[Research Report Summary]
Market review: outperformShanghai Composite Index3.46PCT This week, the Shanghai Composite Index fell 3.56%.GEM refers toIt fell 2.14%, and the SW textile and garment sector fell 0.10%, outperforming the Shanghai Composite Index of 3.46PCT and the GEM 2.04PCT. Among them, SW textile manufacturing rose 1.79%, and SW clothing and home textiles fell 1.31%. Currently, the PE for the SW textile and garment industry is 21.86.
Footwear had the best performance this week, with an increase of 4.58%; home textiles had the worst performance, with a decline of 4.33%. In terms of individual stocks,Biehleneffen (002832)It rose 10.94% this week. The performance forecast was released at the close of trading on Thursday. The 20Q3 profit is expected to be 181-197 million yuan, an increase of 31.83%-43.16% over the previous year. The cumulative correction and profit for the first three quarters was 342-358 million yuan, an increase of 10%-15% over the previous year;Kairun Co., Ltd. (300577)It rose 5.41% this week, mainly due to the acquisition of Shanghai Jiale and entry into the Uniqlo supply chain system.
Industry performance: China's cotton price index rose 0.51% this week. As of September 25, China's cotton 328 index was 12,868 yuan/ton, up 65 yuan/ton this week, an increase of 0.51%. As of September 24, China's imported cotton price index (1% tariff) was 12,166 yuan/ton, down 146 yuan/ton this week, or 1.19%. As of September 24, the closing price of the CotLooka Index (1% tariff) was 12,051 yuan/ton, down 93 yuan/ton this week, or 0.77%; overall, the domestic and foreign cotton price spread widened from 419 yuan/ton to 705 yuan/ton this week.
Industry news Aspinal of London: filing for bankruptcy protection, will close all stores and focus on online business;Ralph Lauren: Or lay off 15% of employees, streamline the organizational structure and accelerate the transition to online; Chanel: The initial bond issue is in short supply, and the 600 million euros raised will be used for sustainability and environmental goals;Nike : The 21Q1 fiscal quarter reversed losses and made a profit of 1.5 billion US dollars, and online sales surged 82% year on year; LVMH: Says it will be acquiredTiffany The transaction was submitted to the European Commission for antitrust review; Walmart: Launched the new fashion brand FreeAssembly; BOA: Adi and New Balance “self-tie” technology providers, acquired by private equity funds for US$454 million; GOAT: completed Series E financing of US$100 million, with a valuation of US$1.75 billion;Stitch Fix: Sales for the 19Q4 fiscal quarter increased 3% year on year, with a loss of 40 million US dollars; Lululemon: Full rent payment during the pandemic, emphasis was placed on long-term offline expansion.
Risks indicate uncertainty in Sino-US relations; uncertainty about the development of the epidemic overseas; store opening falls short of expectations; and systemic risks.