Overseas:
Sports boom continued, luxury goods recovered as scheduled. Recent multiple overseas clothing brand released the latest quarter and outlook for the full year, overseas superposition of inflation under the background of information market in China, we find that professional sports brand, luxury brands still have outstanding performance, reflect inflation influence on middle and high income people purchasing power is limited, the professional function such as running shoes, yoga series performance is more outstanding, sportswear function orientation trend is verified, Help to cultivate running shoes, basketball shoes and other professional fields of domestic brands Li Ning, XTEP performance to further cash. On the other hand, some brands have been under pressure from the profit end due to the drag of the supply chain. This round of supply chain shortage is conducive to the concentration of brand orders to manufacturing leaders with outstanding delivery strength and stable supply chain. By brand,
1) lululemonQ2 still achieves 29% year-on-year growth (30% in the Chinese market) under inflation and the pandemic, and the discount still achieves a slight increase recently;
2) Asics sales increased by 7.4% in the first half of the year, among which functional running shoes increased by 13.5% effectively driving the overall growth.
Tmall data tracking:
In August, the performance of each segment was differentiated, and the outdoor growth was bright.
1) Sports brand: the sales volume of Disant under Anta Group increased by 37%, and the average price reached 1016 yuan (+20%), indicating a significant upward trend of brand potential energy; Secondly, XTEP's main brand sales/sales increased by 21.5%/19% respectively, with volume growth contributing to the main driving force; Li Ning's sales rose slightly on the back of a good average price increase of 7.5%.
2) Brand clothing: Biyinlefen kept the lead with a growth rate of 17.5%, followed by a slight increase in children's clothing owned by Taiping Bird, while other brands all declined to varying degrees.
3) Outdoor/travel: In the summer travel season, Samsonite's sales/average price increased by 20.6%/14.2% respectively, while the sales/sales of outdoor brand Mu Gaodi increased by 126.5%/80.6% respectively, continuing the previous rapid growth.
Investment advice
On the clothing side of the brand, it is suggested to pay attention to Li Ning, which has the leading brand potential energy, is expected to take the lead in recovery after the epidemic, and the current valuation is at a historic low. At the textile manufacturing end, it is suggested to pay attention to Huali Group, which has significant customer advantages and clear follow-up capacity expansion plan, and Jiansheng Group, which has significant seamless customer optimization and exceeded the expected performance. In addition, in the context of the recovery of consumption and travel after the pandemic, it is recommended to pay attention to Samsonite, a duty-free leader in China, whose performance has improved quarter by quarter and has significantly benefited from the recovery of outbound travel.
Data and announcement tracking
Market review: Last week (September 5, 2022 -- September 9, 2022) the Shanghai Composite Index, Shenzhen Component Index and CSI 300 rose 2.37%, 1.50% and 1.74% respectively. The textile and clothing sector rose 0.71%, among which the textile sector fell 0.55% and the clothing sector rose 1.57%.
Raw material price: 328 grade cotton spot 15769 yuan/ton (-0.18%, weekly rise or fall); Cotton CotlookA122.4 cents/lb (0.66%); The price difference between internal and external cotton is -4946 yuan/ton (-4.10%).
Industry news:
1) Tod's Group swung to a profit in the first half of fiscal 2022, with sales up 17.4% year-on-year, beating expectations;
2) Ferragamo's first-half sales rose 20.3% YOY, beating expectations, but China slowed;
3) Li Ning will open a flagship store in Hong Kong with annual rent of about HK $24m; 4) Lululemon announces fiscal 2022 Q2 report: China sales up 30%.
Post time: Sep-23-2022