0.5% to 11040 yuan / ton, viscose staple fell 1.9% to 14400 yuan / ton, nylon sliced fell 0.5% to 21100 yuan / ton.

Our view: in September, the growth rate of 100 clothing sales slowed down compared with that in August, and the retail market remained stable for some time.

In September, clothing consumption prices rose the highest since May, and residents' consumption was more cautious, coupled with the relatively high growth rate of the same period last year. In September, clothing sales resumed a slowdown after August.

It is expected that the three quarter men's clothing will grow relatively steadily. Among them, the announced good news birds are in line with expectations, and the kannoui road slightly exceeds expectations. Casual wear, home textiles and export manufacturing businesses are still under pressure, and their expected performance is lower than expected.

Recommended three quarterly performance guaranteed high-end women's dress posture shares, daily chemical giant Shanghai Jahwa, and

Leading enterprises are seven wolves and good news birds.