2015 Garment Industry Ushering In A New Outbreak

Recently, China's sports industry has once again attracted social attention. The trillion scale market not only accommodates various clubs, but also will be related to sports industry. Clothing enterprise 。

From the policy level, the State Council issued a number of opinions on speeding up the development of sports industry to promote sports consumption last year, which is regarded as a programmatic document to promote the development of sports industry.

The huge market capacity that sports industry has yet to develop has ignited the enthusiasm of multi capital. Among them, the action of brand clothing related listed enterprises to sports industry layout is quite positive.

　　 You bird: share tiger stock, set up an industrial fund, and start the sports industry layout.

The company issued a notice in January 19th that it intends to invest in tiger sports, and set up a sports industry fund with a scale of 2 billion yuan with tiger culture Communication Co. Ltd., and the bird will invest 10 yuan in the next three years. Statistics show that tiger sports is the leader in sports vertical field, and is committed to building O2O sports ecosystem with hundreds of millions of active users. Tiger sports has its leading sports websites and APP mobile apps. In addition, tiger sports also operates various types of events online.

The sporting goods industry is now recovering from the trend of mergers and acquisitions. Judging from the major sports brands of Hong Kong stocks, the recovery trend of the industry is obvious, and the order data will be raised from double-digit to double-digit growth. At present, the main business is still stable and weak recovery. From the three quarterly report, the company accounts receivable size is still close to 1 billion 500 million. The side shows that the franchisee still has a certain inventory pressure and is in the process of inventory.

Considering the weak recovery of the main industry, the adjustment of EPS for 14-16 years is 0.51, 0.58 and 0.66 yuan; although the valuation is relatively high, the transformation of the sports industry has gradually come to the ground, and the merger fund has been set up, and the tiger stock and investment fund have been established. This cooperation has also opened the prelude to the sports industry merger and acquisition, referring to the past Pathfinder case, which is conducive to enhancing the company's valuation and giving the "buy" rating.

　　 Xun Hing shares: fixed increase to improve financial structure, develop double main business, benefit sports policy dividends

Xun Xing shares announced a fixed increase plan in January 17th. It intends to issue 24 million shares to 4 investors of Fujian Xun Xing group, Xiamen time Hongyuan equity investment, Lin Zhiqiang and Wang Zhelin, and raise funds no more than 3.12 billion yuan. The highlight of the plan is that the target investors will have equity investment and sports background. Specifically, Xiamen is a limited partnership, mainly engaged in equity investment business. In addition, the major shareholder Xun Xing group owns Fujian Xun Xing basketball club and has rich experience in sports operation.

The company expects net profit growth of 10-40% in the three quarterly report for 14 years. We judge that under the background of not yet obvious recovery, the main business of the company will remain weak in the future. The main concern is that under the background of continuous promotion of sports policy, the dual main industry will open up M & a space, and the sports industry layout is expected to expand beyond basketball competitions, and it will also be extended from club operation to stadium operation.

Give the company 14-16 years EPS0.5, 0.6, 0.66 yuan, despite the current high valuation, but in the sports theme continues to be sought after, the company's dual main industry to open up the acquisition space, given the "buy" rating, giving 15 times 35 times PE, corresponding to the target price of 21 yuan.

　　 Pathfinder: the sports industry extension layout is officially opened to create an integrated sports platform.

The ecosphere of Pathfinder will revolve around the three line of "outdoor products + outdoor and travel services + sports and sports".

As the leading enterprise of outdoor products, the company's future development will continue to lead the industry. We believe that the main business of clothing will develop steadily and provide time and space for the transformation of the company.

Three big future brand Positioning different segments of the market, strategic transformation continues to push forward, the company integrates online and offline resources have become the potential of outdoor sports flow entry; at the same time, seize the opportunity of industrial development, speed up the layout and resources integration of sports industry, and create an integrated sports platform. Especially in the context of Beijing's bid to host the Winter Olympics, the company's layout in winter sports such as ice and snow is also worth looking forward to.

The company is our focus in the sports industry. It is recommended that investors pay close attention to it. We expect the company's 14~16 profit forecast to be EPS0.58/0.69/0.81 yuan to maintain the "buy" rating.

except sport industry Stimulating, the recent devaluation of the RMB is also the beginning of new business opportunities for garment enterprises. As the most important export industry, textile and garment is expected to benefit from the export advantage of RMB depreciation. In addition to the previous export tax rebate adjustment, the textile and garment industry is also the main beneficiary of the increase in export tax rebates. After a period of downturn, the garment industry is expected to usher in a new round of outbreaks.